Russian Federation: Cocoa Bean Market 2024

Cocoa Bean Market Size in the Russian Federation

In 2022, after four years of growth, there was decline in the Russian cocoa bean market, when its value decreased by -0.6% to $X. Over the period under review, the total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +49.7% against 2017 indices. Over the period under review, the market attained the maximum level at $X in 2021, and then declined in the following year.

Cocoa Bean Exports

Exports from the Russian Federation

Cocoa bean exports from Russia contracted to X tons in 2022, falling by -13.7% compared with 2021 figures. Overall, exports continue to indicate a sharp decline. The most prominent rate of growth was recorded in 2019 with an increase of 6,346% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, cocoa bean exports shrank markedly to $X in 2022. In general, exports showed a dramatic downturn. The pace of growth was the most pronounced in 2019 when exports increased by 1,986%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Uzbekistan (X tons) was the main destination for cocoa bean exports from Russia, with a 61% share of total exports. Moreover, cocoa bean exports to Uzbekistan exceeded the volume sent to the second major destination, Armenia (X tons), twofold. Kazakhstan (X kg) ranked third in terms of total exports with a 5.8% share.

From 2012 to 2022, the average annual growth rate of volume to Uzbekistan amounted to -42.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Armenia (+64.4% per year) and Kazakhstan (-50.4% per year).

In value terms, the largest markets for cocoa bean exported from Russia were Uzbekistan ($X), Armenia ($X) and Kazakhstan ($X), with a combined 94% share of total exports.

Armenia, with a CAGR of +60.2%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average cocoa bean export price amounted to $X per ton, reducing by -17.2% against the previous year. In general, the export price, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2018 when the average export price increased by 249% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Armenia ($X per ton), while the average price for exports to the Netherlands ($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 Uzbekistan (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Bean Imports

Imports into the Russian Federation

Cocoa bean imports into Russia expanded slightly to X tons in 2022, picking up by 1.8% on the previous year. Overall, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 106% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, cocoa bean imports declined to $X in 2022. In general, total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.1% 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 +55.6% against 2017 indices. The most prominent rate of growth was recorded in 2015 with an increase of 141%. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, Cote d'Ivoire (X tons) constituted the largest cocoa bean supplier to Russia, accounting for a 78% share of total imports. Moreover, cocoa bean imports from Cote d'Ivoire exceeded the figures recorded by the second-largest supplier, Ecuador (X tons), ninefold. Peru (X tons) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Cote d'Ivoire totaled +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (+62.9% per year) and Peru (+109.8% per year).

In value terms, Cote d'Ivoire ($X) constituted the largest supplier of cocoa beans to Russia, comprising 80% of total imports. The second position in the ranking was held by Ecuador ($X), with an 8.6% share of total imports. It was followed by Peru, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value from Cote d'Ivoire stood at +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (+59.7% per year) and Peru (+104.5% per year).

Import Prices by Country

The average cocoa bean import price stood at $X per ton in 2022, dropping by -2.9% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 17% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Cote d'Ivoire ($X per ton) and Ghana ($X per ton), while the price for Nigeria ($X per ton) and Ecuador ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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