MERCOSUR: Cocoa Bean Market 2024

Cocoa Bean Market Size in MERCOSUR

The MERCOSUR cocoa bean market stood at $X in 2023, approximately mirroring 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 throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Cocoa Bean Production in MERCOSUR

In value terms, cocoa bean production totaled $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 growth pace was the most rapid in 2014 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

The countries with the highest volumes of production in 2023 were Ecuador (X tons), Brazil (X tons) and Peru (X tons), together accounting for X% of total production.

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

The average cocoa bean yield declined to X tons per ha in 2023, which is down by X% compared with the previous year. The yield figure 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. The pace of growth appeared the most rapid in 2017 with an increase of X%. The level of yield peaked at X tons per ha in 2022, and then fell in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, the total area harvested in terms of cocoa beans production in MERCOSUR rose modestly to X ha, picking up by X% against 2022. The harvested area increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to cocoa bean production attained the maximum at X ha in 2021; afterwards, it flattened through to 2023.

Cocoa Bean Exports

Exports in MERCOSUR

After three years of growth, overseas shipments of cocoa beans decreased by X% to X tons in 2023. Total exports indicated a buoyant expansion from 2012 to 2023: its volume 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 2012 indices. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2022, and then contracted in the following year.

In value terms, cocoa bean exports fell to $X in 2023. Total exports indicated a remarkable increase 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, exports increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2022, and then fell modestly in the following year.

Exports by Country

Ecuador was the key exporting country with an export of around X tons, which finished at X% of total exports. It was distantly followed by Peru (X tons), achieving a X% share of total exports. Venezuela (X tons) and Colombia (X tons) took a minor share of total exports.

From 2012 to 2023, average annual rates of growth with regard to cocoa bean exports from Ecuador stood at X%. At the same time, Colombia (X%), Peru (X%) and Venezuela (X%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing exporter exported in MERCOSUR, with a CAGR of X% from 2012-2023. Ecuador (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ecuador ($X) remains the largest cocoa bean supplier in MERCOSUR, comprising X% of total exports. The second position in the ranking was taken by Peru ($X), with a X% share of total exports. It was followed by Venezuela, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Ecuador totaled X%. In the other countries, the average annual rates were as follows: Peru (X% per year) and Venezuela (X% per year).

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2023, rising by X% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2023, the export prices failed to regain momentum.

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

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

Cocoa Bean Imports

Imports in MERCOSUR

In 2023, approx. X tons of cocoa beans were imported in MERCOSUR; picking up by X% on 2022 figures. Over the period under review, imports, however, saw a pronounced contraction. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2023, imports stood at a somewhat lower figure.

In value terms, cocoa bean imports soared to $X in 2023. Overall, imports, however, continue to indicate a mild decline. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Brazil (X tons) represented roughly X% of total imports in 2023.

Brazil was also the fastest-growing in terms of the cocoa beans imports, with a CAGR of X% from 2012 to 2023. Brazil (X p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported cocoa beans in MERCOSUR.

In Brazil, cocoa bean imports declined by an average annual rate of X% over the period from 2012-2023.

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2023, increasing by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2023, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for Brazil.

From 2012 to 2023, the rate of growth in terms of prices for Brazil amounted to X% per year.

Source: IndexBox Platform