Venezuela: Cocoa Powder Market 2024

Cocoa Powder Market Size in Venezuela

In 2022, the Venezuelan cocoa powder market decreased by -0.1% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Cocoa Powder Production in Venezuela

In value terms, cocoa powder production reduced slightly to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 66% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Cocoa Powder Exports

Exports from Venezuela

In 2022, overseas shipments of cocoa powder (not sweetened) decreased by -19.8% to X tons for the first time since 2015, thus ending a six-year rising trend. Over the period under review, exports, however, saw significant growth. The growth pace was the most rapid in 2018 with an increase of 94%. Over the period under review, the exports reached the maximum at X tons in 2021, and then contracted remarkably in the following year.

In value terms, cocoa powder exports reduced notably to $X in 2022. In general, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 64% against the previous year. The exports peaked at $X in 2021, and then contracted markedly in the following year.

Exports by Country

Bolivia (X tons) was the main destination for cocoa powder exports from Venezuela, with a 91% share of total exports. Moreover, cocoa powder exports to Bolivia exceeded the volume sent to the second major destination, Argentina (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bolivia totaled +97.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (0.0% per year) and the Netherlands (+122.0% per year).

In value terms, Bolivia ($X) remains the key foreign market for cocoa powder (not sweetened) exports from Venezuela, comprising 91% of total exports. The second position in the ranking was taken by Argentina ($X), with a 4.5% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Bolivia totaled +73.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (0.0% per year) and the Netherlands (+103.5% per year).

Export Prices by Country

In 2022, the average cocoa powder export price amounted to $X per ton, growing by 3.6% against the previous year. Overall, the export price, however, showed a noticeable decline. The pace of growth was the most pronounced in 2015 an increase of 71% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Argentina ($X per ton), while the average price for exports to the Netherlands ($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 Panama (+11.4%), while the prices for the other major destinations experienced a decline.

Cocoa Powder Imports

Imports into Venezuela

In 2022, approx. X tons of cocoa powder (not sweetened) were imported into Venezuela; picking up by 10% compared with 2021 figures. Over the period under review, imports, however, faced a deep downturn. The pace of growth appeared the most rapid in 2020 with an increase of 683% against the previous year. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, cocoa powder imports shrank modestly to $X in 2022. Overall, imports, however, faced a deep reduction. The most prominent rate of growth was recorded in 2020 when imports increased by 1,302%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Portugal (X tons) constituted the largest cocoa powder supplier to Venezuela, accounting for a 45% share of total imports. Moreover, cocoa powder imports from Portugal exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume from Portugal amounted to +2,096.5%.

In value terms, Portugal ($X) constituted the largest supplier of cocoa powder (not sweetened) to Venezuela, comprising 46% of total imports. The second position in the ranking was held by Turkey ($X), with an 8.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Portugal totaled +2,532.5%.

Import Prices by Country

In 2022, the average cocoa powder import price amounted to $X per ton, declining by -11.1% against the previous year. Overall, the import price showed a deep setback. The pace of growth appeared the most rapid in 2020 when the average import price increased by 79%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Portugal ($X per ton), while the price for Turkey stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+19.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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