Asia: Chocolate Market 2024

Chocolate Market Size in Asia

The Asian chocolate market reduced sharply to $X in 2022, waning by -20.8% against the previous year. In general, consumption showed a drastic downturn. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Asia

In value terms, chocolate production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, faced a abrupt decline. The most prominent rate of growth was recorded in 2021 when the production volume increased by 15% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Chocolate Exports

Exports in Asia

In 2022, approx. X tons of chocolate and other food preparations containing cocoa were exported in Asia; increasing by 5.2% compared with the year before. The total export volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2014 when exports increased by 14%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, chocolate exports surged to $X in 2022. The total export value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Singapore (X tons) represented the major exporter of chocolate and other food preparations containing cocoa, making up 39% of total exports. It was distantly followed by Malaysia (X tons), Turkey (X tons), the United Arab Emirates (X tons), Saudi Arabia (X tons), Indonesia (X tons) and Thailand (X tons), together mixing up a 56% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +24.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest chocolate supplier in Asia, comprising 52% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 10% share of total exports. It was followed by Turkey, with a 10% share.

In Singapore, chocolate exports expanded 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 Turkey (+7.4% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, rising by 24% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. As a result, the export price reached 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 Saudi Arabia ($X per ton), while Malaysia ($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 more modest paces of growth.

Chocolate Imports

Imports in Asia

In 2022, approx. X tons of chocolate and other food preparations containing cocoa were imported in Asia; remaining relatively unchanged against the previous year's figure. The total import volume increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 13% against the previous year. As a result, imports attained the peak of X tons, leveling off in the following year.

In value terms, chocolate imports rose to $X in 2022. The total import value increased at an average annual rate of +4.0% 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 2021 when imports increased by 20%. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

In 2022, Japan (X tons) represented the key importer of chocolate and other food preparations containing cocoa, creating 35% of total imports. It was distantly followed by Saudi Arabia (X tons), China (X tons) and South Korea (X tons), together making up a 31% share of total imports. The United Arab Emirates (X tons), Malaysia (X tons), Kuwait (X tons), Thailand (X tons), Turkey (X tons), the Philippines (X tons), Kazakhstan (X tons) and India (X tons) held a little share of total imports.

Japan experienced a relatively flat trend pattern with regard to volume of imports of chocolate and other food preparations containing cocoa. At the same time, China (+22.3%), Kuwait (+14.5%), the Philippines (+12.8%), the United Arab Emirates (+11.3%), Turkey (+10.1%), Kazakhstan (+10.0%), Malaysia (+6.3%), Saudi Arabia (+4.6%), India (+3.1%) and Thailand (+2.3%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Asia, with a CAGR of +22.3% from 2012-2022. South Korea experienced a relatively flat trend pattern. China (+8.5 p.p.), the United Arab Emirates (+1.9 p.p.) and Kuwait (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while South Korea and Japan saw its share reduced by -2.4% and -12.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), Saudi Arabia ($X) and China ($X) were the countries with the highest levels of imports in 2022, together comprising 55% of total imports.

China, with a CAGR of +20.8%, 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 Asia stood at $X per ton in 2022, growing by 2.4% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 6% against the previous year. The level of import peaked 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 Kuwait ($X per ton), while Kazakhstan ($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 (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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