Philippines: Chocolate Market 2024

Chocolate Market Size in the Philippines

For the sixth consecutive year, the Philippine chocolate market recorded growth in sales value, which increased by 5.9% to $X in 2022. The market value increased at an average annual rate of +4.0% 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 2016 to 2022, the growth of the market failed to regain momentum.

Chocolate Production in the Philippines

In value terms, chocolate production stood at $X in 2022 estimated in export price. In general, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 -0.5% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 42% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Chocolate Exports

Exports from the Philippines

After four years of growth, shipments abroad of chocolate and cocoa products decreased by -19.7% to X tons in 2022. Over the period under review, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 179% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, chocolate exports reduced to $X in 2022. Overall, exports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2013 when exports increased by 194%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for chocolate exports from the Philippines, with a 43% share of total exports. Moreover, chocolate exports to China exceeded the volume sent to the second major destination, the United States (X tons), threefold. Thailand (X tons) ranked third in terms of total exports with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled +40.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+6.8% per year) and Thailand (-0.9% per year).

In value terms, China ($X) remains the key foreign market for chocolate and cocoa products exports from the Philippines, comprising 42% of total exports. The second position in the ranking was held by the United States ($X), with a 13% share of total exports. It was followed by Thailand, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled +47.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+13.0% per year) and Thailand (+1.7% per year).

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, growing by 12% against the previous year. Over the period under review, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chocolate export price increased by +60.6% against 2016 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 22% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Singapore ($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 (+9.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into the Philippines

In 2022, the amount of chocolate and cocoa products imported into the Philippines skyrocketed to X tons, increasing by 44% against the previous year's figure. Overall, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 52% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, chocolate imports soared to $X in 2022. Over the period under review, imports continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2016 when imports increased by 109% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of chocolate to the Philippines, with a 38% share of total imports. Moreover, chocolate imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia totaled +37.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+21.9% per year) and the United States (+8.7% per year).

In value terms, Indonesia ($X), Malaysia ($X) and Australia ($X) appeared to be the largest chocolate suppliers to the Philippines, together comprising 52% of total imports. Switzerland, the United States, China, India, Singapore, Germany, the Netherlands and Belgium lagged somewhat behind, together comprising a further 33%.

Among the main suppliers, India, with a CAGR of +46.4%, 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, rising by 6.3% against the previous year. In general, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.2% 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 +16.8% against 2020 indices. The pace of growth appeared the most rapid in 2014 an increase of 41% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2016; however, from 2017 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 Switzerland ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+20.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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