ASEAN: Chocolate Market 2024

Chocolate Market Size in ASEAN

The ASEAN chocolate market contracted modestly to $X in 2022, standing approx. at the previous year. The market value increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Chocolate Production in ASEAN

In value terms, chocolate production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.3% over the period from 2012 to 2022; 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 26% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports in ASEAN

In 2022, shipments abroad of chocolate and other food preparations containing cocoa decreased by -3.4% to X tons for the first time since 2016, thus ending a five-year rising trend. The total export volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 12%. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced modestly in the following year.

In value terms, chocolate exports skyrocketed to $X in 2022. Total exports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.5% 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 +81.5% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore represented the largest exporting country with an export of about X tons, which recorded 56% of total exports. Malaysia (X tons) took a 29% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (7.7%) and Thailand (6.7%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Thailand (with a CAGR of +24.7%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest chocolate supplier in ASEAN, comprising 75% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 15% share of total exports. It was followed by Indonesia, with a 5.2% share.

In Singapore, chocolate exports increased at an average annual rate of +7.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+5.6% per year) and Indonesia (-4.5% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, increasing by 35% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.0%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($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 (+4.7%), while the other leaders experienced mixed trends in the export price figures.

Chocolate Imports

Imports in ASEAN

In 2022, approx. X tons of chocolate and other food preparations containing cocoa were imported in ASEAN; picking up by 3.4% compared with the year before. The total import volume increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 19%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, chocolate imports rose significantly to $X in 2022. Total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +36.0% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 25%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Malaysia (X tons), Thailand (X tons) and the Philippines (X tons) represented the main importer of chocolate and other food preparations containing cocoa in ASEAN, mixing up 74% of total import. Indonesia (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (4.7%). The following importers - Vietnam (X tons) and Brunei Darussalam (X tons) - together made up 6.7% of total imports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +12.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Thailand ($X) and the Philippines ($X) were the countries with the highest levels of imports in 2022, together accounting for 65% of total imports.

In terms of the main importing countries, the Philippines, with a CAGR of +16.0%, recorded the highest rates of growth with regard to the value of imports, 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, growing by 8.5% against the previous year. Over the period under review, the import price continues to indicate a mild increase. The pace of growth was the most pronounced in 2021 when the import price increased by 14% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

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 ($X per ton), while Malaysia ($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 (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform