Cocoa powder and cake market in Venezuela

Earlier Report Observations

The cocoa powder and cake market in Venezuela expanded from 8.8 thousand tonnes in 2018 to over 10.3 thousand tonnes in 2019. This growth was driven by Venezuela's worldwide reputation for high-quality cocoa beans and strong international demand from premium chocolate manufacturers. The market's consistent strategy focused on integrating Venezuelan cocoa into national and international supply chains through improved production and processing for industrial and consumer products.

After a contraction to 9.0 thousand tonnes in 2020, the market recovered to nearly 10.0 thousand tonnes in 2021 and remained stable at around 10.0 thousand tonnes in 2022. The recovery was supported by the industry's emphasis on diversifying into semi-processed goods like cocoa paste, butter, cake, and powder for various sectors, including confectionery and pharmaceuticals. In 2022, cocoa derivatives became one of Venezuela's top export items, with local brands like Herencia Divina winning international awards for high-quality cocoa powder and cake mixes produced under the bean-to-bar model.

Market volume declined to 9.2 thousand tonnes in 2023. By 2024, industry attention turned to a new Cocoa Law under discussion in the National Assembly, which could shape future market conditions. Producers also invested in plantation maintenance and nurseries to improve genetic quality and disease resistance, activities incentivized by favorable international cocoa prices.

Production cocoa powder and cake in Venezuela

In kind, 2017-2020, t

Globally, Venezuela ranked as the 26th largest producer of cocoa powder and cake between 2017 and 2020.

Top producers of cocoa powder and cake, 2017-2020

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

In 2020, Venezuela produced 8 870 tonnes of cocoa powder and cake, marking a significant decrease of 17.0% from the previous year. Over the 2017-2020 period, production fell by 8.6%, with an average annual decline of 3.0%. The highest production level was recorded in 2019 at 10 693 tonnes, which also saw the largest increase of 18.9%.

Annual dynamics of production in Venezuela in kind, 2017-2020, t

In value, 2017-2020, K $ US

In 2020, the output of cocoa powder and cake in Venezuela was valued at 20 206 thousand US dollars, showing a substantial decrease of 15.1% compared to 2019. From 2017 to 2020, production value dropped by 7.8%, equivalent to an annualized rate of 2.7%. The peak value occurred in 2019 at 23 794 thousand US dollars, which also experienced the largest increase of 12.7%.

Annual dynamics of production in Venezuela in value, 2017-2020, K $ US

Exports cocoa powder and cake from Venezuela

Exports in kind, t

In 2020, Venezuela exported 169.2 tonnes of cocoa powder and cake, a sharp decline of 53.4% from the previous year. Over the 2017-2020 period, exports decreased by 48.1%, with an average annual drop of 19.7%. The highest export volume was in 2019 at 363.3 tonnes, which also recorded the largest increase of 59.0%.

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

From 2017 to 2020, Bolivia was the dominant export partner for Venezuela's cocoa powder and cake in volume terms, accounting for 77.4% of total exports, while other markets contributed smaller shares.

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

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

Exports in value, K $ US

In 2020, Venezuela's cocoa powder and cake exports were valued at 385.5 thousand US dollars, down 52.3% from the previous year. Between 2017 and 2020, export value fell by 47.6%, with an average annual decrease of 19.4%. The peak value was in 2019 at 808.3 thousand US dollars, which also saw the largest increase of 50.7%.

Annual dynamics of product's exports from Venezuela in value, 2017-2020, K $ US

During 2017-2020, Bolivia dominated Venezuela's cocoa powder and cake exports in value terms, absorbing 75.3% of total flows, with numerous other partners making up the remainder.

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

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

Imports cocoa powder and cake to Venezuela

Imports in kind, t

The data shows irregular changes, indicating a volatile market environment. Imports reached their lowest point in 2018 and peaked in 2020, with a variation of 1 545 602 times. In 2020, Venezuela imported 262.8 tonnes of cocoa powder and cake, a dramatic increase of 676.8% from the previous year. The minimum volume was recorded in 2018 at 0.0 tonnes, which saw the largest decline of 100.0%. The largest increase occurred in 2019 at 19 897 141.2%.

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

From 2017 to 2020, three main markets—Ecuador, Peru, and Spain—collectively accounted for 81.3% of Venezuela's total imports of cocoa powder and cake in volume terms.

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

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

Imports in value, K $ US

Market performance showed noticeable fluctuations during this period. Imports hit their lowest point in 2018 and peaked in 2020, with a 75 670-fold gap. In 2020, Venezuela imported cocoa powder and cake valued at 1 271.6 thousand US dollars, a sharp rise of 1,271.6% from the previous year. The minimum value was in 2018 at 0.0 thousand US dollars, which experienced the largest decline of 100.0%. The largest increase was recorded in 2019 at 551 603.8%.

Annual dynamics of product's imports to Venezuela in value, 2017-2020, K $ US

Between 2017 and 2020, Ecuador and Peru were the key sources for Venezuela's imports of cocoa powder and cake in value terms, jointly representing 82.0% of total flows, while other partners were individually less significant.

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

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