Singapore: Chocolate Market 2024

Chocolate Market Size in Singapore

In 2022, after two years of decline, there was significant growth in the Singaporean chocolate market, when its value increased by 77% to $X. In general, consumption, however, continues to indicate a relatively flat trend pattern. Chocolate consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Singapore

In value terms, chocolate production shrank slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when the production volume increased by 53% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Chocolate Exports

Exports from Singapore

In 2022, approx. X tons of chocolate and cocoa products were exported from Singapore; declining by -4.7% compared with 2021 figures. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 with an increase of 16% against the previous year. As a result, the exports attained the peak of X tons, and then reduced modestly in the following year.

In value terms, chocolate exports rose notably to $X in 2022. The total export value increased at an average annual rate of +4.1% 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 2019 when exports increased by 17% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Japan (X tons) was the main destination for chocolate exports from Singapore, accounting for a 39% share of total exports. Moreover, chocolate exports to Japan exceeded the volume sent to the second major destination, Australia (X tons), threefold. The third position in this ranking was held by China (X tons), with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan totaled -2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+10.0% per year) and China (+14.8% per year).

In value terms, Japan ($X) remains the key foreign market for chocolate and cocoa products exports from Singapore, comprising 29% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 15% share of total exports. It was followed by Australia, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan stood at +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+1.3% per year) and Australia (+10.9% per year).

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, growing by 15% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Japan ($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 (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Singapore

In 2022, purchases abroad of chocolate and cocoa products increased by 31% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, chocolate imports surged to $X in 2022. Overall, imports showed a modest expansion. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Malaysia (X tons), the United States (X tons) and the Netherlands (X tons) were the main suppliers of chocolate imports to Singapore, with a combined 43% share of total imports. Italy, the UK, Turkey, Switzerland, Germany, Australia, Poland, Belgium, Sweden and China lagged somewhat behind, together comprising a further 48%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +13.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate suppliers to Singapore were Malaysia ($X), the United States ($X) and Italy ($X), together comprising 40% of total imports. The Netherlands, Switzerland, the UK, Germany, Poland, China, Australia, Belgium, Sweden and Turkey lagged somewhat behind, together accounting for a further 48%.

Turkey, with a CAGR of +11.5%, recorded 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 import price stood at $X per ton in 2022, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2021 an increase of 32%. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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 China ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :