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EU Cocoa Butter Market Rose 1.9% and Reached $3.8B in 2018

The revenue of the cocoa butter market in the European Union amounted to $3.8B in 2018, rising by 1.9% against the previous year.

This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, cocoa butter consumption continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2008 when the market value increased by 27% against the previous year. In that year, the cocoa butter market attained its peak level of $5B. From 2009 to 2018, the growth of the cocoa butter market failed to regain its momentum.

Consumption By Country in the EU
The countries with the highest volumes of cocoa butter consumption in 2018 were Germany (132K tonnes), Belgium (100K tonnes) and the Netherlands (60K tonnes), together comprising 46% of total consumption. These countries were followed by Italy, the UK, France, Poland, Spain, Romania, Austria, the Czech Republic and Portugal, which together accounted for a further 42%.

From 2007 to 2018, the most notable rate of growth in terms of cocoa butter consumption, amongst the main consuming countries, was attained by Spain, while the other leaders experienced more modest paces of growth.

In value terms, Belgium ($1.3B) led the market, alone. The second position in the ranking was occupied by the Netherlands ($372M). It was followed by Italy.

In 2018, the highest levels of cocoa butter per capita consumption was registered in Belgium (8,675 kg per 1000 persons), followed by the Netherlands (3,488 kg per 1000 persons), Austria (1,788 kg per 1000 persons) and Germany (1,603 kg per 1000 persons), while the world average per capita consumption of cocoa butter was estimated at 1,247 kg per 1000 persons.

From 2007 to 2018, the average annual growth rate of the cocoa butter per capita consumption in Belgium stood at +2.6%. In the other countries, the average annual rates were as follows: the Netherlands (-5.1% per year) and Austria (-3.5% per year).

Market Forecast 2019-2025 in the EU
Driven by rising demand for cocoa butter in the European Union, the market is expected to start an upward consumption trend over the next seven-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.4% for the seven-year period from 2018 to 2025, which is projected to bring the market volume to 656K tonnes by the end of 2025.

Production in the EU
In 2018, the amount of cocoa butter produced in the European Union amounted to 506K tonnes, leveling off at the previous year. In general, cocoa butter production continues to indicate a temperate contraction. The pace of growth appeared the most rapid in 2008 with an increase of 14% year-to-year. In that year, cocoa butter production attained its peak volume of 799K tonnes. From 2009 to 2018, cocoa butter production growth remained at a somewhat lower figure.

In value terms, cocoa butter production totaled $3.2B in 2018 estimated in export prices. Overall, cocoa butter production continues to indicate a slight drop. The most prominent rate of growth was recorded in 2008 with an increase of 34% against the previous year. In that year, cocoa butter production reached its peak level of $5.4B. From 2009 to 2018, cocoa butter production growth remained at a somewhat lower figure.

 

Production By Country in the EU
The Netherlands (230K tonnes) remains the largest cocoa butter producing country in the European Union, comprising approx. 45% of total production. Moreover, cocoa butter production in the Netherlands exceeded the figures recorded by the region's second-largest producer, Germany (66K tonnes), threefold. France (46K tonnes) ranked third in terms of total production with a 9.2% share.

In the Netherlands, cocoa butter production remained relatively stable over the period from 2007-2018. The remaining producing countries recorded the following average annual rates of production growth: Germany (+4.7% per year) and France (-8.6% per year).

Exports in the EU
In 2018, the amount of cocoa butter exported in the European Union stood at 465K tonnes, increasing by 3.5% against the previous year. The total export volume increased at an average annual rate of +2.8% from 2007 to 2018; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 11% y-o-y. Over the period under review, cocoa butter exports reached their maximum in 2018 and are expected to retain its growth in the near future.

In value terms, cocoa butter exports amounted to $2.7B (IndexBox estimates) in 2018. The total exports indicated a buoyant increase from 2007 to 2018: its value increased at an average annual rate of +2.8% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, cocoa butter exports decreased by -4.8% against 2014 indices. The growth pace was the most rapid in 2014 with an increase of 58% against the previous year. In that year, cocoa butter exports attained their peak of $2.9B. From 2015 to 2018, the growth of cocoa butter exports failed to regain its momentum.

