Peru: Cocoa Bean Market 2024

Cocoa Bean Market Size in Peru

The Peruvian cocoa bean market expanded markedly to $X in 2022, surging by 5.2% against the previous year. Over the period under review, consumption posted resilient growth. Cocoa bean consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Cocoa Bean Production in Peru

In value terms, cocoa bean production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, saw a resilient increase. The pace of growth appeared the most rapid in 2014 when the production volume increased by 38% 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.

The average yield of cocoa beans in Peru stood at X kg per ha in 2022, increasing by 1.6% on the previous year's figure. The yield figure increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 12% against the previous year. The cocoa bean yield peaked at X kg per ha in 2020; however, from 2021 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of cocoa beans in Peru shrank modestly to X ha, with a decrease of -1.9% on the previous year's figure. Overall, the total harvested area indicated a strong expansion from 2012 to 2022: its figure increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa bean harvested area increased by +115.8% against 2012 indices. The pace of growth was the most pronounced in 2017 when the harvested area increased by 17% against the previous year. Over the period under review, the harvested area dedicated to cocoa bean production attained the maximum at X ha in 2021, and then fell in the following year.

Cocoa Bean Exports

Exports from Peru

In 2022, approx. X tons of cocoa beans were exported from Peru; dropping by -3.4% on the year before. Overall, total exports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +3.7% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 51% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, cocoa bean exports contracted modestly to $X in 2022. Over the period under review, exports, however, recorded a prominent expansion. The growth pace was the most rapid in 2014 with an increase of 81% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons), Indonesia (X tons) and Belgium (X tons) were the main destinations of cocoa bean exports from Peru, together comprising 56% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +63.2%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Indonesia ($X) and Belgium ($X) appeared to be the largest markets for cocoa bean exported from Peru worldwide, together comprising 55% of total exports.

In terms of the main countries of destination, Indonesia, with a CAGR of +61.2%, saw the highest rates of growth with regard to 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

The average cocoa bean export price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 20% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Mexico ($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 Germany (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Bean Imports

Imports into Peru

After two years of decline, supplies from abroad of cocoa beans increased by 256% to X tons in 2022. Over the period under review, imports posted strong growth. The pace of growth appeared the most rapid in 2013 with an increase of 2,428%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, cocoa bean imports soared to $X in 2022. In general, imports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2013 with an increase of 2,015% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Venezuela (X tons) and Ecuador (X tons) were the main suppliers of cocoa bean imports to Peru.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of -0.9%).

In value terms, Venezuela ($X) and Ecuador ($X) appeared to be the largest cocoa bean suppliers to Peru.

Among the main suppliers, Ecuador, with a CAGR of +1.5%, saw the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

The average cocoa bean import price stood at $X per ton in 2022, dropping by -13.1% against the previous year. Over the period under review, import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa bean import price increased by +71.6% against 2017 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 25% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ecuador ($X per ton), while the price for Venezuela totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Venezuela (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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