Venezuela: Cocoa Butter Market 2024

Cocoa Butter Market Size in Venezuela

The Venezuelan cocoa butter market was estimated at $X in 2022, increasing by 6.7% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Cocoa Butter Production in Venezuela

In value terms, cocoa butter production expanded to $X in 2022 estimated in export price. In general, production showed a mild increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by 22% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Cocoa Butter Exports

Exports from Venezuela

In 2022, exports of cocoa butter from Venezuela reduced remarkably to X tons, shrinking by -27.7% against 2021 figures. Overall, exports, however, saw significant growth. The growth pace was the most rapid in 2017 with an increase of 228%. The exports peaked at X tons in 2021, and then contracted notably in the following year.

In value terms, cocoa butter exports reduced remarkably to $X in 2022. In general, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 156%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for cocoa butter exports from Venezuela, with a 75% share of total exports. Moreover, cocoa butter exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), fivefold. The third position in this ranking was held by Estonia (X tons), with a 2.9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +34.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+50.6% per year) and Estonia (0.0% per year).

In value terms, the United States ($X) remains the key foreign market for cocoa butter exports from Venezuela, comprising 78% of total exports. The second position in the ranking was taken by Germany ($X), with an 11% share of total exports. It was followed by Estonia, with a 2.7% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +36.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+36.5% per year) and Estonia (0.0% per year).

Export Prices by Country

The average cocoa butter export price stood at $X per ton in 2022, surging by 4.2% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by 13%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and Estonia ($X per ton), while the average price for exports to Germany ($X per ton) and the Netherlands ($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 the United States (+1.7%), while the prices for the other major destinations experienced a decline.

Cocoa Butter Imports

Imports into Venezuela

In 2022, supplies from abroad of cocoa butter was finally on the rise to reach X tons for the first time since 2014, thus ending a seven-year declining trend. Over the period under review, imports, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2013 when imports increased by 231% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, cocoa butter imports soared to $X in 2022. In general, imports, however, faced a abrupt decline. The most prominent rate of growth was recorded in 2013 when imports increased by 765%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ecuador (X tons) was the main supplier of cocoa butter to Venezuela, with a 95% share of total imports. Moreover, cocoa butter imports from Ecuador exceeded the figures recorded by the second-largest supplier, the United States (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ecuador totaled -10.5%.

In value terms, Ecuador ($X) constituted the largest supplier of cocoa butter to Venezuela, comprising 95% of total imports. The second position in the ranking was taken by the United States ($X), with a 5.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Ecuador stood at -6.3%.

Import Prices by Country

The average cocoa butter import price stood at $X per ton in 2022, surging by 12% against the previous year. Over the period under review, the import price continues to indicate a strong expansion. The pace of growth was the most pronounced in 2013 when the average import price increased by 161%. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Ecuador amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+4.7%).

Source: IndexBox Platform

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