Cocoa Powder Market in the EU Flattened at $814M

IndexBox has just published a new report: 'EU - Cocoa Powder (Not Sweetened) - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

The revenue of the cocoa powder market in the European Union amounted to $814M in 2018, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, cocoa powder consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the cocoa powder market reached its maximum level at $1.4B in 2011; however, from 2012 to 2018, consumption failed to regain its momentum.

Consumption By Country

The countries with the highest volumes of cocoa powder consumption in 2018 were the UK (47K tons), Germany (41K tons) and Spain (35K tons), together accounting for 41% of total consumption. Italy, Poland, France, the Netherlands, Romania, Hungary, Belgium, Greece and Sweden lagged somewhat behind, together comprising a further 47%.

In value terms, the largest cocoa powder markets in the European Union were Germany ($124M), the UK ($122M) and Spain ($91M), with a combined 41% share of the total market.

The countries with the highest levels of cocoa powder per capita consumption in 2018 were the Netherlands (948 kg per 1000 persons), Hungary (934 kg per 1000 persons) and Spain (758 kg per 1000 persons).

From 2007 to 2018, the most notable rate of growth in terms of cocoa powder per capita consumption, amongst the main consuming countries, was attained by Poland, while cocoa powder per capita consumption for the other leaders experienced more modest paces of growth.

Production in the EU

Cocoa powder production amounted to 536K tons in 2018, growing by 2.7% against the previous year. Overall, cocoa powder production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2010 with an increase of 13% against the previous year. In that year, cocoa powder production attained its peak volume of 553K tons.

Production By Country

The Netherlands (223K tons) constituted the country with the largest volume of cocoa powder production, accounting for 42% of total volume. Moreover, cocoa powder production in the Netherlands exceeded the figures recorded by the second-largest producer, Spain (109K tons), twofold. The third position in this ranking was occupied by Germany (108K tons), with a 20% share.

In the Netherlands, cocoa powder production increased at an average annual rate of +1.0% over the period from 2007-2018. In the other countries, the average annual rates were as follows: Spain (+4.7% per year) and Germany (+4.1% per year).

Exports in the EU

In 2018, approx. 586K tons of cocoa powder (not sweetened) were exported in the European Union; increasing by 4.8% against the previous year. The total export volume increased at an average annual rate of +3.6% over the period from 2007 to 2018; however, the trend pattern indicated some noticeable fluctuations being recorded over the period under review. The volume of exports peaked in 2018 and are likely to continue its growth in the immediate term. In value terms, cocoa powder exports totaled $1.4B (IndexBox estimates) in 2018.

Exports by Country

The Netherlands represented the main exporter of cocoa powder (not sweetened) exported in the European Union, with the volume of exports finishing at 283K tons, which was near 48% of total exports in 2018. Germany (118K tons) ranks second in terms of the total exports with a 20% share, followed by Spain (14%) and France (7.1%). The following exporters - Italy (18K tons) and Belgium (16K tons) - each resulted at a 6% share of total exports.

Exports from the Netherlands increased at an average annual rate of +2.6% from 2007 to 2018. At the same time, Belgium (+18.1%), Germany (+8.5%), Spain (+5.4%) and Italy (+5.0%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +18.1% from 2007-2018. France experienced a relatively flat trend pattern.

In value terms, the Netherlands ($677M) remains the largest cocoa powder supplier in the European Union, comprising 48% of total cocoa powder exports. The second position in the ranking was occupied by Germany ($275M), with a 20% share of total exports. It was followed by Spain, with a 11% share.

Export Prices by Country

The cocoa powder export price in the European Union stood at $2,398 per ton in 2018, reducing by -6.2% against the previous year. In general, the cocoa powder export price, however, continues to indicate a moderate expansion. Over the period under review, the export prices for cocoa powder reached their peak figure at $5,073 per ton in 2011; however, from 2012 to 2018, export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2018, the country with the highest price was France ($3,317 per ton), while Spain ($1,927 per ton) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Germany, while the other leaders experienced more modest paces of growth.

Imports in the EU

The imports stood at 351K tons in 2018, growing by 5.3% against the previous year. The total import volume increased at an average annual rate of +3.0% over the period from 2007 to 2018; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. In value terms, cocoa powder imports stood at $885M (IndexBox estimates) in 2018.

Imports by Country

In 2018, the Netherlands (76K tons), Germany (51K tons), France (46K tons) and Italy (38K tons) were the largest importers of cocoa powder (not sweetened) imported in the European Union, comprising 60% of total import. Belgium (24K tons) took the next position in the ranking, followed by the UK (23K tons) and Poland (23K tons). All these countries together took approx. 20% share of total imports. Hungary (8,955 tons) took a minor share of total imports.

From 2007 to 2018, the most notable rate of growth in terms of imports, amongst the main importing countries, was attained by the Netherlands, while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($160M), Germany ($151M) and France ($110M) appeared to be the countries with the highest levels of imports in 2018, with a combined 48% share of total imports.

Import Prices by Country

In 2018, cocoa powder import price in the European Union amounted to $2,524 per ton, declining by -3.4% against the previous year. Overall, the cocoa powder import price, however, continues to indicate perceptible growth. Reflecting the export prices presented above, the import prices for cocoa powder attained their peak figure at $4,822 per ton in 2011.

Average prices varied somewhat amongst the major importing countries. In 2018, major importing countries recorded the following prices: in Germany ($2,987 per ton) and Italy ($2,801 per ton), while the Netherlands ($2,105 per ton) and France ($2,366 per ton) were amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Poland, while the other leaders experienced more modest paces of growth.

Companies mentioned:

Olam International

Cargill, Inc.

Barry Callebaut

Indcre S.A.

Natra Cacao

IBERCACAO, S.A.

Touton S.A.

ICAM S.p.A.

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Source: IndexBox Market Intelligence Platform