Ecuador: Cocoa Bean Market 2024

Cocoa Bean Market Size in Ecuador

The Ecuadorian cocoa bean market fell to $X in 2022, waning by X% against the previous year. Over the period under review, consumption continues to indicate a dramatic slump. The most prominent rate of growth was recorded in 2014 with a decrease of X%. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Cocoa Bean Production in Ecuador

In value terms, cocoa bean production rose slightly to $X in 2022 estimated in export price. Overall, production showed prominent growth. The growth pace was the most rapid in 2014 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

The average yield of cocoa beans in Ecuador soared to X kg per ha in 2022, jumping by X% against 2021. Over the period under review, the yield indicated measured growth from 2012 to 2022: its figure increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa bean yield increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of X%. As a result, the yield attained the peak level of X kg per ha. From 2018 to 2022, the growth of the average cocoa bean 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.

In 2022, the total area harvested in terms of cocoa beans production in Ecuador shrank modestly to X ha, leveling off at the previous year. The harvested area increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to cocoa bean production reached the peak figure at X ha in 2021, and then fell modestly in the following year.

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Cocoa Bean Exports

Exports from Ecuador

In 2022, shipments abroad of cocoa beans increased by X% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, cocoa bean exports totaled $X in 2022. In general, exports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2017 when exports increased by X%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X tons), the United States (X tons) and Indonesia (X tons) were the main destinations of cocoa bean exports from Ecuador, with a combined X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), the United States ($X) and Indonesia ($X) were the largest markets for cocoa bean exported from Ecuador worldwide, together accounting for X% of total exports.

Indonesia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average cocoa bean export price amounted to $X per ton, reducing by X% against the previous year. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Germany ($X per ton) and Japan ($X per ton), while the average price for exports to Indonesia ($X per ton) and Canada ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Bean Imports

Imports into Ecuador

In 2022, cocoa bean imports into Ecuador soared to X tons, with an increase of X% compared with 2021. In general, imports saw a strong increase. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, cocoa bean imports soared to $X in 2022. Over the period under review, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the Dominican Republic (X tons) constituted the largest cocoa bean supplier to Ecuador, accounting for a X% share of total imports. Moreover, cocoa bean imports from the Dominican Republic exceeded the figures recorded by the second-largest supplier, Peru (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Dominican Republic stood at X%.

In value terms, the Dominican Republic ($X) constituted the largest supplier of cocoa beans to Ecuador, comprising X% of total imports. The second position in the ranking was held by Peru ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the Dominican Republic amounted to X%.

Import Prices by Country

The average cocoa bean import price stood at $X per ton in 2022, declining by X% against the previous year. Over the period under review, the import price showed a mild curtailment. The most prominent rate of growth was recorded in 2015 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Peru ($X per ton), while the price for the Dominican Republic amounted to $X per ton.

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

Source: IndexBox Platform

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