Scandinavia: Cocoa Powder Market 2024

Cocoa Powder Market Size in Scandinavia

In 2022, the Scandinavia cocoa powder market increased by 2.5% to $X, rising for the second consecutive year after four years of decline. Over the period under review, consumption, however, showed a pronounced reduction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Cocoa Powder Production in Scandinavia

In value terms, cocoa powder production reduced to $X in 2022 estimated in export price. In general, production showed a abrupt setback. The pace of growth appeared the most rapid in 2018 with an increase of 3.8% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Cocoa Powder Exports

Exports in Scandinavia

Cocoa powder exports dropped slightly to X tons in 2022, declining by -4.5% on 2021. The total export volume increased at an average annual rate of +5.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 35% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, cocoa powder exports shrank to $X in 2022. The total export value increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Norway (X tons) was the major exporter of cocoa powder (not sweetened), creating 81% of total exports. It was distantly followed by Sweden (X tons), constituting a 16% share of total exports. Finland (X tons) followed a long way behind the leaders.

Norway was also the fastest-growing in terms of the cocoa powder (not sweetened) exports, with a CAGR of +106.6% from 2012 to 2022. At the same time, Finland (+10.0%) displayed positive paces of growth. By contrast, Sweden (-12.3%) illustrated a downward trend over the same period. Norway (+81 p.p.) significantly strengthened its position in terms of the total exports, while Sweden saw its share reduced by -82.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Norway ($X) remains the largest cocoa powder supplier in Scandinavia, comprising 81% of total exports. The second position in the ranking was taken by Sweden ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Norway totaled +96.1%. In the other countries, the average annual rates were as follows: Sweden (-16.0% per year) and Finland (+6.3% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2022, shrinking by -5.9% against the previous year. Overall, the export price recorded a perceptible decrease. The most prominent rate of growth was recorded in 2016 an increase of 13% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, 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 (-3.3%), while the other leaders experienced a decline in the export price figures.

Cocoa Powder Imports

Imports in Scandinavia

In 2022, approx. X tons of cocoa powder (not sweetened) were imported in Scandinavia; remaining relatively unchanged against 2021. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 21% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, cocoa powder imports rose modestly to $X in 2022. In general, imports continue to indicate a pronounced decline. The pace of growth was the most pronounced in 2016 when imports increased by 29%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Sweden represented the main importing country with an import of around X tons, which recorded 65% of total imports. Norway (X tons) took the second position in the ranking, distantly followed by Finland (X tons). All these countries together took approx. 35% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to cocoa powder imports into Sweden stood at -2.0%. At the same time, Norway (+7.6%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +7.6% from 2012-2022. Finland experienced a relatively flat trend pattern. From 2012 to 2022, the share of Norway increased by +14 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) constitutes the largest market for imported cocoa powder (not sweetened) in Scandinavia, comprising 65% of total imports. The second position in the ranking was held by Norway ($X), with a 25% share of total imports.

In Sweden, cocoa powder imports declined by an average annual rate of -6.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Norway (+2.1% per year) and Finland (-3.9% per year).

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2022, rising by 3.2% against the previous year. Overall, the import price, however, showed a perceptible contraction. The most prominent rate of growth was recorded in 2016 when the import price increased by 22%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Finland ($X per ton), while Norway ($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 (-4.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform