Chocolate and cocoa products market in South America

Earlier Report Observations

The market volume for chocolate and cocoa products in South America showed significant volatility from 2018 to 2023. After growing to 156.8 thousand tonnes in 2019, it contracted in 2020, then recovered strongly over the next two years, peaking at 193.5 thousand tonnes in 2022. A sharp decline followed in 2023, bringing the market volume down to 121.0 thousand tonnes. In value terms, the market followed a similar pattern, reaching 1 937 million US dollars in 2019 before falling to 1 438 million by 2023.

By 2024, the market was influenced by global developments. Record high cocoa prices resulted from severe weather impacting supplies in West Africa, increasing costs. At the same time, consumer demand evolved toward premium, functional, and sustainably sourced chocolate products, aligning with worldwide health and quality trends.

Production chocolate and cocoa products in South America

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

Chocolate and cocoa products production in South America saw growth for two consecutive years before declining. In 2019, production reached its peak at 114.3 K t, representing a significant 34.3% increase from the previous year. However, by 2020, production fell to 98.1 K t, marking a 14.2% year-over-year decrease. Overall, from 2017 to 2020, production increased by 24.6%, which translates to an average annual growth rate of 7.6%.

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

In value, 2017-2020, M $ US

After two years of improvement, chocolate and cocoa products production in South America experienced a decline. In 2019, output peaked at 1 751 M $ US, following a substantial 30.1% increase in 2018. By 2020, production dropped to 1 303 M $ US, showing a sharp 25.6% decrease compared to the previous year. Over the period from 2017 to 2020, production grew by 20.6%, with a compound annual growth rate of 6.5%.

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

Exports chocolate and cocoa products from South America

Exports in kind, t

In 2018, exports of chocolate and cocoa products from South America reached their highest point at 46 665 t, with a 25.4% increase that year. However, in 2019, exports fell to their lowest level at 27 196 t, a significant 41.7% decline. By 2020, exports recovered slightly to 29 011 t, up 6.7% from 2019. Overall, from 2017 to 2020, exports decreased by 22%, averaging an 8.0% annual decline.

Annual dynamics of product's exports from South America in kind, 2017-2020, t

From 2017 to 2020, the United States, South Africa, and Mexico were notable buyers of chocolate and cocoa products from South America, but their combined share was not dominant. The United States accounted for 9.0% of exports in kind, while South Africa and Mexico each represented 2.2%. Together, these three countries made up only 13.4% of total exports in kind.

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

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

Exports in value, M $ US

South America's chocolate and cocoa products exports declined for the second year in a row. In 2018, exports peaked at 342.6 M $ US, with a 6.6% increase that year. By 2020, exports fell to 262.2 M $ US, down 16.5% from 2019. Over the period from 2017 to 2020, exports decreased by 18.4%, equating to an average annual decline of 6.6%.

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

Between 2017 and 2020, chocolate and cocoa products from South America were exported to numerous countries, with no single destination dominating the market. The largest buyers—the United States, Mexico, and Canada—collectively accounted for just 14.0% of total exports in value terms.

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

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

Imports chocolate and cocoa products to South America

Imports in kind, t

Chocolate and cocoa products imports into South America declined for the second consecutive year. In 2018, imports reached their highest level at 77 358 t, following a 23.4% increase that year. By 2020, imports dropped to 61 842 t, a substantial 11.2% decrease from the previous year.

Annual dynamics of product's imports to South America in kind, 2017-2020, t

The import structure for chocolate and cocoa products in South America from 2017 to 2020 was diversified, with no country holding a clearly dominant position. The United States accounted for 13.7% of imports in kind, Italy for 7.0%, and Germany for 5.3%. Together, these three countries represented just 26.1% of total import flows.

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

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

Imports in value, M $ US

South America's imports of chocolate and cocoa products fell for the second year in a row. In 2018, imports peaked at 548.5 M $ US, with a 17.1% increase that year. By 2020, imports decreased to 445.7 M $ US, down 10.9% year-over-year. Overall, from 2017 to 2020, imports declined by 4.8%, averaging a 1.6% annual decrease.

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

The import structure in value terms from 2017 to 2020 was diversified, as no single country dominated the market. The United States accounted for 13.4% of imports in value terms, Italy for 6.2%, and Germany for 5.9%. Combined, these three countries made up only 25.4% of total import flows.

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

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