Indonesia: Chocolate Market 2024

Chocolate Market Size in Indonesia

The Indonesian chocolate market fell to $X in 2022, with a decrease of -2.5% 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. Chocolate consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Chocolate Production in Indonesia

In value terms, chocolate production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 16% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Chocolate Exports

Exports from Indonesia

In 2022, overseas shipments of chocolate and cocoa products increased by 5.4% to X tons, rising for the fourth consecutive year after two years of decline. Over the period under review, exports showed a strong expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 82%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, chocolate exports rose remarkably to $X in 2022. Overall, total exports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +79.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 59%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

The Philippines (X tons), China (X tons) and Malaysia (X tons) were the main destinations of chocolate exports from Indonesia, together accounting for 59% of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +35.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X) remains the key foreign market for chocolate and cocoa products exports from Indonesia, comprising 30% of total exports. The second position in the ranking was held by Malaysia ($X), with a 12% share of total exports. It was followed by Thailand, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Philippines totaled +24.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+5.7% per year) and Thailand (-5.4% per year).

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, increasing by 6.8% against the previous year. Overall, the export price, however, saw a pronounced decline. The growth pace was the most rapid in 2018 an increase of 8.5% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to China ($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 Malaysia (-0.2%), while the prices for the other major destinations experienced a decline.

Chocolate Imports

Imports into Indonesia

In 2022, the amount of chocolate and cocoa products imported into Indonesia surged to X tons, growing by 42% against 2021 figures. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +7.9% 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 +69.9% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, chocolate imports surged to $X in 2022. In general, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +10.3% 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 +63.8% against 2020 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 34%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Malaysia (X tons), China (X tons) and Singapore (X tons) were the main suppliers of chocolate imports to Indonesia, with a combined 53% share of total imports. Australia, India, Belgium, Switzerland, Germany and Italy lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +27.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Singapore ($X) and India ($X) were the largest chocolate suppliers to Indonesia, together comprising 46% of total imports.

In terms of the main suppliers, Singapore, with a CAGR of +29.8%, recorded the highest growth rate of 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

In 2022, the average chocolate import price amounted to $X per ton, waning by -7.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2018 an increase of 18%. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a 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 India ($X per ton), while the price for China ($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 (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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