ASEAN: Chocolate Market 2024

Chocolate Market Size in ASEAN

The ASEAN chocolate market soared to $X in 2022, growing by 55% against the previous year. Over the period under review, consumption continues to indicate a moderate increase. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Chocolate Production in ASEAN

In value terms, chocolate production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 8.6%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Chocolate Exports

Exports in ASEAN

Chocolate exports totaled X tons in 2022, standing approx. at the year before. The total export volume increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 20%. The volume of export peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, chocolate exports rose sharply to $X in 2022. Total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +25.2% against 2020 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 20% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

Singapore represented the main exporter of chocolate and cocoa products in ASEAN, with the volume of exports reaching X tons, which was approx. 45% of total exports in 2022. Malaysia (X tons) ranks second in terms of the total exports with a 28% share, followed by Indonesia (14%) and Thailand (12%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Thailand (with a CAGR of +21.3%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest chocolate supplier in ASEAN, comprising 56% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 27% share of total exports. It was followed by Indonesia, with a 7.9% share.

In Singapore, chocolate exports expanded at an average annual rate of +4.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+6.4% per year) and Indonesia (+3.7% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, with an increase of 6.3% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the export price increased by 7.3% against the previous year. The level of export peaked at $X per ton in 2019; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+2.6%), while the other leaders experienced mixed trends in the export price figures.

Chocolate Imports

Imports in ASEAN

In 2022, the amount of chocolate and cocoa products imported in ASEAN soared to X tons, rising by 21% on the year before. The total import volume increased at an average annual rate of +5.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, chocolate imports surged to $X in 2022. The total import value increased at an average annual rate of +5.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the Philippines (X tons), distantly followed by Singapore (X tons), Malaysia (X tons), Thailand (X tons) and Indonesia (X tons) represented the major importers of chocolate and cocoa products, together making up 93% of total imports. Vietnam (X tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +14.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), the Philippines ($X) and Thailand ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 66% share of total imports.

The Philippines, with a CAGR of +19.9%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 9.4% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform