Eastern Asia: Chocolate Market 2024

Chocolate Market Size in Eastern Asia

The East Asian chocolate market stood at $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Chocolate Production in Eastern Asia

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 +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when the production volume increased by 16% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports in Eastern Asia

Chocolate exports fell modestly to X tons in 2022, which is down by -1.7% compared with 2021 figures. The total export volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2014 with an increase of 17%. The volume of export peaked at X tons in 2021, and then contracted modestly in the following year.

In value terms, chocolate exports shrank slightly to $X in 2022. The total export value increased at an average annual rate of +4.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 28%. As a result, the exports attained the peak of $X, and then reduced slightly in the following year.

Exports by Country

In 2022, China (X tons) represented the largest exporter of chocolate and cocoa products, committing 55% of total exports. South Korea (X tons) held a 27% share (based on physical terms) of total exports, which put it in second place, followed by Hong Kong SAR (10%) and Japan (6.8%).

From 2012 to 2022, average annual rates of growth with regard to chocolate exports from China stood at +4.3%. At the same time, Japan (+8.1%) and South Korea (+2.6%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +8.1% from 2012-2022. Hong Kong SAR experienced a relatively flat trend pattern. While the share of China (+4.6 p.p.) and Japan (+2.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Korea (-2.3 p.p.) and Hong Kong SAR (-5.2 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest chocolate supplier in Eastern Asia, comprising 56% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 19% share of total exports. It was followed by Japan, with a 14% share.

In China, chocolate exports expanded at an average annual rate of +6.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (+0.2% per year) and Japan (+5.2% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, waning by -3.1% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 10%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.7%), while the other leaders experienced mixed trends in the export price figures.

Chocolate Imports

Imports in Eastern Asia

Chocolate imports reduced to X tons in 2022, waning by -10.7% compared with the previous year's figure. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 17% against the previous year. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, chocolate imports dropped to $X in 2022. The total import value increased at an average annual rate of +3.1% 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 2021 with an increase of 23% against the previous year. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

Japan was the major importer of chocolate and cocoa products in Eastern Asia, with the volume of imports amounting to X tons, which was near 45% of total imports in 2022. China (X tons) held a 24% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (18%) and Hong Kong SAR (8%). Taiwan (Chinese) (X tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by China (with a CAGR of +9.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate importing markets in Eastern Asia were Japan ($X), China ($X) and South Korea ($X), together accounting for 79% of total imports.

In terms of the main importing countries, China, with a CAGR of +7.7%, saw 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

The import price in Eastern Asia stood at $X per ton in 2022, surging by 4.7% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 9.7%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+1.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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