Exports by Country
The Netherlands represented the largest exporting country with an export of around 261K tonnes, which accounted for 56% of total exports. Germany (83K tonnes) ranks second in terms of the total exports with a 18% share, followed by France (16%). The UK (16K tonnes), Estonia (9.1K tonnes) and Spain (9K tonnes) took a relatively small share of total exports.

Exports from the Netherlands increased at an average annual rate of +2.0% from 2007 to 2018. At the same time, Germany (+17.5%), Estonia (+10.1%) and the UK (+1.8%) displayed positive paces of growth. Moreover, Germany emerged as the fastest-growing exporter in the European Union, with a CAGR of +17.5% from 2007-2018. France experienced a relatively flat trend pattern. By contrast, Spain (-1.5%) illustrated a downward trend over the same period. From 2007 to 2018, the share of Germany and the Netherlands increased by +15% and +11% percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($1.5B) remains the largest cocoa butter supplier in the European Union, comprising 56% of total cocoa butter exports. The second position in the ranking was occupied by Germany ($496M), with a 18% share of total exports. It was followed by France, with a 17% share.

In the Netherlands, cocoa butter exports expanded at an average annual rate of +3.3% over the period from 2007-2018. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+19.9% per year) and France (+2.0% per year).

Export Prices by Country
In 2018, the cocoa butter export price in the European Union amounted to $5,881 per tonne, waning by -4.2% against the previous year. The export price indicated slight growth from 2007 to 2018: its price increased at an average annual rate of +1.6% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, cocoa butter export price decreased by -15.7% against 2014 indices. The most prominent rate of growth was recorded in 2014 when the export price increased by 65% y-o-y. In that year, the export prices for cocoa butter reached their peak level of $6,977 per tonne. From 2015 to 2018, the growth in terms of the export prices for cocoa butter remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2018, major exporting countries recorded the following prices: in France ($6,007 per tonne) and Germany ($5,989 per tonne), while the UK ($4,953 per tonne) and Estonia ($5,404 per tonne) were amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by France, while the other leaders experienced more modest paces of growth.

Imports in the EU
The imports amounted to 594K tonnes in 2018, going up by 1.6% against the previous year. The total import volume increased at an average annual rate of +2.8% over the period from 2007 to 2018; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 11% year-to-year. The volume of imports peaked in 2018 and are likely to continue its growth in the near future.

In value terms, cocoa butter imports stood at $3.4B (IndexBox estimates) in 2018. The total imports indicated a resilient expansion from 2007 to 2018: its value increased at an average annual rate of +2.8% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, cocoa butter imports decreased by -5.3% against 2014 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 60% against the previous year. In that year, cocoa butter imports reached their peak of $3.6B. From 2015 to 2018, the growth of cocoa butter imports remained at a lower figure.

Imports by Country
Germany (149K tonnes), Belgium (103K tonnes), the Netherlands (90K tonnes), France (70K tonnes), the UK (53K tonnes), Poland (37K tonnes) and Italy (32K tonnes) represented roughly 90% of total imports of cocoa butter in 2018.

From 2007 to 2018, the most notable rate of growth in terms of imports, amongst the main importing countries, was attained by Poland, while the other leaders experienced more modest paces of growth.

In value terms, Germany ($862M), Belgium ($612M) and the Netherlands ($511M) were the countries with the highest levels of imports in 2018, together accounting for 59% of total imports. France, the UK, Poland and Italy lagged somewhat behind, together comprising a further 32%.

In terms of the main importing countries, Poland recorded the highest rates of growth with regard to imports, over the last eleven years, while the other leaders experienced more modest paces of growth.

Import Prices by Country
The cocoa butter import price in the European Union stood at $5,691 per tonne in 2018, stabilizing at the previous year. The import price indicated a mild increase from 2007 to 2018: its price increased at an average annual rate of +1.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, cocoa butter import price decreased by -13.2% against 2014 indices. The pace of growth appeared the most rapid in 2014 when the import price increased by 60% y-o-y. In that year, the import prices for cocoa butter attained their peak level of $6,553 per tonne. From 2015 to 2018, the growth in terms of the import prices for cocoa butter remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2018, major importing countries recorded the following prices: in Belgium ($5,931 per tonne) and Poland ($5,871 per tonne), while the UK ($5,209 per tonne) and the Netherlands ($5,680 per tonne) were amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by France, while the other leaders experienced more modest paces of growth.


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