Asia-Pacific: Market for Cocoa Powder (Containing Added Sugar) 2024

Market Size for Cocoa Powder (Containing Added Sugar) in Asia-Pacific

The Asia-Pacific cocoa powder with sugar market reached $X in 2021, therefore, remained relatively stable against the previous year. Overall, consumption showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the market value increased by 7.1%. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Production of Cocoa Powder (Containing Added Sugar) in Asia-Pacific

In value terms, cocoa powder with sugar production shrank slightly to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 7.2% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then shrank in the following year.

Exports of Cocoa Powder (Containing Added Sugar)

Exports in Asia-Pacific

In 2021, overseas shipments of cocoa powder (containing added sugar) decreased by -2.4% to X tons for the first time since 2016, thus ending a four-year rising trend. Total exports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 21%. Over the period under review, the exports hit record highs at X tons in 2020, and then contracted in the following year.

In value terms, cocoa powder with sugar exports stood at $X in 2021. The total export value increased at an average annual rate of +1.0% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2019 when exports increased by 20% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

South Korea was the major exporter of cocoa powder (containing added sugar) in Asia-Pacific, with the volume of exports amounting to X tons, which was approx. 37% of total exports in 2021. Thailand (X tons) held a 20% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (15%), Indonesia (11%) and Singapore (11%). Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +71.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa powder with sugar supplying countries in Asia-Pacific were South Korea ($X), Malaysia ($X) and Thailand ($X), together accounting for 69% of total exports. These countries were followed by Singapore, Indonesia and Vietnam, which together accounted for a further 18%.

Among the main exporting countries, Vietnam, with a CAGR of +52.5%, recorded 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

The export price in Asia-Pacific stood at $X per ton in 2021, with an increase of 3.8% against the previous year. Overall, the export price, however, showed a noticeable setback. The most prominent rate of growth was recorded in 2016 an increase of 5.3%. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+0.7%), while the other leaders experienced a decline in the export price figures.

Imports of Cocoa Powder (Containing Added Sugar)

Imports in Asia-Pacific

In 2021, overseas purchases of cocoa powder (containing added sugar) decreased by -7.1% to X tons, falling for the second year in a row after three years of growth. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 16% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, cocoa powder with sugar imports shrank modestly to $X in 2021. In general, imports showed a noticeable curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 17% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Japan prevails in imports structure, resulting at X tons, which was near 59% of total imports in 2021. It was distantly followed by China (X tons), making up an 8.3% share of total imports. The following importers - South Korea (X tons), New Zealand (X tons), India (X tons), Indonesia (X tons), Malaysia (X tons), Thailand (X tons), Singapore (X tons) and Hong Kong SAR (X tons) - together made up 24% of total imports.

Japan experienced a relatively flat trend pattern with regard to volume of imports of cocoa powder (containing added sugar). At the same time, India (+56.6%), Thailand (+19.2%), Malaysia (+13.0%), New Zealand (+7.2%), China (+7.0%) and South Korea (+1.7%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +56.6% from 2012-2021. By contrast, Hong Kong SAR (-8.2%), Indonesia (-10.0%) and Singapore (-18.6%) illustrated a downward trend over the same period. Japan (+6.9 p.p.), China (+4.1 p.p.), India (+3.3 p.p.), Thailand (+2.2 p.p.), Malaysia (+2.1 p.p.) and New Zealand (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Hong Kong SAR, Indonesia and Singapore saw its share reduced by -1.6%, -4.6% and -12.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported cocoa powder (containing added sugar) in Asia-Pacific, comprising 29% of total imports. The second position in the ranking was held by China ($X), with an 11% share of total imports. It was followed by South Korea, with a 7.7% share.

In Japan, cocoa powder with sugar imports declined by an average annual rate of -4.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: China (+0.5% per year) and South Korea (+1.8% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, rising by 4.4% against the previous year. In general, the import price, however, recorded a mild decline. The growth pace was the most rapid in 2014 an increase of 10%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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