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Peru Chocolate Market Size, Share, Trends, Growth, Forecast: By Type: Dark Chocolate, Milk Chocolate, White Chocolate; By Product Type: Pure Chocolate, Compound Chocolate; By Distribution Channel: Supermarkets and Hypermarkets, Convenience Stores, Online Stores, Others; Market Dynamics; Competitive Landscape; 2024-2032
Peru Chocolate Market Outlook
The Peru chocolate market size reached USD 425.76 million in 2023. The market is expected to grow at a CAGR of 4.0% between 2024 and 2032, reaching almost USD 607.74 million by 2032.
Key Takeaways
- As per industry reports, in 2022, Peru's chocolate exports reached USD 52.8 million, positioning the country as the 50th largest exporter of chocolate globally. Chocolate ranked as the 89th most exported product from Peru during the same year. Key export destinations for Peruvian chocolate include the United States (USD 27.9M), Canada (USD 7.35M), Bolivia (USD 4.13M), Ecuador (USD 3.69M), and Chile (USD 3.39M). Notably, the United States, Canada, and Trinidad and Tobago emerged as the fastest-growing export markets for Peruvian chocolate between 2021 and 2022.
- Conversely, Peru imported USD 51.9 million worth of chocolate in 2022, placing it as the 75th largest importer of chocolate globally. Chocolate ranked as the 207th most imported product in Peru during the same period. Peru's primary chocolate import sources include the United States (USD 8.6M), Malaysia (USD 7.61M), Singapore (USD 5.62M), Chile (USD 5.45M), and Colombia (USD 4.36M). Noteworthy growth in chocolate imports for Peru between 2021 and 2022 was observed from Singapore, Chile, and Colombia.
The Peru chocolate market has experienced significant growth due to rising consumer demand across diverse demographics. Key trends include premiumisation and personalisation, reflecting a preference for upscale and customized chocolate products.
Cocoa, sourced from tropical evergreen trees in the South American Amazon, plays a vital role in chocolate production. While Africa leads in cocoa production, only 1% is organic, whereas Peru stands out as a major producer with 75% of its cocoa being organic. This organic cultivation contributes to the superior flavour and quality of Peruvian cacao beans.
Peru has a rich history in cacao cultivation, with 60% of the world's cocoa varieties originating from the Amazon basin area. Peruvian chocolate is renowned for its intense flavours, vibrant colours, and fruit aromas, stemming from the country's diverse terrains and unique plant genetic diversity.
Peru's cocoa industry emphasizes quality and sustainability, with over a quarter of production certified as organic, fair trade, or sustainable. The country's diverse growing regions contribute to the distinct flavour profiles found in Peruvian chocolate.
Peru's reputation as a top cocoa producer is bolstered by its cultivation of fine or flavour cocoa beans, comprising 75% of its production. This quality is attributed to Peru's varied growing regions, each contributing unique characteristics to the cocoa's taste.
The health benefits of dark chocolate, a specialty mastered by Peruvian producers, have garnered significant attention and research. With its exceptional cocoa quality and commitment to sustainability, Peru continues to elevate its status as a premier source of fine chocolate with both exquisite taste and nutritional value benefitting the Peru chocolate market development.
Market Segmentation
Peru Chocolate Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Dark Chocolate
- Milk Chocolate
- White Chocolate
Market Breakup by Product Type
- Pure Chocolate
- Compound Chocolate
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Online
- Others
Competitive Landscape
One of the main strategies used by manufacturers of chocolate to serve customers and grow market share is local manufacturing to reduce operating costs.
- Nestlé S.A.
- Grupo Nutresa
- August Storck KG
- Cacaosuyo
- Machu Picchu Food SAC
- Shattell Chocolates
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
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| Breakup by Product Type |
|
| Breakup by Distribution Channel |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Latin America Chocolate Market Overview
8.1 Key Industry Highlights
8.2 Latin America Chocolate Historical Market (2018-2023)
8.3 Latin America Chocolate Market Forecast (2024-2032)
8.4 Latin America Chocolate Market Share by Country
8.4.1 Brazil
8.4.2 Mexico
8.4.3 Argentina
8.4.4 Peru
8.4.5 Others
9 Peru Chocolate Market Overview
9.1 Key Industry Highlights
9.2 Peru Chocolate Historical Market (2018-2023)
9.3 Peru Chocolate Market Forecast (2024-2032)
10 Peru Chocolate Market by Type
10.1 Dark Chocolate
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Milk Chocolate
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 White Chocolate
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Peru Chocolate Market by Product Type
11.1 Pure Chocolate
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Compound Chocolate
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Peru Chocolate Market by Distribution Channel
12.1 Supermarkets and Hypermarkets
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Convenience Stores
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Online Stores
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Value Chain Analysis
15 Trade Data Analysis (HS Code – 1806)
15.1 Major Exporting Countries
15.1.1 By Value
15.1.2 By Volume
15.2 Major Importing Countries
15.2.1 By Value
15.2.2 By Volume
16 Price Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Nestlé S.A.
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Grupo Nutresa
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 August Storck KG
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Cacaosuyo
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Machu Picchu Food SAC
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Shattell Chocolates
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Latin America Chocolate Market: Key Industry Highlights, 2018 and 2032
2. Peru Chocolate Market: Key Industry Highlights, 2018 and 2032
3. Peru Chocolate Historical Market: Breakup by Type (USD Million), 2018-2023
4. Peru Chocolate Market Forecast: Breakup by Type (USD Million), 2024-2032
5. Peru Chocolate Historical Market: Breakup by Product Type (USD Million), 2018-2023
6. Peru Chocolate Market Forecast: Breakup by Product Type (USD Million), 2024-2032
7. Peru Chocolate Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
8. Peru Chocolate Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
9. Peru Chocolate Historical Market: Breakup by Region (USD Million), 2018-2023
10. Peru Chocolate Market Forecast: Breakup by Region (USD Million), 2024-2032
11. Major Exporting Countries by Value
12. Major Importing Countries by Value
13. Major Exporting Countries by Volume
14. Major Importing Countries by Volume
15. Peru Chocolate Market Structure
Key Questions Answered in the Report
The market is estimated to be valued at USD 425.76 million in 2023.
The market is projected to grow at a CAGR of 4.0% between 2024 and 2032.
The chocolate market is expected to witness healthy growth in the forecast period of 2024-2032 to reach around USD 607.74 million in 2032.
The market is categorised according to its type, which includes dark chocolate, milk chocolate, and white chocolate.
The key market players are Nestlé S.A., Grupo Nutresa, August Storck KG, Cacaosuyo, Machu Picchu Food SAC, Shattell Chocolates, and others.
The market is driven by factors that include quality and sustainability, with over a quarter of production certified as organic, fair trade, or sustainable and health benefits of dark chocolate, among others.
The market is categorised according to its product type, which includes pure chocolate and compound chocolate.
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