Malaysia: Chocolate Market 2024

Chocolate Market Size in Malaysia

The Malaysian chocolate market reached $X in 2022, standing approx. at the previous year. The market value increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Chocolate Production in Malaysia

In value terms, chocolate production declined modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.4% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 18% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from Malaysia

Chocolate exports from Malaysia contracted modestly to X tons in 2022, shrinking by -4.5% on 2021. Over the period under review, exports, however, saw a strong increase. The most prominent rate of growth was recorded in 2017 when exports increased by 35%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, chocolate exports declined to $X in 2022. In general, exports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 42%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for chocolate exports from Malaysia, accounting for a 27% share of total exports. Moreover, chocolate exports to Japan exceeded the volume sent to the second major destination, China (X tons), threefold. The third position in this ranking was taken by Thailand (X tons), with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at +5.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+15.7% per year) and Thailand (+11.2% per year).

In value terms, China ($X), the Philippines ($X) and Japan ($X) constituted the largest markets for chocolate exported from Malaysia worldwide, with a combined 37% share of total exports. Singapore, Thailand, South Korea, Indonesia, Saudi Arabia, the United Arab Emirates, the United States, India, Vietnam and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 48%.

Among the main countries of destination, Saudi Arabia, with a CAGR of +33.5%, recorded the highest growth rate of 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 average chocolate export price stood at $X per ton in 2022, waning by -1.8% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average export price increased by 11%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 the United States (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Malaysia

In 2022, the amount of chocolate and cocoa products imported into Malaysia dropped to X tons, waning by -7.4% on the previous year's figure. The total import volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when imports increased by 26% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, chocolate imports fell to $X in 2022. The total import value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 with an increase of 28% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Australia (X tons), Singapore (X tons) and China (X tons) were the main suppliers of chocolate imports to Malaysia, together accounting for 52% of total imports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +18.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), China ($X) and Australia ($X) were the largest chocolate suppliers to Malaysia, together comprising 43% of total imports. The United States, Indonesia, the Netherlands, Italy, Thailand, India, Germany, Switzerland, Turkey and Belgium lagged somewhat behind, together comprising a further 42%.

In terms of the main suppliers, India, with a CAGR of +13.9%, 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

The average chocolate import price stood at $X per ton in 2022, which is down by -3.9% against the previous year. In general, the import price showed a slight decrease. The most prominent rate of growth was recorded in 2016 an increase of 29%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices remained 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 the United States ($X per ton), while the price for Australia ($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 (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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