South-Eastern Asia: Chocolate Market 2024

Chocolate Market Size in South-Eastern Asia

The Southeast Asian chocolate market skyrocketed to $X in 2022, growing by 55% against the previous year. Overall, consumption recorded a tangible increase. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Chocolate Production in South-Eastern Asia

In value terms, chocolate production declined to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 8.4% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports in South-Eastern Asia

In 2022, approx. X tons of chocolate and cocoa products were exported in South-Eastern Asia; leveling off at the previous year. The total export volume increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 20%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, chocolate exports expanded notably to $X in 2022. Total exports indicated a resilient expansion from 2012 to 2022: its value 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, exports increased by +25.2% against 2020 indices. The pace of growth appeared the most rapid in 2018 when exports increased by 20% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the near future.

Exports by Country

Singapore represented the main exporting country with an export of around X tons, which accounted for 45% of total exports. Malaysia (X tons) held the second position in the ranking, distantly followed by Indonesia (X tons) and Thailand (X tons). All these countries together held near 54% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +21.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest chocolate supplier in South-Eastern Asia, comprising 56% of total exports. The second position in the ranking was held by Malaysia ($X), with a 27% share of total exports. It was followed by Indonesia, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value in Singapore stood at +4.1%. In the other countries, the average annual rates were as follows: Malaysia (+6.4% per year) and Indonesia (+3.7% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, with an increase of 6.3% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the export price increased by 7.3%. The level of export peaked at $X per ton in 2019; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+2.6%), while the other leaders experienced mixed trends in the export price figures.

Chocolate Imports

Imports in South-Eastern Asia

In 2022, approx. X tons of chocolate and cocoa products were imported in South-Eastern Asia; picking up by 21% against 2021 figures. The total import volume increased at an average annual rate of +5.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, chocolate imports surged to $X in 2022. The total import value increased at an average annual rate of +5.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the Philippines (X tons), distantly followed by Singapore (X tons), Malaysia (X tons), Thailand (X tons) and Indonesia (X tons) represented the major importers of chocolate and cocoa products, together committing 93% of total imports. Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +14.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), the Philippines ($X) and Thailand ($X) constituted the countries with the highest levels of imports in 2022, with a combined 66% share of total imports.

In terms of the main importing countries, the Philippines, with a CAGR of +19.9%, 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

In 2022, the import price in South-Eastern Asia amounted to $X per ton, standing approx. at the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 9.4%. Over the period under review, import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while the Philippines ($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 Philippines (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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