Uruguay: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Uruguay

In 2022, the Uruguayan chocolate and confectionery market increased by 2% to $X, rising for the fourth year in a row after two years of decline. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 8% against the previous year. Chocolate and confectionery consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Chocolate And Confectionery Production in Uruguay

In value terms, chocolate and confectionery production expanded modestly to $X in 2022 estimated in export price. In general, production, however, recorded a mild descent. The most prominent rate of growth was recorded in 2020 with an increase of 14% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Chocolate And Confectionery Exports

Exports from Uruguay

After four years of growth, shipments abroad of chocolate and confectionery decreased by -10.5% to X tons in 2022. Overall, exports, however, posted a tangible increase. The most prominent rate of growth was recorded in 2019 with an increase of 74% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then dropped in the following year.

In value terms, chocolate and confectionery exports contracted to $X in 2022. In general, exports, however, continue to indicate a mild expansion. The growth pace was the most rapid in 2019 when exports increased by 65%. Over the period under review, the exports reached the peak figure at $X in 2021, and then fell modestly in the following year.

Exports by Country

Brazil (X tons), Argentina (X tons) and Estonia (X tons) were the main destinations of chocolate and confectionery exports from Uruguay, with a combined 91% 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 Estonia (with a CAGR of +139.9%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Argentina ($X) and Estonia ($X) appeared to be the largest markets for chocolate and confectionery exported from Uruguay worldwide, together comprising 92% of total exports.

In terms of the main countries of destination, Estonia, with a CAGR of +211.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate and confectionery export price stood at $X per ton in 2022, with an increase of 9.5% against the previous year. In general, the export price, however, showed a slight reduction. The most prominent rate of growth was recorded in 2021 when the average export price increased by 32% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Mexico ($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 Estonia (+30.0%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate And Confectionery Imports

Imports into Uruguay

In 2022, chocolate and confectionery imports into Uruguay contracted to X tons, which is down by -9.2% against the previous year's figure. Overall, imports, however, recorded resilient growth. The pace of growth was the most pronounced in 2021 when imports increased by 84% against the previous year. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, chocolate and confectionery imports rose modestly to $X in 2022. The total import value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 32%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Brazil (X tons) constituted the largest chocolate and confectionery supplier to Uruguay, accounting for a 29% share of total imports. Moreover, chocolate and confectionery imports from Brazil exceeded the figures recorded by the second-largest supplier, Argentina (X tons), twofold. Cote d'Ivoire (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil amounted to +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+5.2% per year) and Cote d'Ivoire (+60.6% per year).

In value terms, Brazil ($X), Argentina ($X) and Peru ($X) were the largest chocolate and confectionery suppliers to Uruguay, with a combined 65% share of total imports. Cote d'Ivoire, Cameroon, the Netherlands, Nigeria, the UK, Chile and Indonesia lagged somewhat behind, together accounting for a further 20%.

Among the main suppliers, Cameroon, with a CAGR of +853.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chocolate and confectionery import price stood at $X per ton in 2022, with an increase of 15% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable setback. The pace of growth was the most pronounced in 2015 an increase of 17%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (-1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :