China: Chocolate Market 2024

Chocolate Market Size in China

In 2022, the Chinese chocolate market decreased by -0.3% to $X, falling for the second consecutive year after three years of growth. The market value increased at an average annual rate of +4.2% 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 hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Chocolate Production in China

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 +4.2% 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 2015 with an increase of 21%. Chocolate production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports from China

Chocolate exports from China declined modestly to X tons in 2022, remaining stable against the previous year. The total export volume 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. The pace of growth appeared the most rapid in 2021 with an increase of 30%. As a result, the exports reached the peak of X tons, leveling off in the following year.

In value terms, chocolate exports reached $X in 2022. Overall, total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% 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 +46.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 46% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The Philippines (X tons), South Korea (X tons) and the United States (X tons) were the main destinations of chocolate exports from China, with a combined 25% share of total exports. Thailand, Indonesia, Australia, Malaysia, Japan, the United Arab Emirates, Saudi Arabia, Vietnam, New Zealand and Mexico lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +20.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), the Philippines ($X) and the United States ($X) constituted the largest markets for chocolate exported from China worldwide, with a combined 29% share of total exports. Thailand, Japan, Malaysia, Australia, Mexico, Indonesia, Saudi Arabia, New Zealand, Vietnam and the United Arab Emirates lagged somewhat behind, together comprising a further 35%.

Among the main countries of destination, Mexico, with a CAGR of +23.4%, recorded the highest growth rate of 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

In 2022, the average chocolate export price amounted to $X per ton, stabilizing at the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2015 when the average export price increased by 13% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Indonesia ($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 Mexico (+7.4%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into China

After four years of growth, purchases abroad of chocolate and cocoa products decreased by -30.9% to X tons in 2022. In general, imports, however, continue to indicate a prominent increase. The growth pace was the most rapid in 2018 with an increase of 56% against the previous year. Imports peaked at X tons in 2021, and then fell significantly in the following year.

In value terms, chocolate imports dropped to $X in 2022. Overall, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.7% 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 +72.1% against 2016 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 39%. As a result, imports reached the peak of $X, and then dropped in the following year.

Imports by Country

Belgium (X tons), Russia (X tons) and Italy (X tons) were the main suppliers of chocolate imports to China, with a combined 40% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +98.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate suppliers to China were Italy ($X), Belgium ($X) and Malaysia ($X), with a combined 42% share of total imports. Switzerland, Russia, Singapore, the United States, Germany, Japan, France, Turkey, Indonesia and Thailand lagged somewhat behind, together accounting for a further 43%.

In terms of the main suppliers, Russia, with a CAGR of +97.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, growing by 24% against the previous year. In general, the import price, however, showed a mild shrinkage. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Thailand ($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 United States (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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