Latin America and the Caribbean: Cocoa Butter Market 2024

Cocoa Butter Market Size in Latin America and the Caribbean

The Latin American cocoa butter market totaled $X in 2023, rising by X% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of X%. The level of consumption peaked in 2023 and is likely to see steady growth in the immediate term.

Cocoa Butter Production in Latin America and the Caribbean

In value terms, cocoa butter production rose remarkably 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; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, production reached the maximum level in 2023 and is expected to retain growth in the near future.

Cocoa Butter Exports

Exports in Latin America and the Caribbean

Cocoa butter exports reduced to X tons in 2023, which is down by X% against the year before. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, cocoa butter exports amounted to $X in 2023. Total exports indicated a moderate 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 2016 indices. The growth pace was the most rapid in 2014 when exports increased by X%. The level of export peaked at $X in 2016; however, from 2017 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Brazil (X tons) and Peru (X tons) represented roughly X% of total exports in 2023. It was distantly followed by Mexico (X tons), Ecuador (X tons) and Colombia (X tons), together generating a X% share of total exports. Venezuela (X tons) took a relatively small share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Venezuela (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Peru ($X) and Mexico ($X) constituted the countries with the highest levels of exports in 2023, with a combined X% share of total exports. Ecuador, Colombia and Venezuela lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, Venezuela, with a CAGR of X%, recorded the highest growth rate of 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 Latin America and the Caribbean stood at $X per ton in 2023, growing by X% against the previous year. Export price indicated notable growth from 2012 to 2023: its price 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. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2023, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Brazil ($X per ton) and Mexico ($X per ton), while Ecuador ($X per ton) and Venezuela ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the other leaders experienced more modest paces of growth.

Cocoa Butter Imports

Imports in Latin America and the Caribbean

In 2023, overseas purchases of cocoa butter decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. Total imports indicated a perceptible expansion 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. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2022, and then contracted in the following year.

In value terms, cocoa butter imports dropped to $X in 2023. Total imports indicated buoyant growth from 2012 to 2023: its value 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, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. The level of import peaked at $X in 2022, and then reduced in the following year.

Imports by Country

In 2023, Argentina (X tons) was the key importer of cocoa butter, creating X% of total imports. Chile (X tons) held the second position in the ranking, followed by Mexico (X tons) and Peru (X tons). All these countries together held approx. X% share of total imports. Brazil (X tons) followed a long way behind the leaders.

Imports into Argentina increased at an average annual rate of X% from 2012 to 2023. At the same time, Mexico (X%), Brazil (X%), Chile (X%) and Peru (X%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Mexico and Brazil increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) constitutes the largest market for imported cocoa butter in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Chile ($X), with a X% share of total imports. It was followed by Mexico, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Argentina amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Chile (X% per year) and Mexico (X% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2023, rising by X% against the previous year. Import price indicated a moderate increase from 2012 to 2023: its price 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. The most prominent rate of growth was recorded in 2014 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2015 to 2023, the import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Brazil ($X per ton) and Chile ($X per ton), while Mexico ($X per ton) and Peru ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Peru (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform