Scandinavia: Cocoa Butter Market 2024

Cocoa Butter Market Size in Scandinavia

After three years of growth, the Scandinavia cocoa butter market decreased by -13.6% to $X in 2022. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Cocoa Butter Production in Scandinavia

In value terms, cocoa butter production fell sharply to $X in 2022 estimated in export price. Overall, production saw a deep slump. The pace of growth was the most pronounced in 2021 when the production volume increased by 80% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Cocoa Butter Exports

Exports in Scandinavia

In 2022, shipments abroad of cocoa butter was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports posted buoyant growth. The growth pace was the most rapid in 2015 with an increase of 459% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, cocoa butter exports soared to $X in 2022. In general, exports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2015 with an increase of 352%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of cocoa butter, namely Sweden, represented more than two-thirds of total export.

Sweden was also the fastest-growing in terms of the cocoa butter exports, with a CAGR of +26.3% from 2012 to 2022. While the share of Sweden (+53 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) also remains the largest cocoa butter supplier in Scandinavia.

From 2012 to 2022, the average annual rate of growth in terms of value in Sweden stood at +27.9%.

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per ton, waning by -22.4% against the previous year. Overall, the export price showed a noticeable descent. The pace of growth appeared the most rapid in 2017 when the export price increased by 52% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Sweden.

From 2012 to 2022, the rate of growth in terms of prices for Sweden amounted to +1.3% per year.

Cocoa Butter Imports

Imports in Scandinavia

In 2022, overseas purchases of cocoa butter decreased by -1.4% to X tons for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 15% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted slightly in the following year.

In value terms, cocoa butter imports declined rapidly to $X in 2022. Total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -19.5% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 77% against the previous year. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Sweden represented the main importing country with an import of about X tons, which recorded 47% of total imports. Norway (X tons) ranks second in terms of the total imports with a 29% share, followed by Finland (24%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Sweden (with a CAGR of +2.8%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Sweden ($X), Norway ($X) and Finland ($X) appeared to be the countries with the highest levels of imports in 2022.

Norway, with a CAGR of +4.5%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, with a decrease of -18% against the previous year. Import price indicated a perceptible increase 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 butter import price decreased by -22.3% against 2019 indices. The growth pace was the most rapid in 2014 an increase of 54%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, 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 Finland (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform