Philippines: Market for Chocolate Bars With Fillings 2024

Market Size for Chocolate Bars With Fillings in the Philippines

The Philippine chocolate bar with filling market was estimated at $X in 2021, picking up by 3.8% against the previous year. Over the period under review, the total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -7.7% against 2019 indices. Chocolate bar with filling consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Production of Chocolate Bars With Fillings in the Philippines

In value terms, chocolate bar with filling production totaled $X in 2021 estimated in export price. Over the period under review, the total production indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -5.0% against 2019 indices. The growth pace was the most rapid in 2018 when the production volume increased by 40%. Chocolate bar with filling production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Exports of Chocolate Bars With Fillings

Exports from the Philippines

After two years of decline, overseas shipments of chocolate bars with fillings increased by 1,138% to X tons in 2021. In general, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 875,459%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, chocolate bar with filling exports surged to $X in 2021. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 1,289,898% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

South Korea (X tons) was the main destination for chocolate bar with filling exports from the Philippines, with a 60% share of total exports. Moreover, chocolate bar with filling exports to South Korea exceeded the volume sent to the second major destination, China (X tons), sevenfold. Thailand (X tons) ranked third in terms of total exports with a 7.6% share.

From 2012 to 2021, the average annual growth rate of volume to South Korea stood at +43.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+55.4% per year) and Thailand (0.0% per year).

In value terms, South Korea ($X) emerged as the key foreign market for chocolate bars with fillings exports from the Philippines, comprising 50% of total exports. The second position in the ranking was taken by China ($X), with a 10% share of total exports. It was followed by Thailand, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to South Korea stood at +44.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+7.0% per year) and Thailand (0.0% per year).

Export Prices by Country

In 2021, the average chocolate bar with filling export price amounted to $X per ton, falling by -24% against the previous year. Over the period under review, the export price, however, enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2019 when the average export price increased by 77%. Over the period under review, the average export prices reached the maximum at $X per ton in 2020, and then reduced markedly in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Micronesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Chocolate Bars With Fillings

Imports into the Philippines

In 2021, purchases abroad of chocolate bars with fillings decreased by -17.7% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2016 when imports increased by 194%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, chocolate bar with filling imports fell markedly to $X in 2021. Overall, imports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2016 when imports increased by 203% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of chocolate bar with filling to the Philippines, with a 49% share of total imports. Moreover, chocolate bar with filling imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. The United States (X tons) ranked third in terms of total imports with a 7.4% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +25.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+29.8% per year) and the United States (+0.8% per year).

In value terms, Malaysia ($X), China ($X) and Italy ($X) appeared to be the largest chocolate bar with filling suppliers to the Philippines, together comprising 71% of total imports.

Italy, with a CAGR of +84.1%, 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

The average chocolate bar with filling import price stood at $X per ton in 2021, with a decrease of -4% against the previous year. In general, import price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, chocolate bar with filling import price decreased by -20.4% against 2018 indices. The pace of growth was the most pronounced in 2015 an increase of 36% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Denmark ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+11.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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