Spain: Cocoa Powder Market 2024

Cocoa Powder Market Size in Spain

In 2022, the Spanish cocoa powder market increased by 13% to $X, rising for the fourth year in a row after two years of decline. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Cocoa Powder Production in Spain

In value terms, cocoa powder production rose rapidly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 27%. Over the period under review, production hit record highs in 2022 and is likely to continue growth in the immediate term.

Cocoa Powder Exports

Exports from Spain

In 2022, the amount of cocoa powder (not sweetened) exported from Spain dropped to X tons, waning by -14.1% compared with the previous year. Over the period under review, total exports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 17% against the previous year. The exports peaked at X tons in 2021, and then fell in the following year.

In value terms, cocoa powder exports dropped to $X in 2022. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 31%. As a result, the exports reached the peak of $X, and then declined in the following year.

Exports by Country

The United States (X tons) was the main destination for cocoa powder exports from Spain, accounting for a 14% share of total exports. Moreover, cocoa powder exports to the United States exceeded the volume sent to the second major destination, Belgium (X tons), twofold. France (X tons) ranked third in terms of total exports with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+12.5% per year) and France (+8.9% per year).

In value terms, the United States ($X) remains the key foreign market for cocoa powder (not sweetened) exports from Spain, comprising 15% of total exports. The second position in the ranking was taken by Belgium ($X), with a 6.1% share of total exports. It was followed by Egypt, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at -4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+5.7% per year) and Egypt (+7.7% per year).

Export Prices by Country

In 2022, the average cocoa powder export price amounted to $X per ton, rising by 7.3% against the previous year. Over the period under review, the export price, however, showed a noticeable contraction. The pace of growth was the most pronounced in 2016 when the average export price increased by 19% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Estonia ($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 the United States (-3.9%), while the prices for the other major destinations experienced a decline.

Cocoa Powder Imports

Imports into Spain

In 2022, supplies from abroad of cocoa powder (not sweetened) decreased by -18.1% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2014 when imports increased by 118% against the previous year. Imports peaked at X tons in 2021, and then declined remarkably in the following year.

In value terms, cocoa powder imports declined modestly to $X in 2022. Over the period under review, total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 +76.3% against 2018 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 94%. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of cocoa powder to Spain, accounting for a 58% share of total imports. Moreover, cocoa powder imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was held by France (X tons), with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands totaled +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+9.2% per year) and France (-4.7% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of cocoa powder (not sweetened) to Spain, comprising 60% of total imports. The second position in the ranking was held by Germany ($X), with a 17% share of total imports. It was followed by Belgium, with a 5.1% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands amounted to +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.2% per year) and Belgium (+15.8% per year).

Import Prices by Country

In 2022, the average cocoa powder import price amounted to $X per ton, jumping by 20% against the previous year. Overall, the import price, however, continues to indicate a noticeable decrease. The pace of growth appeared the most rapid in 2016 an increase of 32% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :