Not defatted cocoa paste market in Latin America and the Caribbean

Earlier Report Observations

The market for not defatted cocoa paste in Latin America and the Caribbean expanded to 455.5 thousand tons in 2019 from 430.4 thousand tons the previous year. This growth was underpinned by a production base involving over 350,000 family farms, which forms the backbone of the regional industry. However, the market volume contracted sharply to 376.2 thousand tons in 2020.

A recovery followed in 2021, with the market reaching 428.7 thousand tons. This period saw an increased focus on high-value 'prime' cocoa varieties, with countries like Ecuador and Peru deriving most of their export earnings from these special grades, which supported production value. The market dipped to 404.2 thousand tons in 2022 amid competitive pressure from major global exporters like Côte d'Ivoire and Ghana. A significant turnaround occurred in 2023, as the market grew to 422.3 thousand tons. This was primarily driven by widespread crop disease in West Africa, a region responsible for 70% of global output, which constrained world supply, sent international prices soaring, and created a favorable environment for Latin American producers to increase output.

Entering 2024, cocoa prices remained at record highs due to persistent supply chain disruptions and adverse weather conditions, continuing to shape market dynamics. Domestic initiatives, such as Brazil's aim to achieve self-sufficiency in cocoa by 2025, are beginning to influence the regional market structure, while growing consumer demand for high-quality and functional cocoa products presents further opportunities.

Production not defatted cocoa paste in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of not defatted cocoa paste, 2017-2020

World map of production of not defatted cocoa paste, 2017-2020

Latin America and the Caribbean's production of not defatted cocoa paste saw a two-year increase before declining. In 2020, the region produced 395.3 K t, marking a significant 14.5% drop from 2019. Over the 2017-2020 period, production fell by 6.1%, with an average annual decline of 2.1%. The peak was reached in 2019 at 462.5 K t, which also saw the largest annual increase of 5.9%.

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

In value, 2017-2020, M $ US

In 2020, the value of not defatted cocoa paste production in Latin America and the Caribbean was 1 490 M $ US, down 33.5% from the previous year. From 2017 to 2020, production value decreased by 29.6%, equivalent to an annualized decline of 11.0%. The highest value was recorded in 2019 at 2 242 M $ US, which also experienced the largest annual increase of 36.3%.

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

Exports not defatted cocoa paste from Latin America and the Caribbean

Exports in kind, t

The market showed an unstable trend over the period. Exports reached their lowest point in 2017 and peaked in 2020, with a 2.4-fold difference between these years. In 2020, not defatted cocoa paste exports from Latin America and the Caribbean totaled 29 721 t, representing a sharp 81.4% year-over-year increase. The largest decline occurred in 2019 at 10.3%.

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

From 2017 to 2020, the export structure for not defatted cocoa paste was balanced rather than concentrated. The United States (23.8% of exports in kind), Japan (8.1%), and Australia (3.0%) together accounted for 34.8% of total flows, while many other countries made up the remaining 65.2%.

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

Cross-border shipments of not defatted cocoa paste from Latin America and the Caribbean increased for the third consecutive year. In 2020, export value reached 112.0 M $ US, a sharp 41.1% rise year-over-year. Over the 2017-2020 period, exports grew by 77.3%, with an average annual growth rate of 21.0%.

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

Data from 2017 to 2020 show that exports in value terms were not concentrated on a few key destinations. The United States (24.2% of exports in value terms), Japan (7.2%), and Australia (3.3%) together accounted for only 34.6% of total flows.

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 not defatted cocoa paste to Latin America and the Caribbean

Imports in kind, t

In 2020, Latin America and the Caribbean imported 10 651 t of not defatted cocoa paste, a 13.5% increase from 2019. The lowest volume was recorded in 2019 at 9 386 t, while the peak was in 2018 at 11 778 t. The largest decline occurred in 2019 at 20.3%.

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

From 2017 to 2020, the import partner landscape for not defatted cocoa paste was wide. Côte d'Ivoire (3.6% of imports in kind), Italy (2.6%), and Ghana (1.0%) together formed only 7.2% of total flows, with the substantial remaining 92.8% supplied by many other countries.

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

In 2020, Latin America and the Caribbean imported 51.1 M $ US worth of not defatted cocoa paste, up 10.7% from the previous year. The lowest value was in 2019 at 46.1 M $ US, while the highest was in 2018 at 52.0 M $ US. The largest decline was recorded in 2019 at 11.2%.

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

The country composition of imports in value terms from 2017 to 2020 was dispersed. Côte d'Ivoire (3.8% of imports in value terms), Italy (3.1%), and the United States (1.3%) together formed just 8.3% of total flows, with the remaining 91.7% split among a wide range of other destinations.

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