Cocoa powder and cake market in Latin America and the Caribbean

Earlier Report Observations

From 2018 to 2020, the market volume for cocoa powder and cake in Latin America and the Caribbean declined from 292 thousand tons to 271.5 thousand tons. This period reflected the region's structural context, where about one-third of cocoa beans are processed locally for export as semi-finished products, though the relative weight of primary product exports had been diminishing since the 1980s.

The market jumped to 311 thousand tons in 2021, then contracted sharply to 263.4 thousand tons in 2022. The downturn was driven by a steep rise in global cocoa prices, which increased by 136% between July 2022 and February 2024, dampening demand. By 2023, the market volume stabilized at 258.9 thousand tons.

Throughout these years, the Latin American cocoa market shifted toward quality and specialty grades, with 'prime' cocoa varieties representing 70% to 100% of exports in several key producing countries. This move toward differentiation and added value was supported by growing regional and global demand for sustainable, high-quality chocolate.

Production cocoa powder and cake in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of cocoa powder and cake, 2017-2020

World map of production of cocoa powder and cake, 2017-2020

Following two years of growth, cocoa powder and cake production in Latin America and the Caribbean declined. In 2019, production reached its peak at 250.6 thousand tons, but by 2020 it had fallen to 209.4 thousand tons, representing a 16.4% decrease from the previous year. Over the period from 2017 to 2020, production dropped by 9.3%, which translates to an average annual decline of 3.2%. The most significant increase occurred in 2019, when production rose by 4.6%.

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

In value, 2017-2020, M $ US

Cocoa powder and cake production value in Latin America and the Caribbean declined for the second consecutive year. In 2018, production value peaked at 846.6 million US dollars, but by 2020 it had decreased to 644.1 million US dollars, marking a 21.4% year-over-year reduction. From 2017 to 2020, production value fell by 22.2%, equivalent to an average annual decline of 8.0%. The largest increase was recorded in 2018, with a 2.3% rise.

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

Exports cocoa powder and cake from Latin America and the Caribbean

Exports in kind, t

Cocoa powder and cake export volumes from Latin America and the Caribbean increased for the second year in a row. In 2018, exports hit their lowest point at 26 648 tons, but by 2020 they had risen to 34 363 tons, reflecting a 7.0% increase compared to 2019. Over the 2017-2020 period, exports grew by 23.8%, with a compound annual growth rate of 7.4%. The most significant decline occurred in 2018, dropping by 4.0%, while the largest increase was in 2019, with a 20.5% surge.

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

An analysis of export volumes from 2017 to 2020 reveals a broad distribution across numerous markets. The United States accounted for 9.8% of exports, the Netherlands for 8.1%, and Spain for 1.5%. Together, these three countries represented only 19.4% of total export flows, with the remaining 80.6% distributed among various other trading partners.

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

Cocoa powder and cake export values from Latin America and the Caribbean increased for the second consecutive year. In 2018, export value reached its minimum at 94.2 million US dollars, but by 2020 it had climbed to 105.7 million US dollars, showing a modest 0.6% rise compared to 2019. Between 2017 and 2020, export value grew by 6.2%, with a compound annual growth rate of 2.0%. The largest decline was in 2018, falling by 5.4%, while the most significant increase occurred in 2019, with an 11.6% jump.

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

From 2017 to 2020, cocoa powder and cake export values from Latin America and the Caribbean were not concentrated in just a few key markets. The United States represented 13.4% of export value, the Netherlands 9.4%, and Australia 1.8%. Collectively, these three countries accounted for only 24.6% of total export flows, indicating a diverse range of trading partners.

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 powder and cake to Latin America and the Caribbean

Imports in kind, t

Cocoa powder and cake import volumes into Latin America and the Caribbean increased significantly in 2020, rising by 42.7% compared to the previous year. Between 2017 and 2020, imports grew by 46.4%, equivalent to an average annual increase of 13.5%. The largest decline was recorded in 2019, when imports fell by 14.4%.

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

The structure of import volumes from 2017 to 2020 indicates a diversified set of trading partners. Indonesia accounted for 13.4% of imports, Spain for 10.1%, and the Netherlands for 9.9%. Together, these three countries represented 33.4% of total import flows, while the remaining 66.6% was spread across numerous smaller markets.

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

Cocoa powder and cake import values into Latin America and the Caribbean surged in 2020, increasing by 48.3% from 2019 to reach 237.0 million US dollars. Over the 2017-2020 period, import values rose by 29.1%, with a compound annual growth rate of 8.9%. The lowest value was recorded in 2019 at 159.8 million US dollars, which also saw the largest decline of 26.0%.

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

From 2017 to 2020, the Netherlands, Indonesia, and Spain were the largest suppliers of cocoa powder and cake to Latin America and the Caribbean in value terms, each accounting for around 10% of imports—specifically, 10.4%, 10.4%, and 10.1%, respectively. Together, these three countries represented 30.9% of total import value, with the majority coming from a wide array of smaller partners.

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