Uruguay: Chocolate Market 2024

Chocolate Market Size in Uruguay

For the eleventh consecutive year, the Uruguayan chocolate market recorded growth in sales value, which increased by X% to $X in 2022. Overall, the total consumption indicated a strong 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. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Chocolate Production in Uruguay

In value terms, chocolate production totaled $X in 2022 estimated in export price. In general, the total production indicated a notable 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 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Chocolate Exports

Exports from Uruguay

For the tenth consecutive year, Uruguay recorded decline in overseas shipments of chocolate and cocoa products, which decreased by X% to X tons in 2022. Overall, exports recorded a sharp decline. The smallest decline of X% was in 2019. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, chocolate exports dropped dramatically to $X in 2022. Over the period under review, exports continue to indicate a sharp shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Burkina Faso (X tons), Chile (X tons) and Madagascar (X tons) were the main destinations of chocolate exports from Uruguay, together accounting for X% 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 Burkina Faso (with a CAGR of X%), while the other leaders experienced mixed trend patterns.

In value terms, Chile ($X), Burkina Faso ($X) and Paraguay ($X) were the largest markets for chocolate exported from Uruguay worldwide, together comprising X% of total exports.

Among the main countries of destination, Burkina Faso, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, declining by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Madagascar ($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 more modest paces of growth.

Chocolate Imports

Imports into Uruguay

In 2022, purchases abroad of chocolate and cocoa products increased by X% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, chocolate imports stood at $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Brazil (X tons), Argentina (X tons) and Germany (X tons) were the main suppliers of chocolate imports to Uruguay, with a combined X% share of total imports. Belgium and Chile lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate suppliers to Uruguay were Brazil ($X), Argentina ($X) and Belgium ($X), with a combined X% share of total imports.

Belgium, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, rising by X% against the previous year. Overall, the import price, however, showed a mild curtailment. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Belgium ($X per ton) and Argentina ($X per ton), while the price for Chile ($X per ton) and Brazil ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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