Philippines: Cocoa Powder Market 2024

Cocoa Powder Market Size in the Philippines

The Philippine cocoa powder market surged to $X in 2022, growing by 19% against the previous year. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the immediate term.

Cocoa Powder Production in the Philippines

In value terms, cocoa powder production contracted dramatically to $X in 2022 estimated in export price. Over the period under review, production faced a sharp decline. The pace of growth was the most pronounced in 2015 when the production volume increased by 118%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Cocoa Powder Exports

Exports from the Philippines

In 2022, shipments abroad of cocoa powder (not sweetened) decreased by -54.5% to X tons, falling for the second consecutive year after three years of growth. Overall, exports, however, showed a resilient expansion. The pace of growth was the most pronounced in 2015 with an increase of 527% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, cocoa powder exports shrank markedly to $X in 2022. In general, exports, however, saw a significant expansion. The growth pace was the most rapid in 2016 when exports increased by 687%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X tons) was the main destination for cocoa powder exports from the Philippines, accounting for a 73% share of total exports. Moreover, cocoa powder exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X tons), eightfold. The third position in this ranking was taken by the United States (X tons), with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia amounted to +42.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-88.7% per year) and the United States (+38.6% per year).

In value terms, Malaysia ($X) remains the key foreign market for cocoa powder (not sweetened) exports from the Philippines, comprising 70% of total exports. The second position in the ranking was taken by the United States ($X), with an 11% share of total exports. It was followed by Indonesia, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia amounted to +67.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+104.7% per year) and Indonesia (-80.9% per year).

Export Prices by Country

In 2022, the average cocoa powder export price amounted to $X per ton, growing by 28% against the previous year. In general, the export price saw resilient growth. The pace of growth was the most pronounced in 2017 when the average export price increased by 134% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Vietnam ($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 Indonesia (+68.4%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into the Philippines

After two years of decline, supplies from abroad of cocoa powder (not sweetened) increased by 6.6% to X tons in 2022. In general, imports saw a prominent expansion. The pace of growth appeared the most rapid in 2014 with an increase of 42% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; afterwards, it flattened through to 2022.

In value terms, cocoa powder imports soared to $X in 2022. Over the period under review, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.8% 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 +32.9% against 2016 indices. The pace of growth was the most pronounced in 2016 when imports increased by 45% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and Singapore (X tons) were the main suppliers of cocoa powder imports to the Philippines, together accounting for 94% of total imports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +16.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and Singapore ($X) constituted the largest cocoa powder suppliers to the Philippines, together comprising 94% of total imports.

Among the main suppliers, Malaysia, with a CAGR of +13.8%, 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

The average cocoa powder import price stood at $X per ton in 2022, rising by 19% against the previous year. In general, the import price, however, saw a perceptible decrease. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Singapore ($X per ton) and the Netherlands ($X per ton), while the price for Malaysia ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (-1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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