Portugal: Chocolate Market 2024

Chocolate Market Size in Portugal

In 2022, the Portuguese chocolate market was finally on the rise to reach $X after three years of decline. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Chocolate Production in Portugal

In value terms, chocolate production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production, however, saw a perceptible downturn. The most prominent rate of growth was recorded in 2017 when the production volume increased by 100%. Chocolate production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from Portugal

In 2022, the amount of chocolate and cocoa products exported from Portugal rose rapidly to X tons, surging by 9.4% against 2021 figures. Over the period under review, exports saw resilient growth. The growth pace was the most rapid in 2017 when exports increased by 23%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, chocolate exports expanded rapidly to $X in 2022. In general, exports showed a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of 23%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Spain (X tons) was the main destination for chocolate exports from Portugal, with a 53% share of total exports. Moreover, chocolate exports to Spain exceeded the volume sent to the second major destination, Brazil (X tons), ninefold. The third position in this ranking was taken by Angola (X tons), with a 4% share.

From 2012 to 2022, the average annual growth rate of volume to Spain stood at +16.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+22.7% per year) and Angola (-6.9% per year).

In value terms, Spain ($X) remains the key foreign market for chocolate and cocoa products exports from Portugal, comprising 47% of total exports. The second position in the ranking was taken by Brazil ($X), with a 6.9% share of total exports. It was followed by the United Arab Emirates, with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Spain amounted to +17.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+14.9% per year) and the United Arab Emirates (+11.5% per year).

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, with an increase of 2.2% against the previous year. Overall, the export price, however, continues to indicate a slight decline. The most prominent rate of growth was recorded in 2013 when the average export price increased by 14% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Greece ($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 the United Arab Emirates (+1.6%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Portugal

After two years of decline, overseas purchases of chocolate and cocoa products increased by 5.9% to X tons in 2022. The total import volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when imports increased by 11%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, chocolate imports totaled $X in 2022. The total import value increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of 16% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

Imports by Country

Spain (X tons), Germany (X tons) and Italy (X tons) were the main suppliers of chocolate imports to Portugal, together accounting for 67% of total imports. France, Belgium, the Netherlands and Austria lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of +11.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate suppliers to Portugal were Spain ($X), Germany ($X) and Italy ($X), with a combined 70% share of total imports. Belgium, France, the Netherlands and Austria lagged somewhat behind, together accounting for a further 23%.

Austria, with a CAGR of +11.1%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average import price increased by 7% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average 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 Italy ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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