Uruguay: Cocoa Powder Market 2024

Cocoa Powder Market Size in Uruguay

The Uruguayan cocoa powder market surged to $X in 2022, with an increase of 339% against the previous year. Overall, consumption saw a buoyant expansion. Cocoa powder consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Cocoa Powder Production in Uruguay

In value terms, cocoa powder production reached $X in 2022 estimated in export price. Over the period under review, production showed a buoyant increase. The pace of growth was the most pronounced in 2020 with an increase of 74% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Cocoa Powder Exports

Exports from Uruguay

In 2022, overseas shipments of cocoa powder (not sweetened) decreased by -10.6% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, posted a prominent increase. The growth pace was the most rapid in 2019 with an increase of 91% against the previous year. The exports peaked at X tons in 2021, and then dropped in the following year.

In value terms, cocoa powder exports dropped modestly to $X in 2022. In general, exports, however, showed a noticeable expansion. The most prominent rate of growth was recorded in 2019 with an increase of 87%. Over the period under review, the exports attained the maximum at $X in 2021, and then shrank modestly in the following year.

Exports by Country

Brazil (X tons), Argentina (X tons) and Estonia (X tons) were the main destinations of cocoa powder exports from Uruguay, together accounting for 94% of total exports.

From 2012 to 2022, the biggest increases were recorded for Estonia (with a CAGR of +137.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cocoa powder exported from Uruguay were Brazil ($X), Argentina ($X) and Estonia ($X), with a combined 95% share of total exports.

Estonia, with a CAGR of +208.6%, recorded the highest growth rate of 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

In 2022, the average cocoa powder export price amounted to $X per ton, increasing by 10% against the previous year. Over the period under review, the export price, however, recorded a noticeable setback. The most prominent rate of growth was recorded in 2021 when the average export price increased by 33% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Argentina ($X per ton) and Brazil ($X per ton), while the average price for exports to Mexico ($X per ton) and Estonia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (+29.8%), while the prices for the other major destinations experienced mixed trend patterns.

Cocoa Powder Imports

Imports into Uruguay

After two years of decline, purchases abroad of cocoa powder (not sweetened) increased by 4.7% to X tons in 2022. Overall, imports, however, saw a slight reduction. The pace of growth was the most pronounced in 2019 when imports increased by 101% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, cocoa powder imports rose modestly to $X in 2022. Over the period under review, imports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2019 with an increase of 64% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Brazil (X tons), the Netherlands (X tons) and Austria (X tons) were the main suppliers of cocoa powder imports to Uruguay, together comprising 84% of total imports. Spain, Bulgaria and Estonia lagged somewhat behind, together accounting for a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bulgaria (with a CAGR of +330,934.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) constituted the largest supplier of cocoa powder (not sweetened) to Uruguay, comprising 62% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 19% share of total imports. It was followed by Spain, with a 6.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil amounted to -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+22.3% per year) and Spain (+9.8% per year).

Import Prices by Country

In 2022, the average cocoa powder import price amounted to $X per ton, stabilizing at the previous year. Overall, the import price saw a deep setback. The growth pace was the most rapid in 2021 an increase of 74% against the previous year. Over the period under review, average import prices hit record highs 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 Brazil ($X per ton), while the price for Estonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (+22.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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