China: Cocoa Powder Market 2024

Cocoa Powder Market Size in China

The Chinese cocoa powder market rose to $X in 2022, with an increase of 1.8% against the previous year. In general, consumption, however, recorded a mild decline. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Cocoa Powder Production in China

In value terms, cocoa powder production stood at $X in 2022 estimated in export price. Overall, production, however, showed a noticeable decline. The pace of growth appeared the most rapid in 2016 with an increase of 37% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Cocoa Powder Exports

Exports from China

In 2022, overseas shipments of cocoa powder (not sweetened) decreased by -10.6% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports continue to indicate a perceptible downturn. The pace of growth was the most pronounced in 2019 with an increase of 29% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, cocoa powder exports reduced to $X in 2022. In general, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 52%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Turkey (X tons), Chile (X tons) and Pakistan (X tons) were the main destinations of cocoa powder exports from China, together comprising 23% of total exports. Thailand, Russia, Iraq, Uzbekistan, India, Morocco, the Philippines, Peru, Croatia and Colombia lagged somewhat behind, together accounting for a further 45%.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +173.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cocoa powder exported from China were Thailand ($X), Turkey ($X) and Russia ($X), together accounting for 27% of total exports. Chile, the Philippines, Pakistan, India, Iraq, Peru, Morocco, Uzbekistan, Croatia and Colombia lagged somewhat behind, together comprising a further 42%.

In terms of the main countries of destination, Iraq, with a CAGR of +100.7%, 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

In 2022, the average cocoa powder export price amounted to $X per ton, rising by 9.6% against the previous year. Over the period under review, the export price, however, recorded a pronounced decrease. The pace of growth appeared the most rapid in 2016 when the average export price increased by 29%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to Uzbekistan ($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 Morocco (+1.0%), while the prices for the other major destinations experienced mixed trend patterns.

Cocoa Powder Imports

Imports into China

For the third year in a row, China recorded growth in supplies from abroad of cocoa powder (not sweetened), which increased by 0.9% to X tons in 2022. In general, total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.4% 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 +12.6% against 2018 indices. The pace of growth was the most pronounced in 2021 with an increase of 25%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, cocoa powder imports soared to $X in 2022. Overall, total imports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.8% 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 +78.6% against 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 41% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and Singapore (X tons) were the main suppliers of cocoa powder imports to China, with a combined 83% share of total imports. Ghana, the Netherlands and Cambodia lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +17.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and Singapore ($X) constituted the largest cocoa powder suppliers to China, with a combined 84% share of total imports. The Netherlands, Ghana and Cambodia lagged somewhat behind, together comprising a further 10%.

Ghana, with a CAGR of +7.1%, saw the highest growth rate of 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 cocoa powder import price stood at $X per ton in 2022, growing by 15% against the previous year. In general, the import price, however, showed a pronounced descent. The pace of growth was the most pronounced in 2016 an increase of 25%. The import price peaked at $X per ton in 2012; however, from 2013 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 Singapore ($X per ton), while the price for Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (-2.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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