Cocoa butter market in Brazil

Earlier Report Observations

The Brazilian cocoa butter market grew from 71.4 thousand tons in 2018 to 77.3 thousand tons in 2019, supported by the launch of the Inova Cacau 2030 plan which aimed to expand cultivation, improve production quality, and add value to the supply chain. However, in 2020, market volume contracted to 74.3 thousand tons as the COVID-19 pandemic disrupted cocoa processing and industry operations.

A strong rebound followed in 2021, with the market reaching 87.0 thousand tons, driven by increased domestic cocoa processing, higher demand for cocoa butter derivatives, and investments in technology to expand production into new regions. The market dipped to 79.0 thousand tons in 2022, a year that saw the implementation of new sanitary and compositional rules for cocoa products (Anvisa RDC 723/2022) and the start of the Cacau SP project to foster cultivation and innovation. By 2023, the market recovered to 90.4 thousand tons, propelled by rising per capita chocolate consumption, growing demand for premium chocolates and deodorized cocoa butter, and expanded processing capacity that exceeded domestic bean production.

In 2024, record global cocoa prices due to supply shortages raised costs and led some manufacturers to reformulate products with cheaper vegetable fats, while Brazilian exports of cocoa butter remained significant. The following year, Brazil's Chamber of Deputies approved a bill setting minimum cocoa content rules for chocolate, requiring at least 18% cocoa butter in products with 35% total cocoa solids, mandating industry reformulation within a 360-day adaptation period.

Production cocoa butter in Brazil

In kind, 2018-2021, K t

Globally, Brazil ranked as the 7th largest producer of cocoa butter from 2018 to 2021.

Top producers of cocoa butter, 2018-2021

World map of production of cocoa butter, 2018-2021

Brazil's cocoa butter production grew for the third year in a row. In 2021, the country produced 111.9 K t of cocoa butter, marking a strong year-over-year increase of 14.3%. From 2018 to 2021, production rose by 20.8%, which translates to an annualized growth rate of 6.5%.

Annual dynamics of production in Brazil in kind, 2018-2021, K t

In value, 2018-2021, M $ US

In 2021, Brazil's cocoa butter output was valued at 593.3 M $ US, up 8.2% from 2020. Over the 2018-2021 period, production increased by 11.4%, with a compound annual growth rate (CAGR) of 3.7%. The most significant drop occurred in 2020, at 3.7%.

Annual dynamics of production in Brazil in value, 2018-2021, M $ US

Exports cocoa butter from Brazil

Exports in kind, t

Brazil's cocoa butter exports grew for the second consecutive year. In 2021, the country exported 25 211 t, showing a 6.1% increase compared to the previous year. From 2018 to 2021, exports rose by 17.6%, equivalent to an annualized rate of 5.6%. The lowest volume was recorded in 2019 at 20 603 t, with the largest decline that year at 3.9%. The biggest increase happened in 2020, at 15.3%.

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

From 2018 to 2021, the United States (39.8% of exports in kind), Argentina (35.0%), and Chile (14.7%) remained the top buyers of Brazilian cocoa butter, collectively accounting for 89.4% of total exports in kind.

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

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

Exports in value, M $ US

Brazil's cocoa butter export value increased for the second year in a row. In 2021, exports reached 133.7 M $ US, showing minimal change from the previous year. Over the 2018-2021 period, exports grew by 8.5%, with a CAGR of 2.7%. The lowest value was in 2019 at 120.0 M $ US, with the largest decline that year at 2.7%. The most significant increase occurred in 2020, at 10.9%.

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

Between 2018 and 2021, the United States (40.8% of exports in value terms), Argentina (34.3%), and Chile (14.6%) contributed the most to Brazil's cocoa butter export value, together making up 89.7% of total flows.

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

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

Imports cocoa butter to Brazil

Imports in kind, t

The market showed noticeable fluctuations during this period. Imports reached their lowest point in 2019 at 78 t, with the largest decline that year at 47.0%, and peaked in 2021 at 375 t, a 203.2% increase from the previous year. This represents a 4.8-fold difference between the high and low points.

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

From 2018 to 2021, Côte d'Ivoire dominated Brazil's cocoa butter imports in kind, holding an 89.0% share of total flows, while the remainder was distributed among other partners.

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

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

Imports in value, M $ US

Market behavior was volatile during these years. The lowest value was recorded in 2019 at 0.5 M $ US, with the largest decline that year at 37.7%, while the highest occurred in 2021 at 2.0 M $ US, a dramatic 160.4% increase from 2020. This resulted in a peak-to-trough ratio of 3.8 times.

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

In the 2018-2021 period, Côte d'Ivoire accounted for the majority of Brazil's cocoa butter imports in value terms, with an 81.0% share of total flows, and a fragmented distribution among other markets.

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

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