Chocolate and cocoa products market in Chile

Earlier Report Observations

The chocolate market in Chile grew from 20 773 t in 2018 to 22 162 t in 2020, peaking at 22 523 t in 2019. This initial expansion was fueled by the rapid growth of the premium segment, which was increasing by 25% annually in volume as Chilean consumers developed a taste for higher-cocoa and artisanal products. In 2020, despite the pandemic, the market remained stable as chocolate consumption rose in at-home formats like baking chocolate and spreads, supported by a strengthening e-commerce channel.

Market volume surged by 59% to 35 202 t in 2021 and reached a peak of 42 845 t in 2022. This sharp rise was underpinned by persistently strong demand, with 81% of Chilean households purchasing chocolate in the latter half of 2024, reflecting the product's deep penetration. The premium segment's continued expansion contributed to the overall volume increase during these years.

In 2023, the market contracted by 37% to 27 162 t. This decline coincided with historic highs in global cocoa prices, which exceeded $12 000 per tonne due to crop disease in West Africa and adverse weather, leading to price adjustments and product reformulations on the Chilean market.

Production chocolate and cocoa products in Chile

In kind, 2018-2021, t

Top producers of chocolate and cocoa products, 2018-2021

World map of production of chocolate and cocoa products, 2018-2021

Chile's production of chocolate and cocoa products rebounded after two years of decline. In 2021, output reached 9 965 tonnes, marking a significant year-over-year increase of 21.5%. Looking at the broader period from 2018 to 2021, production grew by 14.7%, which translates to an average annual growth rate of 4.7%. The lowest production level was recorded in 2020 at 8 203 tonnes, following the largest decline of 4.7% in 2019.

Annual dynamics of production in Chile in kind, 2018-2021, t

In value, 2018-2021, K $ US

In 2021, the value of chocolate and cocoa products produced in Chile surged to 40 656 thousand US dollars, representing a dramatic year-over-year increase of 25.2%. Over the period from 2018 to 2021, production value rose by 31.8%, equating to an average annual growth rate of 9.6%. The largest decline occurred in 2020, with a drop of 0.6%.

Annual dynamics of production in Chile in value, 2018-2021, K $ US

Exports chocolate and cocoa products from Chile

Exports in kind, t

Chile's exports of chocolate and cocoa products increased after two consecutive years of decrease. In 2021, export volume amounted to 5 334 tonnes, up 11.8% compared to 2020. However, over the full period from 2018 to 2021, exports declined by 17.3%, with a compound annual growth rate of -6.1%. The lowest export volume was recorded in 2020 at 4 769 tonnes, which also saw the largest decline of 22.9%.

Annual dynamics of product's exports from Chile in kind, 2018-2021, t

From 2018 to 2021, three key markets—Bolivia, Peru, and Ecuador—collectively accounted for 70.3% of Chile's total exports of chocolate and cocoa products by volume.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Chile in kind, 2018-2021

Exports in value, M $ US

In 2021, the value of Chile's chocolate and cocoa product exports totaled 21.8 million US dollars, showing a substantial rise of 15.3% compared to the previous year. Despite this recent growth, exports decreased by 5% over the period from 2018 to 2021, with a compound annual growth rate of -1.7%. The minimum value was recorded in 2020 at 18.9 million US dollars, while the peak occurred in 2019 at 24.4 million US dollars. The largest decline took place in 2020, with a drop of 22.6%.

Annual dynamics of product's exports from Chile in value, 2018-2021, M $ US

Between 2018 and 2021, Bolivia, Peru, and Ecuador remained the primary destinations for Chile's chocolate and cocoa product exports by value. Bolivia accounted for 23.6% of exports, Peru for 19.8%, and Ecuador for 16.7%, together making up 60.1% of total export value.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Chile in value, 2018-2021

Imports chocolate and cocoa products to Chile

Imports in kind, t

Chile's imports of chocolate and cocoa products saw a dramatic increase in 2021, reaching approximately 30 570 tonnes—a 63.2% rise from the previous year. Over the period from 2018 to 2021, imports grew by 64.9%, with an average annual growth rate of 18.1%. The largest decline was recorded in 2020, with a decrease of 8.3%.

Annual dynamics of product's imports to Chile in kind, 2018-2021, t

From 2018 to 2021, the import structure for chocolate and cocoa products by volume was fragmented. The United States, Brazil, and Italy were the top suppliers, accounting for 13.2%, 13.0%, and 12.2% of imports, respectively. Together, they represented only 38.4% of total imports, with no single country holding a dominant share.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Chile in kind, 2018-2021

Imports in value, M $ US

The import market for chocolate and cocoa products in Chile showed volatility during the observed period. In 2021, imports totaled 162.6 million US dollars, an 82.6% increase compared to 2020. The minimum value was recorded in 2020 at 89.0 million US dollars, which also saw the largest decline of 2.4%. Overall, there was a 1.8-fold variation between the peak in 2021 and the low in 2020.

Annual dynamics of product's imports to Chile in value, 2018-2021, M $ US

During 2018–2021, Brazil, the United States, and Germany were significant suppliers of chocolate and cocoa products to Chile by value, accounting for 16.5%, 12.4%, and 11.0% of imports, respectively. However, their combined share reached only 39.8% of total import value, with the remaining 60.2% distributed among numerous other trading partners.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Chile in value, 2018-2021