Cocoa Butter Market

The global cocoa butter market is projected to see a slight increase in consumption, production, imports, and exports from 2022 to 2030. Consumption trends show a slight descent, while production and trade volumes are expected to rise. Key players in the market include China, the United States, and India, with notable growth rates in certain countries. Prices for cocoa butter are fluctuating, with import and export prices showing some declines in recent years. Overall, the market is forecast to show moderate growth over the next decade.

Market Forecast

Driven by rising demand for cocoa butter worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.7% for the period from 2022 to 2030, which is projected to bring the market volume to 5.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market value to $32.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cocoa Butter

In 2022, after three years of growth, there was decline in consumption of cocoa butter, when its volume decreased by -4.3% to 5.3M tons. Over the period under review, consumption continues to indicate a slight descent. Over the period under review, global consumption reached the maximum volume at 6M tons in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

The global cocoa butter market revenue contracted to $26.3B in 2022, dropping by -4.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked at $27.7B in 2021, and then fell slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (877K tons), the United States (524K tons) and India (353K tons), together comprising 33% of global consumption. Germany, Russia, Pakistan, Nigeria, Indonesia, Bangladesh, Egypt, Belgium, Mexico and France lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of +5.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($4.2B), the United States ($2.7B) and Germany ($1.2B) appeared to be the countries with the highest levels of market value in 2022, together accounting for 31% of the global market. Russia, Pakistan, Nigeria, Bangladesh, Mexico, Belgium, France, Egypt, India and Indonesia lagged somewhat behind, together accounting for a further 19%.

India, with a CAGR of +11.3%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of cocoa butter per capita consumption was registered in Belgium (8.8 kg per person), followed by Germany (3 kg per person), the United States (1.6 kg per person) and France (1.5 kg per person), while the world average per capita consumption of cocoa butter was estimated at 0.7 kg per person.

In Belgium, cocoa butter per capita consumption expanded at an average annual rate of +3.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Germany (+4.7% per year) and the United States (+0.4% per year).

Production

World Production of Cocoa Butter

After three years of growth, production of cocoa butter decreased by -4.6% to 5.3M tons in 2022. In general, production showed a mild descent. The most prominent rate of growth was recorded in 2021 with an increase of 14% against the previous year. Over the period under review, global production reached the peak volume at 6M tons in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, cocoa butter production reduced to $24.6B in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 10%. Over the period under review, global production reached the peak level at $25.7B in 2021, and then reduced in the following year.

Production By Country

China (862K tons) remains the largest cocoa butter producing country worldwide, accounting for 16% of total volume. Moreover, cocoa butter production in China exceeded the figures recorded by the second-largest producer, the United States (415K tons), twofold. The third position in this ranking was taken by India (340K tons), with a 6.4% share.

In China, cocoa butter production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-0.1% per year) and India (-1.3% per year).

Imports

World Imports of Cocoa Butter

In 2022, the amount of cocoa butter imported worldwide rose remarkably to 1.1M tons, increasing by 7.3% compared with the year before. The total import volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 13% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, cocoa butter imports reduced to $5.1B in 2022. In general, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 65% against the previous year. As a result, imports attained the peak of $5.9B. From 2015 to 2022, the growth of global imports failed to regain momentum.

Imports By Country

The countries with the highest levels of cocoa butter imports in 2022 were Germany (168K tons), the United States (127K tons), the Netherlands (113K tons), Belgium (107K tons) and France (91K tons), together resulting at 54% of total import. The UK (59K tons) took the next position in the ranking, followed by Poland (58K tons) and Italy (52K tons). All these countries together took near 15% share of total imports. The following importers - Canada (34K tons), Switzerland (31K tons), Russia (26K tons), Australia (24K tons) and Japan (24K tons) - together made up 12% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Poland (with a CAGR of +8.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($757M), the United States ($583M) and Belgium ($508M) constituted the countries with the highest levels of imports in 2022, together comprising 36% of global imports. The Netherlands, France, Poland, the UK, Italy, Canada, Switzerland, Russia, Australia and Japan lagged somewhat behind, together accounting for a further 45%.

Poland, with a CAGR of +11.9%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average cocoa butter import price stood at $4,554 per ton in 2022, falling by -14.3% against the previous year. Over the period under review, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter import price decreased by -21.6% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 52%. Global import price peaked at $6,453 per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Canada ($5,060 per ton) and Italy ($4,948 per ton), while Japan ($4,178 per ton) and the Netherlands ($4,194 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+4.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cocoa Butter

In 2022, the amount of cocoa butter exported worldwide expanded markedly to 1.1M tons, increasing by 5.7% against the previous year. The total export volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when exports increased by 13% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, cocoa butter exports contracted to $5.1B in 2022. Over the period under review, total exports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 -11.9% against 2019 indices. The growth pace was the most rapid in 2014 when exports increased by 56%. As a result, the exports attained the peak of $6B. From 2015 to 2022, the growth of the global exports failed to regain momentum.

Exports By Country

In 2022, the Netherlands (270K tons), distantly followed by Indonesia (154K tons), Malaysia (141K tons), Cote d'Ivoire (118K tons), Germany (99K tons), France (85K tons) and Ghana (60K tons) were the key exporters of cocoa butter, together making up 82% of total exports. Cameroon (29K tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Cameroon (with a CAGR of +14.1%), while the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($1.3B) remains the largest cocoa butter supplier worldwide, comprising 25% of global exports. The second position in the ranking was held by Indonesia ($636M), with a 12% share of global exports. It was followed by Malaysia, with a 12% share.

In the Netherlands, cocoa butter exports expanded at an average annual rate of +5.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+8.7% per year) and Malaysia (+7.0% per year).

Export Prices By Country

In 2022, the average cocoa butter export price amounted to $4,504 per ton, with a decrease of -14% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa butter export price decreased by -22.0% against 2020 indices. The most prominent rate of growth was recorded in 2014 an increase of 38% against the previous year. Over the period under review, the average export prices hit record highs at $6,264 per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in France ($4,887 per ton) and the Netherlands ($4,745 per ton), while Cote d'Ivoire ($3,999 per ton) and Ghana ($4,092 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform