Market research

Chocolate and cocoa products market in Latin America and the Caribbean

Release date: Mar 29, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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"Latin America and the Caribbean" region includes following countries:

Argentina

Bolivia

Bouvet Island

Brazil

Chile

Colombia

Ecuador

Falkland Islands (Malvinas)

South Georgia and the South Sandwich Islands

French Guiana

Guyana

Paraguay

Peru

Suriname

Uruguay

Venezuela

Belize

Costa Rica

El Salvador

Guatemala

Honduras

Mexico

Nicaragua

Panama

Antigua and Barbuda

the Bahamas

Barbados

British Virgin Islands

Cayman Islands

Cuba

Dominica

Dominican Republic

Grenada

Guadeloupe

Haiti

Jamaica

Martinique

Montserrat

Curacao

Aruba

Saint Maarten (Dutch part)

Bonaire

Puerto Rico

Saint-Barthélemy

Saint Kitts and Nevis

Anguilla

Saint Lucia

Saint-Martin (French Part)

Saint Vincent and the Grenadines

Trinidad and Tobago

Turks and Caicos Islands

United States Virgin Islands

Earlier Report Observations

From 2018 to 2019, the market for chocolate and cocoa products in Latin America and the Caribbean expanded from 315 thousand tons to 336 thousand tons. This growth was fueled by increasing consumer awareness of the health benefits of dark chocolate, which stimulated sales and encouraged flavor innovation across the region.

The market volume dropped sharply to 212 thousand tons in 2020, then gradually recovered to 245 thousand tons by 2023. The recovery was supported by rising chocolate consumption in key markets such as Brazil and Mexico, where consumers continued to buy despite higher cocoa prices. Trends towards healthier options, including chocolates with less sugar, high cocoa content, and vegan or organic certifications, gained momentum and drove market expansion.

In 2024, the industry faced record cocoa prices exceeding $10,000 per ton due to supply chain disruptions and adverse weather in West Africa, which impacted production costs. Despite these challenges, demand in Latin America remained robust, driven by a growing middle class and a shift towards premium, ethical, and sustainable chocolate products.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Latin America and the Caribbean
  1. 5.1.1. Annual dynamics of production in Latin America and the Caribbean in kind, 2018-2023, K t
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, K t
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, K t
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Exports
1. 6.1. Exports (Direct Data*)
  1. 6.1.1. Exports - Total information
  2. 6.1.2. Exports in kind, K t
    1. 6.1.2.1. Annual dynamics of product's exports from Argentina in kind, 2018-2024, K t
    2. 6.1.2.2. Dynamics of product's exports in kind from Argentina by countries, 2018-2024, K t
    3. 6.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.1.3. Exports in value, M $ US
    1. 6.1.3.1. Annual dynamics of product's exports from Argentina in value, 2018-2024, M $ US
    2. 6.1.3.2. Dynamics of product's exports in value from Argentina by countries, 2018-2024, M $ US
    3. 6.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's exports, $ US/t
    1. 6.1.4.1. Annual dynamics of average price of product's exports from Argentina, 2018-2024, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's exports from Argentina by countries, 2018-2024, $ US/t
2. 6.2. Exports (Mirror Data)
  1. 6.2.1. Exports - Total information
  2. 6.2.2. Exports in kind, K t
    1. 6.2.2.1. Annual dynamics of product's exports from Argentina in kind, 2018-2024, K t
    2. 6.2.2.2. Dynamics of product's exports in kind from Argentina by countries, 2018-2024, K t
    3. 6.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.2.3. Exports in value, M $ US
    1. 6.2.3.1. Annual dynamics of product's exports from Argentina in value, 2018-2024, M $ US
    2. 6.2.3.2. Dynamics of product's exports in value from Argentina by countries, 2018-2024, M $ US
    3. 6.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's exports, $ US/t
    1. 6.2.4.1. Annual dynamics of average price of product's exports from Argentina, 2018-2024, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's exports from Argentina by countries, 2018-2024, $ US/t
7. Imports
1. 7.1. Imports (Direct Data*)
  1. 7.1.1. Imports - Total information
  2. 7.1.2. Imports in kind, K t
    1. 7.1.2.1. Annual dynamics of product's imports to Argentina in kind, 2018-2024, K t
    2. 7.1.2.2. Dynamics of product's imports in kind to Argentina by countries, 2018-2024, K t
    3. 7.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.1.3. Imports in value, M $ US
    1. 7.1.3.1. Annual dynamics of product's imports to Argentina in value, 2018-2024, M $ US
    2. 7.1.3.2. Dynamics of product's imports in value to Argentina by countries, 2018-2024, M $ US
    3. 7.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's imports, $ US/t
    1. 7.1.4.1. Annual dynamics of average price of product's imports to Argentina, 2018-2024, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's imports to Argentina by countries, 2018-2024, $ US/t
2. 7.2. Imports (Mirror Data)
  1. 7.2.1. Imports - Total information
  2. 7.2.2. Imports in kind, K t
    1. 7.2.2.1. Annual dynamics of product's imports to Argentina in kind, 2018-2024, K t
    2. 7.2.2.2. Dynamics of product's imports in kind to Argentina by countries, 2018-2024, K t
    3. 7.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.2.3. Imports in value, M $ US
    1. 7.2.3.1. Annual dynamics of product's imports to Argentina in value, 2018-2024, M $ US
    2. 7.2.3.2. Dynamics of product's imports in value to Argentina by countries, 2018-2024, M $ US
    3. 7.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's imports, $ US/t
    1. 7.2.4.1. Annual dynamics of average price of product's imports to Argentina, 2018-2024, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's imports to Argentina by countries, 2018-2024, $ US/t
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, K t
  2. 8.1.2. In value, M $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, K t
  2. 8.2.2. In value, M $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production chocolate and cocoa products in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of chocolate and cocoa products, 2017-2020

