Philippines: Chocolate Market 2024

Chocolate Exports

Exports from the Philippines

In 2022, the amount of chocolate and other food preparations containing cocoa exported from the Philippines soared to X tons, jumping by 41% on 2021. In general, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2021 when exports increased by 2,511%. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, chocolate exports skyrocketed to $X in 2022. Overall, exports recorded a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 5,766% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for chocolate exports from the Philippines, accounting for a 58% share of total exports. Moreover, chocolate exports to China exceeded the volume sent to the second major destination, the United States (X tons), threefold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +843.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+52.8% per year) and Taiwan (Chinese) (+139.4% per year).

In value terms, China ($X) remains the key foreign market for chocolate and other food preparations containing cocoa exports from the Philippines, comprising 56% of total exports. The second position in the ranking was taken by the United States ($X), with a 23% share of total exports. It was followed by Taiwan (Chinese), with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value to China stood at +734.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+64.5% per year) and Taiwan (Chinese) (+139.3% per year).

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, picking up by 8.1% against the previous year. Overall, the export price recorded prominent growth. The most prominent rate of growth was recorded in 2015 when the average export price increased by 443% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Hong Kong SAR ($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 Arab Emirates (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into the Philippines

Chocolate imports into the Philippines rose rapidly to X tons in 2022, growing by 7.2% against the previous year's figure. Over the period under review, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 67%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, chocolate imports surged to $X in 2022. Overall, imports enjoyed a buoyant expansion. The growth pace was the most rapid in 2016 when imports increased by 46% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of chocolate to the Philippines, with a 44% share of total imports. Moreover, chocolate imports from Malaysia exceeded the figures recorded by the second-largest supplier, Singapore (X tons), twofold. The United States (X tons) ranked third in terms of total imports with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to +29.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+8.0% per year) and the United States (+19.5% per year).

In value terms, Malaysia ($X) constituted the largest supplier of chocolate and other food preparations containing cocoa to the Philippines, comprising 44% of total imports. The second position in the ranking was held by Singapore ($X), with a 22% share of total imports. It was followed by the United States, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia stood at +46.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+11.5% per year) and the United States (+16.1% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, surging by 9.2% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The pace of growth appeared the most rapid in 2021 an increase of 46%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the immediate term.

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 Belgium ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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