Chocolate and cocoa products market in Americas

Earlier Report Observations

The chocolate and cocoa products market in the Americas experienced considerable volatility between 2018 and 2023. Growth to 94 489 млн долл. in 2019 was fueled by increasing consumer demand for premium, organic, and health-oriented products like dark and sugar-free chocolate, a trend accelerated by the significant expansion of e-commerce channels. This upward movement reversed sharply in 2020 when the market contracted to 81 796 млн долл., primarily due to global supply chain disruptions caused by the COVID-19 pandemic, which hindered production and distribution across the region.

Supply challenges persisted into 2021, pushing the market value down further to 77 853 млн долл. A strong recovery followed in 2022, with the market reaching 92 078 млн долл., supported by resumed economic activity and continued investment from major manufacturers like Hershey and Ferrero in new production and R&D for innovative lines. However, the market fell dramatically to 56 615 млн долл. in 2023, chiefly because of soaring cocoa prices resulting from crop diseases and adverse climate conditions in West Africa, which raised input costs and constrained volume.

Underlying these shifts were sustained consumer trends toward ethically sourced and sustainable products, influencing company commitments to fair-trade certifications. Regulatory developments, such as the EU's Deforestation Regulation affecting cocoa imports, alongside the emergence of new segments like functional vitamin-fortified chocolates and the growth of artisanal producers in Latin America, continued to reshape the market's structure throughout the period.

Production chocolate and cocoa products in Americas

In kind, 2017-2020, K t

Top producers of chocolate and cocoa products, 2017-2020

World map of production of chocolate and cocoa products, 2017-2020

After two years of growth, chocolate and cocoa products production in the Americas declined. In 2020, production reached 416.0 K t, down 15.8% from 2019. Over the period from 2017 to 2020, production increased by 7.3%, which translates to an annualized growth rate of 2.4%. The peak was recorded in 2019 at 493.8 K t, with the largest annual increase occurring in 2018 at 19.9%.

Annual dynamics of production in Americas in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following two years of gains, chocolate and cocoa products production in the Americas saw a decline. In 2020, the output was valued at 82 431 M $ US, marking a significant drop of 13.3% compared to 2019. From 2017 to 2020, production increased by 21.6%, with a compound annual growth rate (CAGR) of 6.7%. The highest value was recorded in 2019 at 95 063 M $ US, and the largest annual increase was in 2018 at 34.3%.

Annual dynamics of production in Americas in value, 2017-2020, M $ US

Exports chocolate and cocoa products from Americas

Exports in kind, K t

In 2020, chocolate and cocoa products shipments from the Americas to abroad reached 526 K t, showing a 30.5% increase year-over-year. Between 2017 and 2020, exports grew by 52.7%, equating to an annualized rate of 15.2%. The largest decline occurred in 2019 at 18.1%, while the largest increase was in 2018 at 42.9%.

Annual dynamics of product's exports from Americas in kind, 2017-2020, K t

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Americas in kind, 2017-2020

Exports in value, M $ US

In 2020, the value of chocolate and cocoa products exports from the Americas amounted to 2 543 M $ US, reflecting a modest decrease of 3.5% compared to 2019. Over the period from 2017 to 2020, exports increased by 2.7%, with a CAGR of 0.9%. The lowest value was recorded in 2018 at 2 427 M $ US, and the highest in 2019 at 2 635 M $ US. The largest annual increase was in 2019 at 8.6%.

Annual dynamics of product's exports from Americas in value, 2017-2020, M $ US

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Americas in value, 2017-2020

Imports chocolate and cocoa products to Americas

Imports in kind, K t

The data shows irregular changes, indicating a volatile market environment. Imports peaked in 2017 and reached their lowest point in 2020, with a 16-fold difference between these years. In 2020, imported chocolate and cocoa products volumes in the Americas came to 153 K t, down 18.8% from 2019. The largest decline was in 2018 at 93.1%, while the largest increase was in 2019 at 13.7%.

Annual dynamics of product's imports to Americas in kind, 2017-2020, K t

From 2017 to 2020, imports of chocolate and cocoa products to the Americas relied on a wide range of partner countries. Belgium (3.8% of imports in kind), Germany (3.8%), and Italy (3.2%) together accounted for just 10.8% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Americas in kind, 2017-2020

Imports in value, M $ US

Chocolate and cocoa products import volume in the Americas declined for the second consecutive year. In 2020, imports stood at 1 908 M $ US, which is 7.4% less than in 2019. Over the period from 2017 to 2020, imports decreased by 5.7%, with a CAGR of -1.9%. The maximum value was recorded in 2018 at 2 127 M $ US, and the largest increase was in 2018 at 5.1%.

Annual dynamics of product's imports to Americas in value, 2017-2020, M $ US

From 2017 to 2020, the country structure of imports in value terms was highly diversified. Switzerland (4.7% of imports in value terms), Germany (4.7%), and Belgium (4.4%) together accounted for only 13.8% of total flows, with a long tail of smaller markets making up the remaining 86.2%.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Americas in value, 2017-2020