Latin America and the Caribbean: Chocolate Market 2024

Chocolate Market Size in Latin America and the Caribbean

The Latin American chocolate market contracted slightly to $X in 2022, approximately mirroring the previous year. The market value 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. Over the period under review, the market hit record highs at $X in 2021, and then dropped slightly in the following year.

Chocolate Production in Latin America and the Caribbean

In value terms, chocolate production shrank slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of X%. The level of production peaked at $X in 2019; afterwards, it flattened through to 2022.

Chocolate Exports

Exports in Latin America and the Caribbean

After two years of decline, shipments abroad of chocolate and other food preparations containing cocoa increased by X% to X tons in 2022. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, chocolate exports reached $X in 2022. Total exports indicated a modest expansion from 2012 to 2022: its value 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, exports decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2019 when exports increased by X%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Mexico represented the main exporter of chocolate and other food preparations containing cocoa in Latin America and the Caribbean, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2022. Brazil (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Colombia (X%), Argentina (X%) and Peru (X%). The following exporters - Ecuador (X tons) and Guatemala (X tons) - each amounted to a X% share of total exports.

Exports from Mexico decreased at an average annual rate of X% from 2012 to 2022. At the same time, Ecuador (X%), Peru (X%), Colombia (X%), Brazil (X%) and Guatemala (X%) displayed positive paces of growth. Moreover, Ecuador emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Argentina (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brazil, Colombia, Peru, Ecuador and Guatemala increased by X, X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico was relatively modest. In the other countries, the average annual rates were as follows: Colombia (X% per year) and Brazil (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, dropping by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, the export price reached the peak level of $X per ton, and then contracted slightly in the following year.

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

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

Chocolate Imports

Imports in Latin America and the Caribbean

In 2022, approx. X tons of chocolate and other food preparations containing cocoa were imported in Latin America and the Caribbean; standing approx. at the previous year's figure. The total import volume increased at an average annual rate of X% over the period 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 2021 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, chocolate imports reached $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Mexico was the largest importer of chocolate and other food preparations containing cocoa in Latin America and the Caribbean, with the volume of imports resulting at X tons, which was approx. X% of total imports in 2022. Chile (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Guatemala (X%), Brazil (X%) and Argentina (X%). Colombia (X tons), El Salvador (X tons), Ecuador (X tons) and Peru (X tons) held a little share of total imports.

Mexico experienced a relatively flat trend pattern with regard to volume of imports of chocolate and other food preparations containing cocoa. At the same time, El Salvador (X%), Guatemala (X%), Chile (X%), Peru (X%), Colombia (X%), Argentina (X%) and Ecuador (X%) displayed positive paces of growth. Moreover, El Salvador emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Brazil (X%) illustrated a downward trend over the same period. While the share of Chile (X p.p.) and Guatemala (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Brazil (X p.p.) and Mexico (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported chocolate and other food preparations containing cocoa in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was held by Chile ($X), with a X% share of total imports. It was followed by Brazil, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Chile (X% per year) and Brazil (X% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while Argentina ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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