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 125% to $X. Over the period under review, consumption enjoyed a resilient increase. Chocolate consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Chocolate Production in Singapore

In value terms, chocolate production declined modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 31%. Chocolate production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Chocolate Exports

Exports from Singapore

In 2022, approx. X tons of chocolate and other food preparations containing cocoa were exported from Singapore; reducing by -8.3% on the previous year. The total export volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when exports increased by 25%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, chocolate exports skyrocketed to $X in 2022. Over the period under review, total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +67.3% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for chocolate exports from Singapore, with a 32% share of total exports. Moreover, chocolate exports to Japan exceeded the volume sent to the second major destination, Australia (X tons), twofold. China (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan totaled +2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+4.1% per year) and China (+22.4% per year).

In value terms, Japan ($X) remains the key foreign market for chocolate and other food preparations containing cocoa exports from Singapore, comprising 34% of total exports. The second position in the ranking was taken by Australia ($X), with a 15% share of total exports. It was followed by South Korea, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Japan amounted to +10.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+7.5% per year) and South Korea (+6.9% per year).

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, increasing by 54% against the previous year. In general, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chocolate export price increased by +80.3% against 2018 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to India ($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 Japan (+8.0%), 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 other food preparations containing cocoa increased by 31% to X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2014 when imports increased by 51% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, chocolate imports skyrocketed to $X in 2022. Overall, imports showed a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X tons), Malaysia (X tons) and Russia (X tons) were the main suppliers of chocolate imports to Singapore, together comprising 47% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of +127.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), Russia ($X) and France ($X) constituted the largest chocolate suppliers to Singapore, with a combined 44% share of total imports. Malaysia, the United States, the Netherlands, Germany, Turkey, Australia, the United Arab Emirates, Spain, Thailand and Indonesia lagged somewhat behind, together accounting for a further 40%.

Spain, with a CAGR of +131.8%, recorded the highest rates of growth with regard to 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

In 2022, the average chocolate import price amounted to $X per ton, growing by 32% against the previous year. Overall, import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chocolate import price increased by +98.6% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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