Asia-Pacific: Chocolate Market 2024

Chocolate Market Size in Asia-Pacific

The Asia-Pacific chocolate market rose notably to $X in 2022, picking up by 7.4% against the previous year. The market value increased at an average annual rate of +3.1% 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 hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Asia-Pacific

In value terms, chocolate production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 11% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports in Asia-Pacific

In 2022, the amount of chocolate and cocoa products exported in Asia-Pacific stood at X tons, leveling off at 2021 figures. The total export volume increased at an average annual rate of +4.4% 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 18% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, chocolate exports rose to $X in 2022. The total export value increased at an average annual rate of +4.9% 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 20%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

In 2022, Singapore (X tons), distantly followed by Malaysia (X tons), China (X tons), Australia (X tons), Indonesia (X tons), South Korea (X tons) and Thailand (X tons) represented the major exporters of chocolate and cocoa products, together constituting 85% of total exports.

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 +21.3%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), China ($X) and Malaysia ($X) constituted the countries with the highest levels of exports in 2022, together comprising 55% of total exports. Australia, Indonesia, Thailand and South Korea lagged somewhat behind, together accounting for a further 20%.

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

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, surging by 4% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 4.6% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

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 China ($X per ton), while South Korea ($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-Pacific

In 2022, imports of chocolate and cocoa products in Asia-Pacific reduced to X tons, waning by -2.9% on 2021. The total import volume increased at an average annual rate of +3.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 14% against the previous year. As a result, imports attained the peak of X tons, and then fell in the following year.

In value terms, chocolate imports reached $X in 2022. The total import value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 20% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

In 2022, Japan (X tons), distantly followed by China (X tons), South Korea (X tons), Australia (X tons) and the Philippines (X tons) represented the largest importers of chocolate and cocoa products, together mixing up 65% of total imports. Hong Kong SAR (X tons), Singapore (X tons), New Zealand (X tons), Malaysia (X tons), Thailand (X tons), India (X tons), Indonesia (X tons) and Taiwan (Chinese) (X tons) took a minor 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, the largest chocolate importing markets in Asia-Pacific were Japan ($X), China ($X) and Australia ($X), with a combined 44% share of total imports. South Korea, Hong Kong SAR, Singapore, the Philippines, New Zealand, Thailand, Malaysia, Taiwan (Chinese), Indonesia and India lagged somewhat behind, together comprising a further 51%.

The Philippines, with a CAGR of +19.9%, 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-Pacific amounted to $X per ton, picking up by 3.9% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 7.9%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices failed to regain momentum.

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 Hong Kong SAR ($X per ton), while Japan ($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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