Source: SHEV.io

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

Source: SHEV.io

Following two years of growth, chocolate and cocoa products production in Latin America and the Caribbean experienced a decline. In 2020, the region produced 226.0 K t of these products, representing a 31.4% decrease compared to the previous year. Over the 2017-2020 period, production fell by 16.1%, with a compound annual growth rate (CAGR) of 5.7%. The peak production level was recorded in 2019 at 329.3 K t, while the largest annual increase occurred in 2018 with an 11.7% rise.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

Parameter		2018	2019	2020	CAGR
1	Change from last year	11.7%	9.4%	(31.4%)	(5.7%)

Source: SHEV.io

In value, 2017-2020, M $ US

After two consecutive years of expansion, the production value of chocolate and cocoa products in Latin America and the Caribbean contracted. In 2020, output was valued at 1 389 M $ US, marking a 36.2% year-over-year decline. Throughout the 2017-2020 period, production value decreased by 12.3%, with a compound annual growth rate (CAGR) of 4.3%. The highest value was achieved in 2019 at 2 179 M $ US, which also saw the most significant annual increase of 17.8%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	16.7%	17.8%	(36.2%)	(4.3%)

Source: SHEV.io

Exports chocolate and cocoa products from Latin America and the Caribbean

Exports in kind, K t

Chocolate and cocoa products exports from Latin America and the Caribbean declined for the third consecutive year. In 2020, the region exported 151.6 K t of these products, representing a 3.5% decrease compared to the previous year. Over the 2017-2020 period, exports fell by 10.7%, with a compound annual growth rate (CAGR) of 3.7%.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, K t

Parameter		2018	2019	2020	CAGR
1	Change from last year	(5.8%)	(1.8%)	(3.5%)	(3.7%)

Source: SHEV.io

During the 2017-2020 period, the United States (56.7% of exports in kind), Canada (4.1%), and South Africa (0.7%) remained the primary destinations for chocolate and cocoa products from Latin America and the Caribbean. Together, these three markets accounted for 61.5% of the region's total exports in kind.

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

Source: SHEV.io

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Source: SHEV.io

Exports in value, M $ US

Latin America and the Caribbean exported chocolate and cocoa products worth 932 M $ US in 2020, representing a 10.3% decrease compared to the previous year. Over the 2017-2020 period, export value declined by 6.7%, with a compound annual growth rate (CAGR) of 2.3%. The peak export value was recorded in 2019 at 1 039 M $ US, which also saw the largest annual increase of 5.6%.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, M $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	(1.5%)	5.6%	(10.3%)	(2.3%)

Source: SHEV.io

Throughout 2017-2020, the United States (59.6% of exports in value terms), Canada (5.4%), and Australia (0.6%) formed the core group of markets for Latin America and the Caribbean's chocolate and cocoa products exports. Collectively, these three countries represented 65.5% of the region's total export flows in value terms.

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

Source: SHEV.io

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Source: SHEV.io

Imports chocolate and cocoa products to Latin America and the Caribbean

Imports in kind, K t

Chocolate and cocoa products imports into Latin America and the Caribbean declined for the second consecutive year. In 2020, imports stood at 137.4 K t, down 16.2% year-over-year. Over the 2017-2020 period, imports decreased by 15.5%, with a compound annual growth rate (CAGR) of 5.5%. The highest import volume was recorded in 2018 at 174.1 K t, which also saw the largest annual increase of 7.1%.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, K t

Parameter		2018	2019	2020	CAGR
1	Change from last year	7.1%	(5.8%)	(16.2%)	(5.5%)

Source: SHEV.io

During 2017-2020, imports of chocolate and cocoa products into Latin America and the Caribbean were widely distributed across partner countries. The United States (35.6% of imports in kind), Italy (4.1%), and Canada (3.9%) together represented only 43.7% of total import flows, indicating a highly diversified sourcing pattern.

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

Source: SHEV.io

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Source: SHEV.io

Imports in value, M $ US

Chocolate and cocoa products imports into Latin America and the Caribbean declined for the second consecutive year. In 2020, imports totaled 884 M $ US, representing a 14.8% decrease compared to the previous year. Over the 2017-2020 period, import value fell by 12.3%, with a compound annual growth rate (CAGR) of 4.3%. The peak import value was recorded in 2018 at 1 096 M $ US, which also saw the largest annual increase of 8.7%.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, M $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	8.7%	(5.3%)	(14.8%)	(4.3%)

Source: SHEV.io

Over the 2017-2020 period, the geographical structure of chocolate and cocoa products imports into Latin America and the Caribbean showed significant diversification. The United States (36.6% of imports in value terms), Germany (4.3%), and Belgium (4.1%) together accounted for only 45.0% of total import flows, while the remaining 55.0% was distributed among numerous smaller partner countries.

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

Source: SHEV.io

World map of product's imports to Latin America and the Caribbean in value, 2017-2020

Source: SHEV.io