Asia-Pacific: Chocolate Market 2024

Chocolate Market Size in Asia-Pacific

For the third consecutive year, the Asia-Pacific chocolate market recorded growth in sales value, which increased by 3.3% to $X in 2022. The market 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. Over the period under review, the market attained the maximum level in 2022 and is likely to see steady growth in years to come.

Chocolate Production in Asia-Pacific

In value terms, chocolate production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.7% 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 2013 with an increase of 30%. Over the period under review, production attained the maximum level at $X in 2018; afterwards, it flattened through to 2022.

Chocolate Exports

Exports in Asia-Pacific

In 2022, overseas shipments of chocolate and other food preparations containing cocoa decreased by -3.1% to X tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +3.9% 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 when exports increased by 19% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank slightly in the following year.

In value terms, chocolate exports soared to $X in 2022. Total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.8% 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 +75.4% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore was the main exporting country with an export of around X tons, which finished at 48% of total exports. Malaysia (X tons) held the second position in the ranking, distantly followed by Australia (X tons), Indonesia (X tons) and Thailand (X tons). All these countries together took near 48% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading 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 ($X) remains the largest chocolate supplier in Asia-Pacific, comprising 62% of total exports. The second position in the ranking was taken by Australia ($X), with a 15% share of total exports. It was followed by Malaysia, with a 12% 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: Australia (+26.9% per year) and Malaysia (+5.6% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, picking up by 31% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Australia ($X per ton), while Malaysia ($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-Pacific

In 2022, the amount of chocolate and other food preparations containing cocoa imported in Asia-Pacific was estimated at X tons, standing approx. at the year before. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 11% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, chocolate imports rose sharply to $X in 2022. The total import value increased at an average annual rate of +3.5% over the period 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 2021 with an increase of 18%. 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) was the main importer of chocolate and other food preparations containing cocoa, committing 50% of total imports. It was distantly followed by China (X tons), South Korea (X tons) and Malaysia (X tons), together creating a 28% share of total imports. Australia (X tons), Thailand (X tons), the Philippines (X tons), India (X tons), Pakistan (X tons) and Indonesia (X tons) took a relatively small 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%), the Philippines (+12.8%), Pakistan (+11.3%), Malaysia (+6.3%), India (+3.1%) and Thailand (+2.3%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +22.3% from 2012-2022. Indonesia, South Korea and Australia experienced a relatively flat trend pattern. While the share of China (+12 p.p.), the Philippines (+1.6 p.p.) and Malaysia (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Korea (-2.1 p.p.) and Japan (-10.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported chocolate and other food preparations containing cocoa in Asia-Pacific, comprising 40% of total imports. The second position in the ranking was taken by China ($X), with a 17% share of total imports. It was followed by South Korea, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Japan totaled +1.4%. The remaining importing countries recorded the following average annual rates of imports growth: China (+20.8% per year) and South Korea (+0.4% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, growing by 6.5% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 8.3% against the previous year. As a result, import price reached the peak level of $X per ton; afterwards, it flattened through to 2022.

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 Indonesia ($X per ton), while Japan ($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 (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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