Venezuela: Chocolate Market 2024

Chocolate Market Size in Venezuela

The Venezuelan chocolate market stood at $X in 2023, picking up by X% against the previous year. Overall, consumption, however, saw a pronounced descent. Chocolate consumption peaked at $X in 2014; however, from 2015 to 2023, consumption remained at a lower figure.

Chocolate Production in Venezuela

In value terms, chocolate production expanded slightly to $X in 2023 estimated in export price. In general, production, however, saw a perceptible decline. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2023, production stood at a somewhat lower figure.

Chocolate Exports

Exports from Venezuela

After six years of growth, overseas shipments of chocolate and cocoa products decreased by X% to X tons in 2023. In general, exports, however, saw buoyant growth. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2022, and then contracted slightly in the following year.

In value terms, chocolate exports declined to $X in 2023. Overall, exports, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2022, and then dropped in the following year.

Exports by Country

The United States (X tons) was the main destination for chocolate exports from Venezuela, with a X% share of total exports. Moreover, chocolate exports to the United States exceeded the volume sent to the second major destination, Chile (X tons), fourfold. The third position in this ranking was held by Spain (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (X% per year) and Spain (X% per year).

In value terms, the United States ($X) remains the key foreign market for chocolate and cocoa products exports from Venezuela, comprising X% of total exports. The second position in the ranking was taken by Chile ($X), with a X% share of total exports. It was followed by Spain, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (X% per year) and Spain (X% per year).

Export Prices by Country

In 2023, the average chocolate export price amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, the export price showed a pronounced setback. The pace of growth was the most pronounced in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Panama ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Spain (X%), while the prices for the other major destinations experienced a decline.

Chocolate Imports

Imports into Venezuela

In 2023, chocolate imports into Venezuela reached X tons, therefore, remained relatively stable against the previous year's figure. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

In value terms, chocolate imports shrank to $X in 2023. Over the period under review, imports, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

Turkey (X tons), Brazil (X tons) and the United States (X tons) were the main suppliers of chocolate imports to Venezuela, together accounting for X% of total imports. Germany, Spain, North Macedonia, Belgium and Italy lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for North Macedonia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Brazil ($X) and the United States ($X) appeared to be the largest chocolate suppliers to Venezuela, together comprising X% of total imports. Germany, Spain, North Macedonia, Belgium and Italy lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, North Macedonia, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chocolate import price stood at $X per ton in 2023, which is down by X% against the previous year. In general, the import price showed a deep slump. The pace of growth was the most pronounced in 2016 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2017 to 2023, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for North Macedonia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Italy (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform