Cocoa Powder Market Overview in Hungary

In 2019, the Hungarian cocoa powder market decreased by -% to $, falling for the second consecutive year after two years of growth. In general, the total consumption indicated tangible growth from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption decreased by -% against 2017 indices. The pace of growth was the most pronounced in 2010 when the market value increased by % against the previous year. Cocoa powder consumption peaked at $ in 2011; however, from 2012 to 2019, consumption failed to regain the momentum.

In value terms, cocoa powder production fell to $ in 2019 estimated in export prices. Overall, production saw a abrupt setback. The growth pace was the most rapid in 2009 when the production volume increased by % y-o-y. Cocoa powder production peaked at $ in 2007; however, from 2008 to 2019, production remained at a lower figure.

In 2019, consumption of cocoa powder (not sweetened) decreased by -% to tonnes, falling for the second consecutive year after two years of growth. The total consumption volume increased at an average annual rate of +% over the period from 2007 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of % against the previous year. As a result, consumption attained the peak volume of tonnes. From 2018 to 2019, the growth of the consumption failed to regain the momentum.

The value of the cocoa powder market in Hungary shrank to $ in 2019, with a decrease of -% 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, the total consumption indicated a perceptible expansion from 2007 to 2019: its value increased at an average annual rate of +% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption decreased by -% against 2017 indices. The pace of growth appeared the most rapid in 2010 with an increase of % against the previous year. Cocoa powder consumption peaked at $ in 2011; however, from 2012 to 2019, consumption stood at a somewhat lower figure.

Driven by increasing demand for cocoa powder in Hungary, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to tonnes by the end of .

Cocoa powder market in Hungary consists almost entirely of imported products.

Hungary remains a net importer of cocoa powder; in physical and value terms, imports consistently exceeded exports from 2007 to 2019. In 2019, there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.