Peru Chocolate Market Report and Forecast 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