Malaysia: Chocolate Market 2024

Chocolate Market Size in Malaysia

The Malaysian chocolate market was estimated at $X in 2022, picking up by 13% against the previous year. Over the period under review, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -9.7% against 2020 indices. Chocolate consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Chocolate Production in Malaysia

In value terms, chocolate production expanded notably to $X in 2022 estimated in export price. In general, the total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 -9.1% against 2020 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 57% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Chocolate Exports

Exports from Malaysia

In 2022, overseas shipments of chocolate and other food preparations containing cocoa decreased by -0.5% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, recorded prominent growth. The growth pace was the most rapid in 2020 with an increase of 82% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then contracted modestly in the following year.

In value terms, chocolate exports fell slightly to $X in 2022. Overall, exports, however, recorded a remarkable increase. The growth pace was the most rapid in 2020 when exports increased by 90% against the previous year. The exports peaked at $X in 2021, and then reduced in the following year.

Exports by Country

Japan (X tons) was the main destination for chocolate exports from Malaysia, accounting for a 36% share of total exports. Moreover, chocolate exports to Japan exceeded the volume sent to the second major destination, Thailand (X tons), threefold. The third position in this ranking was taken by the Philippines (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled +37.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+29.2% per year) and the Philippines (+37.8% per year).

In value terms, Japan ($X), the Philippines ($X) and Thailand ($X) were the largest markets for chocolate exported from Malaysia worldwide, together comprising 52% of total exports.

The Philippines, with a CAGR of +46.7%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, reducing by -3.5% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 26%. Over the period under review, the average export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to India ($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 Bangladesh (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Malaysia

In 2022, imports of chocolate and other food preparations containing cocoa into Malaysia declined to X tons, which is down by -7.7% against 2021 figures. Over the period under review, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +6.3% 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 +68.7% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 39% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then contracted in the following year.

In value terms, chocolate imports contracted to $X in 2022. Overall, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +91.2% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 46%. Over the period under review, imports hit record highs at $X in 2021, and then shrank in the following year.

Imports by Country

Singapore (X tons), Australia (X tons) and Indonesia (X tons) were the main suppliers of chocolate imports to Malaysia, with a combined 88% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +65.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate suppliers to Malaysia were Singapore ($X), Australia ($X) and India ($X), with a combined 76% share of total imports.

India, with a CAGR of +95.6%, saw the highest growth rate of the value of imports, in terms of the main suppliers 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, falling by -4.3% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 12%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+20.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :