Puerto Rico: Market for Cocoa Powder (Containing Added Sugar) 2024

Market Size for Cocoa Powder (Containing Added Sugar) in Puerto Rico

In 2021, the Puerto Rican cocoa powder with sugar market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Cocoa Powder (Containing Added Sugar) in Puerto Rico

In value terms, cocoa powder with sugar production amounted to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 49%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Exports of Cocoa Powder (Containing Added Sugar)

Exports from Puerto Rico

Cocoa powder with sugar exports from Puerto Rico was estimated at less than X kg in 2021, leveling off at the previous year. Overall, exports saw a relatively flat trend pattern.

In value terms, cocoa powder with sugar exports stood at less than $X in 2021. Over the period under review, exports saw a relatively flat trend pattern.

Exports by Country

In 2021, Mexico (X tons), distantly followed by South Korea (X tons), Thailand (X tons), Germany (X tons), Malaysia (X tons), Indonesia (X tons) and Hungary (X tons) were the key exporters of cocoa powder (containing added sugar), together making up 73% of total exports. Singapore (X tons), the United States (X tons), Ghana (X tons) and Belgium (X tons) took a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +64.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa powder with sugar supplying countries from Puerto Rico were Germany ($X), Mexico ($X) and South Korea ($X), together comprising 33% of total exports. These countries were followed by the United States, Malaysia, Thailand, Ghana, Singapore, Belgium, Indonesia and Hungary, which together accounted for a further 32%.

Among the main exporting countries, Ghana, with a CAGR of +74.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Puerto Rico stood at less than $X per ton in 2021, remaining relatively unchanged against the previous year. In general, the export price recorded a relatively flat trend pattern.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+5.8%), while the other leaders experienced more modest paces of growth.

Imports of Cocoa Powder (Containing Added Sugar)

Imports into Puerto Rico

In 2021, cocoa powder with sugar imports into Puerto Rico totaled less than X kg, flattening at 2020. Overall, imports recorded a relatively flat trend pattern.

In value terms, cocoa powder with sugar imports amounted to less than $X in 2021. Over the period under review, imports showed a relatively flat trend pattern.

Imports by Country

The United States represented the key importing country with an import of around X tons, which accounted for 34% of total imports. Japan (X tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by France (6.3%). Spain (X tons), Nigeria (X tons), the UK (X tons), Portugal (X tons), Canada (X tons), China (X tons), Germany (X tons) and Singapore (X tons) followed a long way behind the leaders.

Imports into the United States decreased at an average annual rate of -5.5% from 2012 to 2021. At the same time, Nigeria (+76.4%), China (+7.0%), Germany (+6.1%), Portugal (+3.8%) and the UK (+3.4%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in the world, with a CAGR of +76.4% from 2012-2021. Japan and Spain experienced a relatively flat trend pattern. By contrast, Canada (-1.6%), France (-8.5%) and Singapore (-18.6%) illustrated a downward trend over the same period. Japan (+3.4 p.p.) and Nigeria (+3.1 p.p.) significantly strengthened its position in terms of the global imports, while Singapore, France and the United States saw its share reduced by -2%, -4.3% and -8.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), France ($X) and the UK ($X) were the countries with the highest levels of imports in 2021, with a combined 29% share of total imports. These countries were followed by Japan, Spain, Germany, Nigeria, Portugal, Canada, China and Singapore, which together accounted for a further 26%.

Among the main importing countries, Nigeria, with a CAGR of +84.9%, saw the highest growth rate of 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

The import price in Puerto Rico stood at less than $X per ton in 2021, stabilizing at the previous year. In general, the import price continues to indicate a relatively flat trend pattern.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per ton), while the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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