Venezuela: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Venezuela

The Venezuelan chocolate and confectionery market declined to $X in 2022, with a decrease of -3% against the previous year. Over the period under review, consumption showed a slight setback. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Chocolate And Confectionery Production in Venezuela

In value terms, chocolate and confectionery production reduced to $X in 2022 estimated in export price. Overall, production recorded a slight reduction. The most prominent rate of growth was recorded in 2016 with an increase of 14% against the previous year. Chocolate and confectionery production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Chocolate And Confectionery Exports

Exports from Venezuela

In 2022, the amount of chocolate and confectionery exported from Venezuela declined to X tons, which is down by -7.4% against 2021. Over the period under review, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 161% against the previous year. The exports peaked at X tons in 2021, and then dropped in the following year.

In value terms, chocolate and confectionery exports totaled $X in 2022. Overall, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 102%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

The United States (X tons) was the main destination for chocolate and confectionery exports from Venezuela, accounting for a 69% share of total exports. Moreover, chocolate and confectionery exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), fivefold. Bolivia (X tons) ranked third in terms of total exports with a 6.2% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +32.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+138.3% per year) and Bolivia (+183.4% per year).

In value terms, the United States ($X) remains the key foreign market for chocolate and confectionery exports from Venezuela, comprising 72% of total exports. The second position in the ranking was held by Canada ($X), with a 10% share of total exports. It was followed by Chile, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +27.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+124.2% per year) and Chile (+86.2% per year).

Export Prices by Country

In 2022, the average chocolate and confectionery export price amounted to $X per ton, picking up by 8% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced curtailment. The pace of growth was the most pronounced in 2016 an increase of 15%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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 Chile ($X per ton), while the average price for exports to Bolivia ($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 Chile (+0.3%), while the prices for the other major destinations experienced a decline.

Chocolate And Confectionery Imports

Imports into Venezuela

In 2022, purchases abroad of chocolate and confectionery decreased by -22.8% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports recorded a perceptible slump. The most prominent rate of growth was recorded in 2020 when imports increased by 371%. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, chocolate and confectionery imports dropped to $X in 2022. In general, imports saw a deep contraction. The pace of growth was the most pronounced in 2020 with an increase of 212%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

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

From 2012 to 2022, the average annual growth rate of volume from Turkey stood at +26.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-0.0% per year) and the United States (-15.7% per year).

In value terms, Turkey ($X) constituted the largest supplier of chocolate and confectionery to Venezuela, comprising 59% of total imports. The second position in the ranking was taken by the United States ($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 stood at +24.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-16.2% per year) and Brazil (-5.9% per year).

Import Prices by Country

The average chocolate and confectionery import price stood at $X per ton in 2022, rising by 23% against the previous year. Over the period under review, the import price, however, saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 when the average import price increased by 50%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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