South-Eastern Asia: Chocolate Market 2024

Chocolate Market Size in South-Eastern Asia

The Southeast Asian chocolate market reduced to $X in 2022, flattening at the previous year. The market value increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Chocolate Production in South-Eastern Asia

In value terms, chocolate production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.3% over the period 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 2013 when the production volume increased by 26%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports in South-Eastern Asia

After five years of growth, overseas shipments of chocolate and other food preparations containing cocoa decreased by -3.4% to X tons in 2022. The total export volume increased at an average annual rate of +3.4% 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 2017 with an increase of 12% against the previous year. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, chocolate exports surged to $X in 2022. Total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.5% 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 +81.5% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Singapore (X tons) represented the key exporter of chocolate and other food preparations containing cocoa, making up 56% of total exports. Malaysia (X tons) held a 29% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (7.7%) and Thailand (6.7%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Thailand (with a CAGR of +24.7%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest chocolate supplier in South-Eastern Asia, comprising 75% of total exports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total exports. It was followed by Indonesia, with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore stood at +7.8%. In the other countries, the average annual rates were as follows: Malaysia (+5.6% per year) and Indonesia (-4.5% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, picking up by 35% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. 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 amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($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 (+4.7%), while the other leaders experienced mixed trends in the export price figures.

Chocolate Imports

Imports in South-Eastern Asia

Chocolate imports expanded modestly to X tons in 2022, picking up by 3.3% compared with 2021 figures. The total import volume increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 19%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, chocolate imports stood at $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +36.1% against 2020 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 25%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

The countries with the highest levels of chocolate imports in 2022 were Malaysia (X tons), Thailand (X tons) and the Philippines (X tons), together amounting to 74% of total import. Indonesia (X tons) took the next position in the ranking, followed by Singapore (X tons). All these countries together took near 16% share of total imports. The following importers - Vietnam (X tons) and Brunei Darussalam (X tons) - together made up 6.7% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Philippines (with a CAGR of +12.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate importing markets in South-Eastern Asia were Malaysia ($X), Thailand ($X) and the Philippines ($X), together accounting for 65% of total imports.

In terms of the main importing countries, the Philippines, with a CAGR of +16.0%, recorded the highest rates of growth with regard to 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, increasing by 8.5% against the previous year. Over the period under review, the import price continues to indicate a modest expansion. The pace of growth was the most pronounced in 2021 an increase of 14% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia ($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 (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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