Cocoa butter market in Latin America and the Caribbean

Earlier Report Observations

From 2018 to 2023, the cocoa butter market in Latin America and the Caribbean experienced notable volatility in volume. The market grew to 186 thousand tons in 2018, supported by rising domestic chocolate consumption and increased use in cosmetics and skin care products. However, by 2020, market volume had fallen to 150 thousand tons.

After recovering to 190 thousand tons in 2021, the market declined to 162 thousand tons in 2022 and further to 105 thousand tons in 2023. This drop in volume occurred alongside adverse climatic factors and diseases in producing regions, which constrained supply. Simultaneously, growing demand from the food, cosmetic, and pharmaceutical industries, as well as the bean-to-bar trend, supported market value, which rose to $1 895 million in 2023.

Production cocoa butter in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of cocoa butter, 2017-2020

World map of production of cocoa butter, 2017-2020

Following two years of growth, cocoa butter production in Latin America and the Caribbean declined. In 2019, production peaked at 222.6 thousand tonnes, marking a 4.6% increase from the previous year. However, by 2020, output had fallen to 185.9 thousand tonnes, representing a significant 16.5% drop compared to 2019. Over the period from 2017 to 2020, production decreased by 9.3%, which translates to an average annual decline of 3.2%.

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

In value, 2017-2020, M $ US

After two consecutive years of expansion, the value of cocoa butter production in Latin America and the Caribbean contracted. In 2019, production reached its highest value at 1 594 million US dollars, reflecting a substantial 20.0% rise from the prior year. By 2020, however, the value had dropped sharply to 1 081 million US dollars, indicating a steep 32.2% decrease compared to 2019. From 2017 to 2020, the overall production value fell by 6.8%, with a compound annual growth rate of -2.3%.

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

Exports cocoa butter from Latin America and the Caribbean

Exports in kind, t

After two years of decline, cocoa butter exports from Latin America and the Caribbean rebounded. In 2019, exports hit their lowest point at 38 649 tonnes, following a significant 19.4% drop in 2018. In 2020, exports rose to 44 897 tonnes, showing a strong 16.2% increase compared to 2019. Over the 2017-2020 period, exports decreased by 15%, equating to an average annual decline of 5.3%.

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

From 2017 to 2020, the United States, the Netherlands, and Germany were the leading destinations for cocoa butter exports from Latin America and the Caribbean in volume terms. The United States accounted for 37.3% of exports, followed by the Netherlands at 14.5%, and Germany at 13.0%. Together, these three countries represented 64.7% of total export flows.

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

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

Exports in value, M $ US

In 2020, cocoa butter exports from Latin America and the Caribbean were valued at 261.1 million US dollars, reflecting a moderate 5.7% decrease year-on-year. The largest decline occurred in 2018, with an 11.1% drop, while 2019 saw a 4.2% increase. Over the 2017-2020 period, export value fell by 12.6%, with a compound annual growth rate of -4.4%.

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

Between 2017 and 2020, the United States, the Netherlands, and Germany remained the primary buyers of cocoa butter from Latin America and the Caribbean in value terms. The United States contributed 37.5% of export value, the Netherlands 14.6%, and Germany 12.4%. Collectively, these three markets accounted for 64.5% of total export value.

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

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

Imports cocoa butter to Latin America and the Caribbean

Imports in kind, t

Cocoa butter imports into Latin America and the Caribbean declined for the third consecutive year. In 2020, imports amounted to 9 025 tonnes, which is 37.2% lower than in 2019. Over the 2017-2020 period, imports decreased by 49.9%, translating to an average annual decline of 20.6%.

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

From 2017 to 2020, Indonesia, Malaysia, and Côte d'Ivoire were the largest suppliers of cocoa butter to Latin America and the Caribbean in volume terms. Indonesia accounted for 4.8% of imports, Malaysia for 4.7%, and Côte d'Ivoire for 2.5%. Together, these three countries made up 12.0% of total import volume.

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

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

Imports in value, M $ US

Following two years of contraction, cocoa butter imports into Latin America and the Caribbean increased. In 2019, imports reached their lowest value at 83.5 million US dollars, marking a 10.7% decline from the previous year. In 2020, imports rose to 88.2 million US dollars, showing a 5.6% increase compared to 2019. Over the 2017-2020 period, import value decreased by 15.1%, with a compound annual growth rate of -5.3%.

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

Throughout 2017 to 2020, Indonesia, Malaysia, and Côte d'Ivoire were the key sources for cocoa butter imports into Latin America and the Caribbean in value terms. Indonesia represented 4.8% of import value, Malaysia 2.9%, and Côte d'Ivoire 2.7%. Collectively, these three countries accounted for 10.3% of total import flows.

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

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