Singapore: Cocoa Bean Market 2025

Cocoa Bean Market Size in Singapore

In 2022, after four years of growth, there was significant decline in the Singaporean cocoa bean market, when its value decreased by -8% to $X. The market value increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2021, and then fell in the following year.

Cocoa Bean Exports

Exports from Singapore

Cocoa bean exports from Singapore declined sharply to X tons in 2022, dropping by -93.8% against 2021 figures. Over the period under review, exports recorded a significant decline. The most prominent rate of growth was recorded in 2016 when exports increased by 4,832% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, cocoa bean exports contracted rapidly to $X in 2022. In general, exports recorded a precipitous setback. The pace of growth appeared the most rapid in 2016 when exports increased by 4,979% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Australia (X tons) was the main destination for cocoa bean exports from Singapore, with a 54% share of total exports. Moreover, cocoa bean exports to Australia exceeded the volume sent to the second major destination, Malaysia (X tons), threefold. Vietnam (X kg) 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 Australia amounted to -9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-41.9% per year) and Vietnam (+91.1% per year).

In value terms, Australia ($X) emerged as the key foreign market for cocoa beans exports from Singapore, comprising 69% of total exports. The second position in the ranking was taken by Maldives ($X), with a 19% share of total exports. It was followed by Vietnam, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value to Australia amounted to -10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+74.2% per year) and Vietnam (-10.9% per year).

Export Prices by Country

In 2022, the average cocoa bean export price amounted to $X per ton, rising by 212% against the previous year. Over the period under review, the export price recorded a remarkable increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to Japan ($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 Maldives (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Bean Imports

Imports into Singapore

In 2022, approx. X tons of cocoa beans were imported into Singapore; approximately equating the previous year. The total import volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 8.3%. As a result, imports attained the peak of X tons, leveling off in the following year.

In value terms, cocoa bean imports fell to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 39% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Ghana (X tons), Indonesia (X tons) and Cote d'Ivoire (X tons) were the main suppliers of cocoa bean imports to Singapore, together comprising 64% of total imports. Cameroon, Ecuador, Papua New Guinea, Nigeria and Tanzania lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +67.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa bean suppliers to Singapore were Ghana ($X), Indonesia ($X) and Cote d'Ivoire ($X), with a combined 63% share of total imports. Cameroon, Ecuador, Papua New Guinea, Nigeria and Tanzania lagged somewhat behind, together accounting for a further 30%.

In terms of the main suppliers, Ecuador, with a CAGR of +63.7%, saw 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 bean import price stood at $X per ton in 2022, reducing by -10.1% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 34% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Cote d'Ivoire ($X per ton) and Ecuador ($X per ton), while the price for Indonesia ($X per ton) and Nigeria ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cameroon (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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