Eastern Asia: Chocolate Market 2024

Chocolate Market Size in Eastern Asia

The East Asian chocolate market rose remarkably to $X in 2022, growing by 7.6% against the previous year. The market value increased at an average annual rate of +3.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is likely to see steady growth in the near future.

Chocolate Production in Eastern Asia

In value terms, chocolate production rose significantly to $X in 2022 estimated in export price. In general, production continues to indicate a prominent expansion. The pace of growth was the most pronounced in 2013 when the production volume increased by 135%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports in Eastern Asia

In 2022, chocolate exports in Eastern Asia skyrocketed to X tons, with an increase of 20% on 2021 figures. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 41% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, chocolate exports reduced to $X in 2022. Overall, exports, however, showed a perceptible contraction. The pace of growth was the most pronounced in 2018 with an increase of 46%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

China represented the main exporting country with an export of about X tons, which resulted at 67% of total exports. Japan (X tons) took an 18% share (based on physical terms) of total exports, which put it in second place, followed by Taiwan (Chinese) (6.9%). The following exporters - South Korea (X tons) and Hong Kong SAR (X tons) - each amounted to an 8.1% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to chocolate exports from China stood at +7.9%. At the same time, Taiwan (Chinese) (+16.4%) and Japan (+2.7%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +16.4% from 2012-2022. By contrast, Hong Kong SAR (-4.3%) and South Korea (-20.4%) illustrated a downward trend over the same period. China (+33 p.p.), Taiwan (Chinese) (+5.3 p.p.) and Japan (+3.2 p.p.) significantly strengthened its position in terms of the total exports, while Hong Kong SAR and South Korea saw its share reduced by -2.6% and -39.1% from 2012 to 2022, respectively.

In value terms, the largest chocolate supplying countries in Eastern Asia were China ($X), Japan ($X) and Hong Kong SAR ($X), with a combined 86% share of total exports. These countries were followed by Taiwan (Chinese) and South Korea, which together accounted for a further 14%.

Among the main exporting countries, Taiwan (Chinese), with a CAGR of +16.6%, 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 Eastern Asia stood at $X per ton in 2022, shrinking by -25.6% against the previous year. In general, the export price continues to indicate a pronounced descent. The pace of growth was the most pronounced in 2014 when the export price increased by 25% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 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 Hong Kong SAR ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+0.7%), while the other leaders experienced more modest paces of growth.

Chocolate Imports

Imports in Eastern Asia

For the third consecutive year, Eastern Asia recorded growth in purchases abroad of chocolate and other food preparations containing cocoa, which increased by 2.3% to X tons in 2022. The total import volume increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 10% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, chocolate imports expanded rapidly to $X in 2022. The total import value increased at an average annual rate of +3.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 15% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

Japan was the major importer of chocolate and other food preparations containing cocoa in Eastern Asia, with the volume of imports reaching X tons, which was near 67% of total imports in 2022. China (X tons) ranks second in terms of the total imports with a 20% share, followed by South Korea (11%). Taiwan (Chinese) (X tons) followed a long way behind the leaders.

Japan experienced a relatively flat trend pattern with regard to volume of imports of chocolate and other food preparations containing cocoa. At the same time, China (+22.3%) and Taiwan (Chinese) (+2.6%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +22.3% from 2012-2022. South Korea experienced a relatively flat trend pattern. While the share of China (+17 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Korea (-2.8 p.p.) and Japan (-13.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported chocolate and other food preparations containing cocoa in Eastern Asia, comprising 57% of total imports. The second position in the ranking was taken by China ($X), with a 24% share of total imports. It was followed by South Korea, with a 15% share.

From 2012 to 2022, the average annual growth rate of value in Japan totaled +1.4%. The remaining importing countries recorded the following average annual rates of imports growth: China (+20.8% per year) and South Korea (+0.4% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by 6.8% against the previous year. Overall, the import price showed a modest expansion. The most prominent rate of growth was recorded in 2014 when the import price increased by 7.9% against the previous year. As a result, import price attained the peak level of $X per ton; afterwards, it flattened through to 2022.

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 South Korea ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+0.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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