Portugal: Chocolate Market 2024

Chocolate Exports

Exports from Portugal

In 2022, overseas shipments of chocolate and other food preparations containing cocoa decreased by -42.2% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, recorded a resilient increase. The growth pace was the most rapid in 2017 with an increase of 157% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then shrank dramatically in the following year.

In value terms, chocolate exports declined remarkably to $X in 2022. Over the period under review, exports, however, showed strong growth. The growth pace was the most rapid in 2013 with an increase of 109%. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Spain (X tons) was the main destination for chocolate exports from Portugal, with a 61% share of total exports. Moreover, chocolate exports to Spain exceeded the volume sent to the second major destination, Luxembourg (X tons), fourfold. Angola (X tons) ranked third in terms of total exports with a 5.9% share.

From 2012 to 2022, the average annual growth rate of volume to Spain amounted to +48.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Luxembourg (+117.1% per year) and Angola (-8.8% per year).

In value terms, Spain ($X) remains the key foreign market for chocolate and other food preparations containing cocoa exports from Portugal, comprising 66% of total exports. The second position in the ranking was taken by Luxembourg ($X), with a 9.1% share of total exports. It was followed by Angola, with a 6% share.

From 2012 to 2022, the average annual growth rate of value to Spain amounted to +49.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Luxembourg (+109.9% per year) and Angola (-10.9% per year).

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, increasing by 11% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by 63%. The export price peaked at $X per ton in 2014; however, from 2015 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 the UK ($X per ton), while the average price for exports to Slovakia ($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 France (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Portugal

In 2022, the amount of chocolate and other food preparations containing cocoa imported into Portugal amounted to X tons, growing by 1.6% compared with the year before. Overall, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +9.5% against 2020 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 31%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, chocolate imports stood at $X in 2022. Over the period under review, total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +15.5% against 2020 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 27%. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Spain (X tons), Belgium (X tons) and the Netherlands (X tons) were the main suppliers of chocolate imports to Portugal, together accounting for 87% of total imports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +19.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate suppliers to Portugal were Spain ($X), Belgium ($X) and France ($X), together accounting for 85% of total imports. The Netherlands, Italy and Germany lagged somewhat behind, together comprising a further 14%.

The Netherlands, with a CAGR of +21.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, with an increase of 5.3% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 9% 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 somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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