Scandinavia: Chocolate Market 2024

Chocolate Market Size in Scandinavia

The Scandinavia chocolate market stood at $X in 2022, increasing by 11% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Chocolate Production in Scandinavia

In value terms, chocolate production declined modestly to $X in 2022 estimated in export price. In general, production, however, saw a mild reduction. The growth pace was the most rapid in 2020 when the production volume increased by 5.9% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports in Scandinavia

In 2022, the amount of chocolate and cocoa products exported in Scandinavia was estimated at X tons, approximately equating the previous year's figure. The total export volume increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 9.4% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, chocolate exports dropped modestly to $X in 2022. The total export value increased at an average annual rate of +3.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 18%. As a result, the exports reached the peak of $X, leveling off in the following year.

Exports by Country

In 2022, Sweden (X tons) represented the key exporter of chocolate and cocoa products, committing 81% of total exports. Finland (X tons) held a 12% share (based on physical terms) of total exports, which put it in second place, followed by Norway (6.9%).

Sweden was also the fastest-growing in terms of the chocolate and cocoa products exports, with a CAGR of +3.3% from 2012 to 2022. At the same time, Norway (+1.8%) displayed positive paces of growth. Finland experienced a relatively flat trend pattern. Sweden (+5.4 p.p.) significantly strengthened its position in terms of the total exports, while Finland saw its share reduced by -4.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) remains the largest chocolate supplier in Scandinavia, comprising 79% of total exports. The second position in the ranking was held by Finland ($X), with a 15% share of total exports.

In Sweden, chocolate exports expanded at an average annual rate of +4.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Finland (+0.2% per year) and Norway (-0.6% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2022, approximately equating the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 9.8% against the previous year. As a result, the export price attained the peak level of $X per ton, and then reduced in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+1.2%), while the other leaders experienced mixed trends in the export price figures.

Chocolate Imports

Imports in Scandinavia

In 2022, the amount of chocolate and cocoa products imported in Scandinavia rose notably to X tons, with an increase of 5.1% on 2021 figures. The total import volume increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 8.4%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, chocolate imports amounted to $X in 2022. The total import value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 14%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

Sweden represented the key importer of chocolate and cocoa products in Scandinavia, with the volume of imports finishing at X tons, which was near 63% of total imports in 2022. Norway (X tons) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by Finland (16%).

Sweden was also the fastest-growing in terms of the chocolate and cocoa products imports, with a CAGR of +3.2% from 2012 to 2022. At the same time, Norway (+1.3%) displayed positive paces of growth. Finland experienced a relatively flat trend pattern. From 2012 to 2022, the share of Sweden increased by +5.5 percentage points.

In value terms, Sweden ($X) constitutes the largest market for imported chocolate and cocoa products in Scandinavia, comprising 54% of total imports. The second position in the ranking was held by Norway ($X), with a 26% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Sweden amounted to +3.0%. In the other countries, the average annual rates were as follows: Norway (+2.0% per year) and Finland (+1.5% per year).

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2022, with a decrease of -3.5% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 7%. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Finland ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+1.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform