Chile: Cocoa Bean Market 2023

Cocoa Bean Market Size in Chile

The Chilean cocoa bean market surged to $X in 2021, picking up by 20% against the previous year. In general, consumption showed a prominent increase. Cocoa bean consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Cocoa Bean Production in Chile

In value terms, cocoa bean production rose markedly to $X in 2021 estimated in export price. Over the period under review, the total production indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.9% against 2019 indices. The pace of growth was the most pronounced in 2018 with an increase of 34% against the previous year. Cocoa bean production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Cocoa Bean Exports

Exports from Chile

In 2021, after two years of growth, there was significant decline in shipments abroad of cocoa beans, when their volume decreased by -21.4% to X tons. Overall, exports, however, posted a significant increase. The growth pace was the most rapid in 2020 with an increase of 477%. As a result, the exports attained the peak of X tons, and then dropped notably in the following year.

In value terms, cocoa bean exports fell dramatically to $X in 2021. In general, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 382% against the previous year. Over the period under review, the exports hit record highs at $X in 2020, and then reduced sharply in the following year.

Exports by Country

Italy (X tons) was the main destination for cocoa bean exports from Chile, accounting for a 98% share of total exports. It was followed by Switzerland (X kg), with a 1.7% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Italy stood at +44.3%.

In value terms, Italy ($X) remains the key foreign market for cocoa bean exports from Chile, comprising 98% of total exports. The second position in the ranking was taken by Switzerland ($X), with a 1.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Italy stood at +55.3%.

Export Prices by Country

In 2021, the average cocoa bean export price amounted to $X per ton, with an increase of 5.7% against the previous year. In general, the export price recorded a prominent expansion. The growth pace was the most rapid in 2018 an increase of 86% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, the country with the highest price was Italy ($X per ton), while the average price for exports to Switzerland amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+13.3%).

Cocoa Bean Imports

Imports into Chile

In 2021, overseas purchases of cocoa beans increased by 6.6% to X tons, rising for the fifth year in a row after two years of decline. In general, imports posted significant growth. The pace of growth was the most pronounced in 2014 when imports increased by 1,776%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, cocoa bean imports fell slightly to $X in 2021. Overall, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 2,393%. Over the period under review, imports reached the maximum at $X in 2020, and then shrank modestly in the following year.

Imports by Country

Peru (X tons), Ecuador (X tons) and the United States (X kg) were the main suppliers of cocoa bean imports to Chile, together comprising 98% of total imports.

From 2012 to 2021, the biggest increases were in Peru (with a CAGR of +122.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Peru ($X), Ecuador ($X) and the United States ($X) constituted the largest cocoa bean suppliers to Chile, together comprising 95% of total imports.

In terms of the main suppliers, Peru, with a CAGR of +127.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cocoa bean import price stood at $X per ton in 2021, declining by -10.6% against the previous year. Over the period under review, the import price, however, recorded resilient growth. The pace of growth appeared the most rapid in 2016 when the average import price increased by 45% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+20.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :