Bangladesh: Chocolate Market 2024

Chocolate Market Size in Bangladesh

The Bangladeshi chocolate market amounted to $X in 2022, leveling off at the previous year. In general, consumption, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 6% against the previous year. Chocolate consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Chocolate Production in Bangladesh

In value terms, chocolate production amounted to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 6.5%. Chocolate production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports from Bangladesh

In 2022, exports of chocolate and cocoa products from Bangladesh soared to X tons, rising by 22% against 2021 figures. Over the period under review, exports showed a significant increase. The growth pace was the most rapid in 2013 with an increase of 416%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, chocolate exports contracted to $X in 2022. Overall, exports recorded a significant increase. The growth pace was the most rapid in 2013 with an increase of 402% against the previous year. The exports peaked at $X in 2021, and then dropped in the following year.

Exports by Country

India (X tons) was the main destination for chocolate exports from Bangladesh, accounting for a 63% share of total exports. Moreover, chocolate exports to India exceeded the volume sent to the second major destination, Australia (X tons), fourfold. The third position in this ranking was taken by Bolivia (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India totaled +55.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+54.2% per year) and Bolivia (+82.5% per year).

In value terms, India ($X) remains the key foreign market for chocolate and cocoa products exports from Bangladesh, comprising 74% of total exports. The second position in the ranking was taken by Australia ($X), with a 12% share of total exports. It was followed by Bolivia, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to India amounted to +58.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+50.8% per year) and Bolivia (+65.6% per year).

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, which is down by -29.9% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by 112%. As a result, the export price reached the peak level of $X per ton, and then fell sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+1.9%), while the prices for the other major destinations experienced a decline.

Chocolate Imports

Imports into Bangladesh

In 2022, the amount of chocolate and cocoa products imported into Bangladesh fell markedly to X tons, reducing by -27.1% compared with 2021 figures. Overall, imports, however, posted buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 120% against the previous year. As a result, imports attained the peak of X tons, and then dropped notably in the following year.

In value terms, chocolate imports declined dramatically to $X in 2022. In general, imports, however, saw a strong increase. The most prominent rate of growth was recorded in 2021 when imports increased by 109% against the previous year. As a result, imports attained the peak of $X, and then declined rapidly in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of chocolate to Bangladesh, accounting for a 27% share of total imports. Moreover, chocolate imports from India exceeded the figures recorded by the second-largest supplier, Singapore (X tons), twofold. The Netherlands (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India amounted to +23.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+10.1% per year) and the Netherlands (+37.8% per year).

In value terms, India ($X), Sri Lanka ($X) and Singapore ($X) constituted the largest chocolate suppliers to Bangladesh, with a combined 54% share of total imports.

Sri Lanka, with a CAGR of +43.3%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, growing by 1.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 19% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sri Lanka ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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