Nepal: Chocolate Market 2024

Chocolate Market Size in Nepal

The Nepalese chocolate market declined slightly to $X in 2022, approximately reflecting the previous year. Overall, consumption posted a buoyant expansion. Chocolate consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Chocolate Production in Nepal

In value terms, chocolate production declined to $X in 2022 estimated in export price. Overall, production continues to indicate a resilient increase. The pace of growth was the most pronounced in 2016 with an increase of 51%. Chocolate production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Chocolate Exports

Exports from Nepal

In 2022, approx. X tons of chocolate and cocoa products were exported from Nepal; with an increase of 12% on the previous year's figure. Over the period under review, exports, however, continue to indicate a sharp slump. The most prominent rate of growth was recorded in 2020 with an increase of 296%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, chocolate exports totaled $X in 2022. Overall, exports, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2020 with an increase of 226%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X kg), Canada (X kg) and Australia (X kg) were the main destinations of chocolate exports from Nepal, together accounting for 91% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +24.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from Nepal were Australia ($X), India ($X) and Canada ($X), with a combined 82% share of total exports.

Australia, with a CAGR of +55.2%, recorded the highest growth rate of the value of exports, among 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

The average chocolate export price stood at $X per ton in 2022, dropping by -7.6% against the previous year. Overall, the export price, however, posted a buoyant increase. The growth pace was the most rapid in 2016 an increase of 116% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

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 China ($X per ton), while the average price for exports to India ($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 Australia (+45.5%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Nepal

In 2022, approx. X tons of chocolate and cocoa products were imported into Nepal; which is down by -17.1% on the year before. In general, total imports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.8% 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 +21.9% against 2020 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 65% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, chocolate imports shrank dramatically to $X in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +25.3% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 61% against the previous year. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, India (X tons) constituted the largest chocolate supplier to Nepal, accounting for a 51% share of total imports. Moreover, chocolate imports from India exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. The Netherlands (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+15.8% per year) and the Netherlands (+0.9% per year).

In value terms, India ($X) constituted the largest supplier of chocolate and cocoa products to Nepal, comprising 66% of total imports. The second position in the ranking was taken by Turkey ($X), with a 6.7% share of total imports. It was followed by Russia, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value from India amounted to +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+12.6% per year) and Russia (+17.1% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, remaining constant against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2022: its price 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, chocolate import price increased by +2.7% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the average import price increased by 46%. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform