Peru: Chocolate Market 2024

Chocolate Market Size in Peru

The Peruvian chocolate market reached $X in 2022, with an increase of 2.2% against the previous year. In general, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.1% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Chocolate Production in Peru

In value terms, chocolate production expanded modestly to $X in 2022 estimated in export price. In general, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +8.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.5% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 50% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Chocolate Exports

Exports from Peru

Chocolate exports from Peru dropped to X tons in 2022, declining by -8.5% compared with 2021. Overall, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 1,257%. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, chocolate exports dropped to $X in 2022. In general, exports, however, showed a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 1,543% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Ecuador (X tons), Bolivia (X tons) and the United States (X tons) were the main destinations of chocolate exports from Peru, with a combined 78% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Bolivia (with a CAGR of +133.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from Peru were Ecuador ($X), Bolivia ($X) and the United States ($X), with a combined 68% share of total exports.

Among the main countries of destination, Bolivia, with a CAGR of +112.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2014 an increase of 27%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bulgaria (+14.1%), while the prices for the other major destinations experienced mixed trend patterns.

Chocolate Imports

Imports into Peru

In 2022, after seven years of growth, there was significant decline in supplies from abroad of chocolate and other food preparations containing cocoa, when their volume decreased by -10.1% to X tons. Overall, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 34%. Imports peaked at X tons in 2021, and then shrank in the following year.

In value terms, chocolate imports declined to $X in 2022. In general, imports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2020 with an increase of 54% against the previous year. Imports peaked at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of chocolate to Peru, accounting for a 32% share of total imports. Moreover, chocolate imports from the United States exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. Brazil (X tons) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +34.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+47.4% per year) and Brazil (+13.0% per year).

In value terms, the United States ($X) constituted the largest supplier of chocolate and other food preparations containing cocoa to Peru, comprising 20% of total imports. The second position in the ranking was taken by Italy ($X), with a 7.4% share of total imports. It was followed by Belgium, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +28.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+39.3% per year) and Belgium (+5.2% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, remaining stable against the previous year. Overall, the import price recorded a mild shrinkage. The growth pace was the most rapid in 2020 when the average import price increased by 15% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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