Costa Rica: Cocoa Bean Market 2024

Cocoa Bean Market Size in Costa Rica

The Costa Rican cocoa bean market dropped to $X in 2023, remaining constant against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Cocoa bean consumption peaked at $X in 2020; however, from 2021 to 2023, consumption remained at a lower figure.

Cocoa Bean Production in Costa Rica

In value terms, cocoa bean production fell modestly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2023, production stood at a somewhat lower figure.

The average yield of cocoa beans in Costa Rica stood at X tons per ha in 2023, approximately equating the year before. In general, the yield, however, continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2016 when the yield increased by X%. As a result, the yield attained the peak level of X tons per ha. From 2017 to 2023, the growth of the average cocoa bean yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cocoa bean harvested area in Costa Rica declined to X ha in 2023, approximately reflecting 2022. Over the period under review, the total harvested area indicated a noticeable expansion from 2012 to 2023: its figure increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, cocoa bean harvested area decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2019 with an increase of X%. As a result, the harvested area attained the peak level of X ha. From 2020 to 2023, the growth of the cocoa bean harvested area remained at a lower figure.

Cocoa Bean Exports

Exports from Costa Rica

In 2023, cocoa bean exports from Costa Rica expanded remarkably to X tons, growing by X% compared with 2022 figures. Overall, total exports indicated notable growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2016 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2023, the exports stood at a somewhat lower figure.

In value terms, cocoa bean exports expanded markedly to $X in 2023. In general, total exports indicated a prominent increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Panama (X tons), the Netherlands (X tons) and Germany (X tons) were the main destinations of cocoa bean exports from Costa Rica, with a combined X% share of total exports.

From 2012 to 2023, the biggest increases were recorded for the Netherlands (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Panama ($X) and Germany ($X) appeared to be the largest markets for cocoa bean exported from Costa Rica worldwide, together accounting for X% of total exports.

The Netherlands, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cocoa bean export price stood at $X per ton in 2023, falling by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2013 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Panama ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Panama (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Bean Imports

Imports into Costa Rica

In 2023, approx. X tons of cocoa beans were imported into Costa Rica; reducing by X% against 2022 figures. In general, imports showed a pronounced descent. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.

In value terms, cocoa bean imports dropped to $X in 2023. Overall, imports recorded a perceptible decrease. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Imports peaked at $X in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Panama (X tons) was the main supplier of cocoa bean to Costa Rica, accounting for a X% share of total imports. It was followed by Nicaragua (X kg), with a X% share of total imports.

From 2012 to 2023, the average annual rate of growth in terms of volume from Panama stood at X%.

In value terms, Panama ($X) constituted the largest supplier of cocoa beans to Costa Rica, comprising X% of total imports. The second position in the ranking was held by Nicaragua ($X), with a X% share of total imports.

From 2012 to 2023, the average annual growth rate of value from Panama amounted to X%.

Import Prices by Country

In 2023, the average cocoa bean import price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2015 to 2023, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Panama ($X per ton), while the price for Nicaragua totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Belgium (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform