Philippines: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in the Philippines

The Philippine chocolate and confectionery market rose modestly to $X in 2022, picking up by 3.7% against the previous year. The market value increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level in 2022 and is likely to see steady growth in the immediate term.

Chocolate And Confectionery Production in the Philippines

In value terms, chocolate and confectionery production declined slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 with an increase of 29%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Chocolate And Confectionery Exports

Exports from the Philippines

After three years of growth, overseas shipments of chocolate and confectionery decreased by -20.5% to X tons in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 60%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, chocolate and confectionery exports contracted to $X in 2022. Overall, exports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2014 with an increase of 97% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons), the Netherlands (X tons) and the United States (X tons) were the main destinations of chocolate and confectionery exports from the Philippines, with a combined 64% share of total exports. Thailand, Vietnam, Japan, Malaysia, Taiwan (Chinese), Canada, Hong Kong SAR, Singapore, the United Arab Emirates and the UK lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +93.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate and confectionery exported from the Philippines were China ($X), the Netherlands ($X) and the United States ($X), with a combined 63% share of total exports. Thailand, Malaysia, Taiwan (Chinese), Vietnam, Japan, Canada, Hong Kong SAR, the United Arab Emirates, the UK and Singapore lagged somewhat behind, together accounting for a further 28%.

In terms of the main countries of destination, Vietnam, with a CAGR of +102.8%, saw the highest growth rate of the value of exports, 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 and confectionery export price amounted to $X per ton, surging by 8% against the previous year. Overall, export price indicated resilient growth 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 and confectionery export price increased by +1.4% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 23%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Singapore ($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 (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate And Confectionery Imports

Imports into the Philippines

Chocolate and confectionery imports into the Philippines skyrocketed to X tons in 2022, rising by 27% against the previous year. Overall, imports posted a strong increase. The most prominent rate of growth was recorded in 2016 when imports increased by 47%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, chocolate and confectionery imports surged to $X in 2022. In general, imports continue to indicate prominent growth. The growth pace was the most rapid in 2016 with an increase of 89%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Indonesia (X tons), Malaysia (X tons) and Singapore (X tons) were the main suppliers of chocolate and confectionery imports to the Philippines, with a combined 71% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +18.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and Singapore ($X) constituted the largest chocolate and confectionery suppliers to the Philippines, with a combined 60% share of total imports. Australia, the United States, China, Germany and the Netherlands lagged somewhat behind, together comprising a further 19%.

In terms of the main suppliers, Australia, with a CAGR of +25.1%, saw the highest rates of growth with regard to 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

The average chocolate and confectionery import price stood at $X per ton in 2022, increasing by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2016 when the average import price increased by 28%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a somewhat lower figure.

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 Australia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+18.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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