Uruguay: Chocolate Market 2024

Chocolate Market Size in Uruguay

For the eleventh year in a row, the Uruguayan chocolate market recorded growth in sales value, which increased by 0.3% to $X in 2022. Over the period under review, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +89.1% against 2012 indices. Over the period under review, the market reached the peak level in 2022 and is likely to see gradual growth in years to come.

Chocolate Production in Uruguay

In value terms, chocolate production expanded slightly to $X in 2022 estimated in export price. In general, the total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.7% against 2020 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 7.5%. Chocolate production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports from Uruguay

In 2022, shipments abroad of chocolate and cocoa products was finally on the rise to reach X tons for the first time since 2012, thus ending a nine-year declining trend. Overall, exports, however, continue to indicate a precipitous decrease. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, chocolate exports skyrocketed to $X in 2022. In general, exports, however, faced a sharp setback. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Burkina Faso (X tons), Chile (X tons) and Madagascar (X tons) were the main destinations of chocolate exports from Uruguay, with a combined 76% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Burkina Faso (with a CAGR of +9.2%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for chocolate exported from Uruguay were Chile ($X), Burkina Faso ($X) and Paraguay ($X), with a combined 81% share of total exports.

In terms of the main countries of destination, Burkina Faso, with a CAGR of +9.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, picking up by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2013 an increase of 17% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Madagascar ($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 (+19.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Uruguay

In 2022, supplies from abroad of chocolate and cocoa products increased by 1.7% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 11%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, chocolate imports expanded notably to $X in 2022. The total import value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 15% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Brazil (X tons), Argentina (X tons) and Germany (X tons) were the main suppliers of chocolate imports to Uruguay, together comprising 91% of total imports. Belgium and Chile lagged somewhat behind, together accounting for a further 3.6%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +20.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Argentina ($X) and Belgium ($X) constituted the largest chocolate suppliers to Uruguay, with a combined 87% share of total imports.

Belgium, with a CAGR of +16.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, rising by 6.1% against the previous year. In general, the import price, however, continues to indicate a mild slump. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Belgium ($X per ton) and Argentina ($X per ton), while the price for Chile ($X per ton) and Brazil ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (-1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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