Venezuela: Chocolate Market 2024

Chocolate Market Size in Venezuela

The Venezuelan chocolate market reduced to $X in 2022, which is down by -3.4% against the previous year. Over the period under review, consumption continues to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2021 when the market value increased by 7.3%. Chocolate consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Chocolate Production in Venezuela

In value terms, chocolate production dropped modestly to $X in 2022 estimated in export price. In general, production showed a pronounced descent. The pace of growth appeared the most rapid in 2016 when the production volume increased by 6.6%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Chocolate Exports

Exports from Venezuela

In 2022, after five years of growth, there was significant decline in shipments abroad of chocolate and cocoa products, when their volume decreased by -20.4% to X tons. Overall, exports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 72%. The exports peaked at X tons in 2021, and then fell sharply in the following year.

In value terms, chocolate exports fell significantly to $X in 2022. In general, exports, however, posted a resilient increase. The pace of growth appeared the most rapid in 2021 when exports increased by 105% against the previous year. As a result, the exports attained the peak of $X, and then fell sharply in the following year.

Exports by Country

The United States (X tons) was the main destination for chocolate exports from Venezuela, accounting for a 93% share of total exports. Moreover, chocolate exports to the United States exceeded the volume sent to the second major destination, Chile (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +19.2%.

In value terms, the United States ($X) emerged as the key foreign market for chocolate and cocoa products exports from Venezuela, comprising 84% of total exports. The second position in the ranking was taken by Chile ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +12.6%.

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, waning by -6.5% against the previous year. Over the period under review, the export price saw a noticeable contraction. The growth pace was the most rapid in 2021 when the average export price increased by 21%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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 the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ecuador (+13.1%), while the prices for the other major destinations experienced a decline.

Chocolate Imports

Imports into Venezuela

In 2022, after two years of growth, there was significant decline in purchases abroad of chocolate and cocoa products, when their volume decreased by -30.5% to X tons. Overall, imports showed a pronounced reduction. The growth pace was the most rapid in 2020 with an increase of 415%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, chocolate imports contracted remarkably to $X in 2022. In general, imports faced a deep reduction. The most prominent rate of growth was recorded in 2020 when imports increased by 218% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of chocolate to Venezuela, with a 72% share of total imports. Moreover, chocolate imports from Turkey exceeded the figures recorded by the second-largest supplier, Brazil (X tons), sixfold. The third position in this ranking was held by the United States (X tons), with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey totaled +25.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-0.7% per year) and the United States (-16.3% per year).

In value terms, Turkey ($X) constituted the largest supplier of chocolate and cocoa products to Venezuela, comprising 59% of total imports. The second position in the ranking was taken by the United States ($X), with a 13% share of total imports. It was followed by Brazil, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Turkey totaled +20.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-18.6% per year) and Brazil (-8.6% per year).

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, growing by 4.4% against the previous year. In general, the import price, however, showed a abrupt slump. The most prominent rate of growth was recorded in 2016 an increase of 46% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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