Hong Kong SAR, China: Cocoa Paste Market 2024

Cocoa Paste Market Size in Hong Kong SAR, China

After four years of growth, the Hong Kong cocoa paste market decreased by -7.3% to $X in 2021. In general, the total consumption indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +50.1% against 2016 indices. As a result, consumption attained the peak level of $X, and then reduced in the following year.

Cocoa Paste Production in Hong Kong SAR, China

In value terms, cocoa paste production reduced to $X in 2021 estimated in export price. Over the period under review, the total production indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +50.0% against 2016 indices. The most prominent rate of growth was recorded in 2020 with an increase of 21% against the previous year. As a result, production reached the peak level of $X, and then dropped in the following year.

Cocoa Paste Exports

Exports from Hong Kong SAR, China

In 2021, the amount of cocoa paste exported from Hong Kong SAR amounted to X kg, remaining stable against the year before. In general, exports faced a dramatic decline. The smallest decline of -20% was in 2016. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, cocoa paste exports stood at $X in 2021. Overall, exports continue to indicate a significant decrease. The smallest decline of -20% was in 2017. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

France (X kg) was the main destination for cocoa paste exports from Hong Kong SAR, accounting for a approx. 53% share of total exports.

From 2015 to 2021, the average annual growth rate of volume to France stood at +66.9%.

From 2015 to 2021, the average annual rate of growth in terms of value to France amounted to +16.7%.

Export Prices by Country

The average cocoa paste export price stood at $X per ton in 2021, flattening at the previous year. In general, the export price saw a strong increase. The most prominent rate of growth was recorded in 2017 an increase of less than 0.1%. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to continue growth in the near future.

As there is only one major export destination, the average price level is determined by prices for France.

From 2015 to 2021, the rate of growth in terms of prices for France amounted to -29.9% per year.

Cocoa Paste Imports

Imports into Hong Kong SAR, China

In 2021, approx. X tons of cocoa paste were imported into Hong Kong SAR; rising by 96% on the previous year's figure. Over the period under review, imports enjoyed a significant expansion. The pace of growth was the most pronounced in 2018 with an increase of 220% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, cocoa paste imports skyrocketed to $X in 2021. In general, imports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 205% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest cocoa paste supplier to Hong Kong SAR, accounting for a 33% share of total imports. Moreover, cocoa paste imports from Malaysia exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Singapore (X tons) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia stood at +35.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+37.2% per year) and Singapore (+1,314.9% per year).

In value terms, Malaysia ($X) constituted the largest supplier of cocoa paste to Hong Kong SAR, comprising 28% of total imports. The second position in the ranking was taken by the United States ($X), with a 9.8% share of total imports. It was followed by Singapore, with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia totaled +28.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+33.2% per year) and Singapore (+1,330.8% per year).

Import Prices by Country

The average cocoa paste import price stood at $X per ton in 2021, surging by 1.7% against the previous year. Overall, the import price, however, saw a deep setback. The pace of growth appeared the most rapid in 2017 when the average import price increased by 47% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Ecuador ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ecuador (+11.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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