Latin America and the Caribbean: Cocoa Paste Market 2024

Cocoa Paste Market Size in Latin America and the Caribbean

The Latin American cocoa paste market declined to $X in 2023, shrinking by X% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2023, consumption stood at a somewhat lower figure.

Cocoa Paste Production in Latin America and the Caribbean

In value terms, cocoa paste production contracted slightly to $X in 2023 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. The level of production peaked at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

Cocoa Paste Exports

Exports in Latin America and the Caribbean

After five years of growth, shipments abroad of cocoa paste decreased by X% to X tons in 2023. Total exports indicated noticeable 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 increased by X% against 2017 indices. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2022, and then fell modestly in the following year.

In value terms, cocoa paste exports reduced modestly to $X in 2023. Total exports indicated perceptible growth 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 increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2022, and then reduced modestly in the following year.

Exports by Country

Ecuador was the major exporting country with an export of about X tons, which finished at X% of total exports. It was distantly followed by Brazil (X tons), Peru (X tons), the Dominican Republic (X tons) and Colombia (X tons), together constituting a X% share of total exports.

Exports from Ecuador increased at an average annual rate of X% from 2012 to 2023. At the same time, the Dominican Republic (X%), Peru (X%) and Colombia (X%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. By contrast, Brazil (X%) illustrated a downward trend over the same period. While the share of Ecuador (X p.p.), Peru (X p.p.) and the Dominican Republic (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Brazil (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest cocoa paste supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Brazil ($X), with a X% share of total exports. It was followed by Peru, with a X% share.

In Ecuador, cocoa paste exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (X% per year) and Peru (X% per year).

Export Prices by Country

In 2023, the export price in Latin America and the Caribbean amounted to $X per ton, almost unchanged from the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2023, the export prices remained at a somewhat lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the other leaders experienced a decline in the export price figures.

Cocoa Paste Imports

Imports in Latin America and the Caribbean

After three years of growth, overseas purchases of cocoa paste decreased by X% to X tons in 2023. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. The volume of import peaked at X tons in 2022, and then shrank sharply in the following year.

In value terms, cocoa paste imports dropped remarkably to $X in 2023. In general, imports continue to indicate a slight decrease. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2022, and then dropped remarkably in the following year.

Imports by Country

In 2023, Brazil (X tons) was the major importer of cocoa paste, creating X% of total imports. Argentina (X tons) held the second position in the ranking, followed by Uruguay (X tons) and Chile (X tons). All these countries together held approx. X% share of total imports. The following importers - Peru (X tons) and Mexico (X tons) - together made up X% of total imports.

Imports into Brazil increased at an average annual rate of X% from 2012 to 2023. At the same time, Uruguay (X%), Peru (X%) and Chile (X%) displayed positive paces of growth. Moreover, Uruguay emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Argentina experienced a relatively flat trend pattern. By contrast, Mexico (X%) illustrated a downward trend over the same period. While the share of Brazil (X p.p.), Uruguay (X p.p.), Argentina (X p.p.), Chile (X p.p.) and Peru (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Mexico (X p.p.) displayed negative dynamics.

In value terms, Brazil ($X), Argentina ($X) and Uruguay ($X) were the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Chile, Peru and Mexico lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Peru, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2023, the import price in Latin America and the Caribbean amounted to $X per ton, increasing by X% against the previous year. In general, the import price, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2021 an increase of X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per ton), while Uruguay ($X per ton) was 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.

Source: IndexBox Platform