India: Cocoa Powder Market 2024

Cocoa Powder Market Size in India

The Indian cocoa powder market was estimated at $X in 2022, growing by 8.5% against the previous year. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Cocoa Powder Production in India

In value terms, cocoa powder production expanded to $X in 2022 estimated in export price. Overall, production, however, showed a pronounced slump. The pace of growth was the most pronounced in 2018 with an increase of 23%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Cocoa Powder Exports

Exports from India

In 2022, cocoa powder exports from India soared to X tons, with an increase of 61% against 2021. Over the period under review, exports recorded prominent growth. The pace of growth appeared the most rapid in 2017 when exports increased by 491%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, cocoa powder exports soared to $X in 2022. Overall, exports showed a strong increase. The pace of growth was the most pronounced in 2017 when exports increased by 638%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Nepal (X tons) was the main destination for cocoa powder exports from India, accounting for a 38% share of total exports. Moreover, cocoa powder exports to Nepal exceeded the volume sent to the second major destination, Kenya (X tons), twofold. The third position in this ranking was held by Cameroon (X tons), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Nepal totaled +44.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kenya (+60.5% per year) and Cameroon (+21.8% per year).

In value terms, Nepal ($X) remains the key foreign market for cocoa powder (not sweetened) exports from India, comprising 32% of total exports. The second position in the ranking was taken by Cameroon ($X), with a 16% share of total exports. It was followed by Kenya, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to Nepal amounted to +55.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cameroon (+21.2% per year) and Kenya (+69.0% per year).

Export Prices by Country

The average cocoa powder export price stood at $X per ton in 2022, picking up by 17% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 30% against the previous year. The export price peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to the United Arab Emirates ($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 South Africa (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into India

For the sixth consecutive year, India recorded growth in supplies from abroad of cocoa powder (not sweetened), which increased by 31% to X tons in 2022. Overall, imports recorded resilient growth. The growth pace was the most rapid in 2014 when imports increased by 65% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, cocoa powder imports soared to $X in 2022. In general, imports enjoyed buoyant growth. The growth pace was the most rapid in 2021 when imports increased by 60%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest cocoa powder supplier to India, with a 88% share of total imports. Moreover, cocoa powder imports from Indonesia exceeded the figures recorded by the second-largest supplier, Singapore (X tons), more than tenfold. The third position in this ranking was held by China (X tons), with a 1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia totaled +28.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+23.0% per year) and China (+1.4% per year).

In value terms, Indonesia ($X) constituted the largest supplier of cocoa powder (not sweetened) to India, comprising 86% of total imports. The second position in the ranking was held by Singapore ($X), with a 9.5% share of total imports. It was followed by Malaysia, with a 1.1% share.

From 2012 to 2022, the average annual growth rate of value from Indonesia totaled +24.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+17.0% per year) and Malaysia (-17.7% per year).

Import Prices by Country

The average cocoa powder import price stood at $X per ton in 2022, growing by 21% against the previous year. Overall, the import price, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2021 when the average import price increased by 21% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (-1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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