Mexico: Chocolate Market 2024

Chocolate Market Size in Mexico

For the eleventh year in a row, the Mexican chocolate market recorded growth in sales value, which increased by X% to $X in 2022. Overall, the total consumption indicated a resilient increase 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, consumption increased by X% against 2012 indices. Chocolate consumption peaked in 2022 and is expected to retain growth in the immediate term.

Chocolate Production in Mexico

In value terms, chocolate production declined modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a prominent 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, production decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. Chocolate production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

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Chocolate Exports

Exports from Mexico

For the third year in a row, Mexico recorded decline in shipments abroad of chocolate and other food preparations containing cocoa, which decreased by X% to X tons in 2022. Overall, exports showed a pronounced setback. The most prominent rate of growth was recorded in 2019 with an increase of X%. 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 shrank rapidly to $X in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for chocolate exports from Mexico, accounting for a X% share of total exports. Moreover, chocolate exports to the United States exceeded the volume sent to the second major destination, Guatemala (X tons), tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (X% per year) and Canada (X% per year).

In value terms, the United States ($X) remains the key foreign market for chocolate and other food preparations containing cocoa exports from Mexico, comprising X% of total exports. The second position in the ranking was taken by Guatemala ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (X% per year) and Canada (X% per year).

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, shrinking 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 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then contracted modestly in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced mixed trend patterns.

Chocolate Imports

Imports into Mexico

In 2022, purchases abroad of chocolate and other food preparations containing cocoa increased by X% to X tons, rising for the second consecutive year after four years of decline. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, chocolate imports expanded rapidly to $X in 2022. Overall, total imports indicated a pronounced 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, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) was the main chocolate supplier to Mexico, accounting for a X% share of total imports. Moreover, chocolate imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and Belgium (X% per year).

In value terms, the United States ($X) constituted the largest supplier of chocolate and other food preparations containing cocoa to Mexico, comprising X% of total imports. The second position in the ranking was held by Canada ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and Belgium (X% per year).

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, growing by X% against the previous year. Over the last decade, 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.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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