Asia: Chocolate Market 2024

Chocolate Market Size in Asia

In 2022, the Asian chocolate market increased by 4.2% to $X for the first time since 2019, thus ending a two-year declining trend. The market value increased at an average annual rate of +3.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Chocolate Production in Asia

In value terms, chocolate production reduced slightly to $X in 2022 estimated in export price. The total production indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.5% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 21%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Chocolate Exports

Exports in Asia

In 2022, chocolate exports in Asia expanded slightly to X tons, increasing by 4.6% against 2021 figures. The total export volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 16%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, chocolate exports expanded remarkably to $X in 2022. The total export value increased at an average annual rate of +4.4% 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 2021 with an increase of 19%. The level of export peaked in 2022 and is likely to continue growth in the near future.

Exports by Country

Turkey represented the largest exporter of chocolate and cocoa products in Asia, with the volume of exports accounting for X tons, which was near 32% of total exports in 2022. Singapore (X tons) ranks second in terms of the total exports with a 15% share, followed by Malaysia (9.7%), China (8.8%), the United Arab Emirates (5.3%) and Indonesia (4.8%). The following exporters - South Korea (X tons), Thailand (X tons), India (X tons), Hong Kong SAR (X tons) and Kazakhstan (X tons) - together made up 15% of total exports.

Exports from Turkey increased at an average annual rate of +4.8% from 2012 to 2022. At the same time, Thailand (+21.3%), India (+9.3%), Indonesia (+6.8%), Malaysia (+6.1%), China (+4.3%), Kazakhstan (+3.2%), South Korea (+2.6%) and Singapore (+1.5%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, with a CAGR of +21.3% from 2012-2022. Hong Kong SAR experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-2.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand, Turkey and Malaysia increased by +3.2, +2.2 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest chocolate supplying countries in Asia were Turkey ($X), Singapore ($X) and China ($X), with a combined 56% share of total exports. Malaysia, the United Arab Emirates, Hong Kong SAR, India, Indonesia, Thailand, South Korea and Kazakhstan lagged somewhat behind, together accounting for a further 30%.

Among the main exporting countries, Thailand, with a CAGR of +12.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, rising by 3.4% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the export price increased by 4.3% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while South Korea ($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 more modest paces of growth.

Chocolate Imports

Imports in Asia

In 2022, approx. X tons of chocolate and cocoa products were imported in Asia; remaining stable against the year before. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when imports increased by 9.5% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, chocolate imports expanded modestly to $X in 2022. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 17%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, Japan (X tons), followed by China (X tons), Saudi Arabia (X tons), the United Arab Emirates (X tons), South Korea (X tons) and Kazakhstan (X tons) represented the main importers of chocolate and cocoa products, together mixing up 46% of total imports. The following importers - Iraq (X tons), the Philippines (X tons), Uzbekistan (X tons), Israel (X tons), Yemen (X tons), Turkey (X tons) and Hong Kong SAR (X tons) - together made up 23% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Uzbekistan (with a CAGR of +39.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 29% of total imports. Saudi Arabia, South Korea, Hong Kong SAR, Kazakhstan, Israel, the Philippines, Iraq, Turkey, Uzbekistan and Yemen lagged somewhat behind, together accounting for a further 38%.

Uzbekistan, with a CAGR of +40.7%, recorded the highest rates of growth with regard to 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

In 2022, the import price in Asia amounted to $X per ton, surging by 2.3% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 7.3%. Over the period under review, import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Yemen ($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

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