Cuba: Cocoa Bean Market 2024

Cocoa Bean Market Size in Cuba

The Cuban cocoa bean market skyrocketed to $X in 2021, jumping by 35% against the previous year. Overall, consumption, however, showed a abrupt shrinkage. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Cocoa Bean Production in Cuba

In value terms, cocoa bean production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2019 when the production volume increased by 59%. Cocoa bean production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

In 2021, the average cocoa bean yield in Cuba reduced slightly to X kg per ha, which is down by -1.6% compared with 2020. Overall, the yield indicated a modest increase from 2012 to 2021: its figure increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cocoa bean yield increased by +119.8% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 117%. The cocoa bean yield peaked at X kg per ha in 2017; however, from 2018 to 2021, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cocoa bean harvested area in Cuba rose markedly to X ha in 2021, with an increase of 8.8% on the previous year. In general, the harvested area, however, recorded a perceptible slump. The pace of growth appeared the most rapid in 2018 when the harvested area increased by 55% against the previous year. Over the period under review, the harvested area dedicated to cocoa bean production reached the maximum at X ha in 2013; however, from 2014 to 2021, the harvested area failed to regain momentum.

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Cocoa Bean Exports

Exports from Cuba

Cocoa bean exports from Cuba fell to X tons in 2021, declining by -5.7% compared with 2020 figures. Over the period under review, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 549%. As a result, the exports reached the peak of X tons, and then declined in the following year.

In value terms, cocoa bean exports reached $X in 2021. Overall, exports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 451% against the previous year. As a result, the exports reached the peak of $X; afterwards, it flattened through to 2021.

Exports by Country

The Netherlands (X tons) was the main destination for cocoa bean exports from Cuba, with a 68% share of total exports. Moreover, cocoa bean exports to the Netherlands exceeded the volume sent to the second major destination, Belgium (X tons), fivefold. The third position in this ranking was taken by the UK (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume to the Netherlands amounted to +46.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+17.9% per year) and the UK (+18.4% per year).

In value terms, the Netherlands ($X) remains the key foreign market for cocoa bean exports from Cuba, comprising 60% of total exports. The second position in the ranking was taken by the UK ($X), with a 15% share of total exports. It was followed by Belgium, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the Netherlands totaled +38.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+14.2% per year) and Belgium (+13.3% per year).

Export Prices by Country

In 2021, the average cocoa bean export price amounted to $X per ton, picking up by 8.1% against the previous year. In general, the export price, however, recorded a noticeable contraction. The most prominent rate of growth was recorded in 2015 an increase of 8.6% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Switzerland ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+1.7%), while the prices for the other major destinations experienced a decline.

Cocoa Bean Imports

Imports into Cuba

In 2021, imports of cocoa beans into Cuba amounted to X kg, leveling off at the year before. In general, imports saw a abrupt decline. The growth pace was the most rapid in 2015 with an increase of 97%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, cocoa bean imports stood at $X in 2021. Overall, imports recorded a dramatic setback. The pace of growth was the most pronounced in 2015 when imports increased by 52% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Spain (X kg) was the main cocoa bean supplier to Cuba, accounting for a approx. 100% share of total imports.

From 2013 to 2021, the average annual growth rate of volume from Spain was relatively modest.

In value terms, Spain ($X) constituted the largest supplier of cocoa bean to Cuba.

From 2013 to 2021, the average annual growth rate of value from Spain was relatively modest.

Import Prices by Country

The average cocoa bean import price stood at $X per ton in 2021, flattening at the previous year. In general, the import price saw a abrupt downturn. The pace of growth was the most pronounced in 2014 an increase of 66%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Spain.

From 2013 to 2021, the rate of growth in terms of prices for Italy amounted to +37.6% per year.

Source: IndexBox Platform

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