Latin America and the Caribbean: Chocolate Market 2024

Chocolate Market Size in Latin America and the Caribbean

The Latin American chocolate market declined slightly to $X in 2022, reducing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Chocolate Production in Latin America and the Caribbean

In value terms, chocolate production fell slightly to $X in 2022 estimated in export price. In general, production, however, showed a slight expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Chocolate Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of chocolate and cocoa products increased by X% to X tons, rising for the second consecutive year after eight years of decline. Over the period under review, exports, however, saw a deep reduction. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, chocolate exports surged to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Brazil (X tons), distantly followed by Colombia (X tons), Argentina (X tons), Peru (X tons), Mexico (X tons), Guatemala (X tons) and Chile (X tons) represented the largest exporters of chocolate and cocoa products, together achieving X% of total exports.

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

In value terms, Mexico ($X) remains the largest chocolate supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Brazil ($X), with a X% share of total exports. It was followed by Colombia, with a X% share.

In Mexico, chocolate exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (X% per year) and Colombia (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, increasing by X% against the previous year. In general, the export price continues to indicate a resilient expansion. The pace of growth was the most pronounced in 2014 an increase of X%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

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

Chocolate Imports

Imports in Latin America and the Caribbean

Chocolate imports dropped to X tons in 2022, which is down by X% on 2021 figures. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, chocolate imports totaled $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Mexico (X tons), distantly followed by Chile (X tons), Brazil (X tons), Guatemala (X tons), Colombia (X tons) and Argentina (X tons) were the main importers of chocolate and cocoa products, together generating X% of total imports. The following importers - Ecuador (X tons), Bolivia (X tons), Peru (X tons), Venezuela (X tons), Costa Rica (X tons), Paraguay (X tons) and Uruguay (X tons) - together made up X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Chile ($X) and Brazil ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Colombia, Peru, Argentina, Guatemala, Ecuador, Costa Rica, Bolivia, Uruguay, Paraguay and Venezuela lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Peru, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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