Spain's Cocoa Powder Price Hits New Record of $3,101 per Ton After Two Consecutive Months of Growth

Spain Cocoa Powder Export Price in September 2022

In September 2022, the cocoa powder price amounted to $3,101 per ton (FOB, Spain), with an increase of 3.6% against the previous month. Over the period from January 2022 to September 2022, it increased at an average monthly rate of +1.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the country of destination: the country with the highest price was Egypt ($3,452 per ton), while the average price for exports to Estonia ($1,543 per ton) was amongst the lowest.

From January 2022 to September 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+3.0%), while the prices for the other major destinations experienced more modest paces of growth.

Spain Cocoa Powder Exports

In September 2022, shipments abroad of cocoa powder (not sweetened) increased by 17% to 5.5K tons for the first time since June 2022, thus ending a two-month declining trend. Over the period under review, exports, however, continue to indicate a slight descent. Over the period under review, the exports reached the peak figure at 7.2K tons in June 2022; however, from July 2022 to September 2022, the exports remained at a lower figure.

In value terms, cocoa powder exports soared to $17M (IndexBox estimates) in September 2022. Overall, exports showed a relatively flat trend pattern. Over the period under review, the exports attained the maximum at 21K tons in June 2022; however, from July 2022 to September 2022, the exports remained at a lower figure.

Spain Cocoa Powder Exports by Country

the United States (895 tons) was the main destination for cocoa powder exports from Spain, accounting for a 16% share of total exports. Moreover, cocoa powder exports to the United States exceeded the volume sent to the second major destination, Morocco (402 tons), twofold. Italy (375 tons) ranked third in terms of total exports with a 6.8% share.

From January 2022 to September 2022, the average monthly rate of growth in terms of volume to the United States totaled +13.2%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Morocco (+0.1% per month) and Italy (-2.8% per month).

In value terms, the United States ($3.1M) remains the key foreign market for cocoa powder exports from Spain, comprising 18% of total exports. The second position in the ranking was held by Morocco ($1.2M), with a 6.9% share of total exports. It was followed by France, with a 6.9% share.

From January 2022 to September 2022, the average monthly growth rate of value to the United States amounted to +16.5%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Morocco (+1.8% per month) and France (+2.2% per month).

Factors Affecting Cocoa Powder Prices

Cocoa powder is one of the most important ingredients in the chocolate industry and its price is a major factor in the cost of chocolate production. The price of cocoa powder in Spain has been on the rise in recent years, due to a number of factors.

One key factor is the increasing demand for chocolate globally. As the demand for chocolate increases, so does the price of cocoa powder. Another factor is the decrease in supply of cocoa beans. This is due to a number of factors, including droughts and pests. The decrease in supply has caused the price of cocoa powder to increase.

Cocoa beans are grown in tropical countries such as Ghana, Ivory Coast and Indonesia. These countries produce the vast majority of the world's cocoa beans, and as a result, they have a significant influence on global prices.

Source: IndexBox Market Intelligence Platform