Asia-Pacific: Cocoa Bean Market 2024

Cocoa Bean Market Size in Asia-Pacific

The Asia-Pacific cocoa bean market stood at $X in 2022, surging by 2.3% against the previous year. The total consumption indicated a tangible expansion 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, consumption increased by +50.5% against 2017 indices. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the immediate term.

Cocoa Bean Production in Asia-Pacific

In value terms, cocoa bean production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% 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 2018 with an increase of 51%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

The country with the largest volume of cocoa bean production was Indonesia (X tons), accounting for 83% of total volume. Moreover, cocoa bean production in Indonesia exceeded the figures recorded by the second-largest producer, Papua New Guinea (X tons), sevenfold.

From 2012 to 2022, the average annual growth rate of volume in Indonesia was relatively modest. In the other countries, the average annual rates were as follows: Papua New Guinea (+2.5% per year) and India (+7.4% per year).

In 2022, the average yield of cocoa beans in Asia-Pacific fell to X kg per ha, almost unchanged from the previous year's figure. The yield figure increased at an average annual rate of +1.8% 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 2018 with an increase of 28%. The level of yield peaked at X kg per ha in 2021, and then shrank in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of cocoa beans were harvested in Asia-Pacific; remaining constant against the previous year's figure. Over the period under review, the harvested area continues to indicate a mild decrease. The most prominent rate of growth was recorded in 2021 with an increase of 0.4%. The level of harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Cocoa Bean Exports

Exports in Asia-Pacific

In 2022, exports of cocoa beans in Asia-Pacific shrank to X tons, which is down by -3% on the previous year's figure. In general, exports showed a noticeable downturn. The growth pace was the most rapid in 2017 with an increase of 18% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, cocoa bean exports shrank slightly to $X in 2022. Over the period under review, exports saw a noticeable shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by 15%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia represented the major exporter of cocoa beans in Asia-Pacific, with the volume of exports finishing at X tons, which was near 53% of total exports in 2022. It was distantly followed by Papua New Guinea (X tons) and Indonesia (X tons), together mixing up a 42% share of total exports. Solomon Islands (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Solomon Islands (with a CAGR of +8.3%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the largest cocoa bean supplier in Asia-Pacific, comprising 52% of total exports. The second position in the ranking was held by Papua New Guinea ($X), with a 26% share of total exports. It was followed by Indonesia, with a 16% share.

From 2012 to 2022, the average annual growth rate of value in Malaysia totaled +7.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Papua New Guinea (-0.9% per year) and Indonesia (-14.4% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, remaining constant against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the export price increased by 27% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Indonesia ($X per ton) and Malaysia ($X per ton), while Solomon Islands ($X per ton) and Papua New Guinea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.9%), while the other leaders experienced mixed trends in the export price figures.

Cocoa Bean Imports

Imports in Asia-Pacific

In 2022, the amount of cocoa beans imported in Asia-Pacific rose slightly to X tons, increasing by 4.2% against the previous year. Total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.0% 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 +23.2% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 53%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, cocoa bean imports fell to $X in 2022. Total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.0% 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 +20.0% against 2014 indices. The most prominent rate of growth was recorded in 2014 with an increase of 41% against the previous year. The level of import peaked at $X in 2021, and then declined modestly in the following year.

Imports by Country

In 2022, Malaysia (X tons) and Indonesia (X tons) represented the major importers of cocoa beans in Asia-Pacific, together mixing up 80% of total imports. Singapore (X tons) took the next position in the ranking, followed by Japan (X tons). All these countries together took near 15% share of total imports. India (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Indonesia (with a CAGR of +30.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and Singapore ($X) were the countries with the highest levels of imports in 2022, together comprising 89% of total imports.

Indonesia, with a CAGR of +27.8%, recorded the highest growth rate of the value of imports, among 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-Pacific stood at $X per ton in 2022, dropping by -5% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 26% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Japan ($X per ton) and Malaysia ($X per ton), while Indonesia ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :