United Kingdom: Chocolate Market 2024

Chocolate Market Size in the UK

The UK chocolate market expanded modestly to $X in 2022, picking up by 1.7% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Chocolate Production in the UK

In value terms, chocolate production shrank to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 24%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Chocolate Exports

Exports from the UK

In 2022, shipments abroad of chocolate and other food preparations containing cocoa decreased by -14% to X tons, falling for the second consecutive year after five years of growth. The total export volume increased at an average annual rate of +2.2% 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 2013 when exports increased by 30% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, chocolate exports dropped to $X in 2022. The total export value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when exports increased by 38%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Poland (X tons) was the main destination for chocolate exports from the UK, with a 42% share of total exports. Moreover, chocolate exports to Poland exceeded the volume sent to the second major destination, Ireland (X tons), twofold. The third position in this ranking was taken by Belgium (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Poland totaled +11.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (+5.7% per year) and Belgium (+0.2% per year).

In value terms, the largest markets for chocolate exported from the UK were Poland ($X), Ireland ($X) and Belgium ($X), together accounting for 68% of total exports. The United Arab Emirates, Austria, the Netherlands, Germany, France and Slovakia lagged somewhat behind, together accounting for a further 19%.

Austria, with a CAGR of +24.1%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, remaining stable against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 9.4%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Poland ($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 Netherlands (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into the UK

After four years of growth, overseas purchases of chocolate and other food preparations containing cocoa decreased by -12.9% to X tons in 2022. Overall, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 33% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then fell in the following year.

In value terms, chocolate imports fell to $X in 2022. In general, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 +62.1% against 2017 indices. The pace of growth appeared the most rapid in 2019 when imports increased by 30% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, Belgium (X tons) constituted the largest chocolate supplier to the UK, accounting for a 42% share of total imports. Moreover, chocolate imports from Belgium exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. Ireland (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Belgium amounted to +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.2% per year) and Ireland (+5.0% per year).

In value terms, Belgium ($X) constituted the largest supplier of chocolate and other food preparations containing cocoa to the UK, comprising 46% of total imports. The second position in the ranking was held by Germany ($X), with a 13% share of total imports. It was followed by France, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from Belgium totaled +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.2% per year) and France (+5.3% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, with an increase of 7.7% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average import price increased by 9.5% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average 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 Italy ($X per ton), while the price for Ireland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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