Southern Asia: Chocolate Market 2024

Chocolate Market Size in Southern Asia

The South Asian chocolate market rose slightly to $X in 2022, with an increase of 3.1% against the previous year. The total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.8% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Southern Asia

In value terms, chocolate production rose to $X in 2022 estimated in export price. The total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.3% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 34% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Chocolate Exports

Exports in Southern Asia

In 2022, exports of chocolate and cocoa products in Southern Asia surged to X tons, increasing by 27% against 2021. Overall, exports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 43%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, chocolate exports reached $X in 2022. Over the period under review, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2015 when exports increased by 45% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

India was the largest exporter of chocolate and cocoa products in Southern Asia, with the volume of exports reaching X tons, which was near 74% of total exports in 2022. It was distantly followed by Sri Lanka (X tons) and Bangladesh (X tons), together making up a 23% share of total exports. Pakistan (X tons) followed a long way behind the leaders.

Exports from India increased at an average annual rate of +9.3% from 2012 to 2022. At the same time, Bangladesh (+59.6%), Pakistan (+22.9%) and Sri Lanka (+14.1%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +59.6% from 2012-2022. While the share of Bangladesh (+10 p.p.), Sri Lanka (+2.7 p.p.) and Pakistan (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of India (-14.6 p.p.) displayed negative dynamics.

In value terms, India ($X) remains the largest chocolate supplier in Southern Asia, comprising 83% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with a 9.6% share of total exports. It was followed by Bangladesh, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value in India stood at +10.7%. In the other countries, the average annual rates were as follows: Sri Lanka (+12.3% per year) and Bangladesh (+60.1% per year).

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2022, falling by -19% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 30%. Over the period under review, the export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+4.5%), while the other leaders experienced more modest paces of growth.

Chocolate Imports

Imports in Southern Asia

In 2022, purchases abroad of chocolate and cocoa products increased by 2.1% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.0% 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 +57.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 55% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the near future.

In value terms, chocolate imports rose sharply to $X in 2022. Total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +76.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 56% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

India was the largest importer of chocolate and cocoa products in Southern Asia, with the volume of imports resulting at X tons, which was approx. 53% of total imports in 2022. Pakistan (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Bangladesh (9.1%), Nepal (5.7%), Sri Lanka (5.5%), Afghanistan (5.4%) and Maldives (4.9%).

Imports into India increased at an average annual rate of +4.1% from 2012 to 2022. At the same time, Bangladesh (+11.4%), Pakistan (+11.2%), Maldives (+10.9%), Afghanistan (+2.3%) and Nepal (+1.8%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +11.4% from 2012-2022. By contrast, Sri Lanka (-1.6%) illustrated a downward trend over the same period. While the share of Pakistan (+7.1 p.p.), Bangladesh (+4.1 p.p.) and Maldives (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Afghanistan (-1.6 p.p.), Nepal (-2.1 p.p.), India (-4.8 p.p.) and Sri Lanka (-5 p.p.) displayed negative dynamics.

In value terms, India ($X) constitutes the largest market for imported chocolate and cocoa products in Southern Asia, comprising 58% of total imports. The second position in the ranking was taken by Pakistan ($X), with a 12% share of total imports. It was followed by Bangladesh, with an 8.2% share.

From 2012 to 2022, the average annual growth rate of value in India amounted to +4.6%. The remaining importing countries recorded the following average annual rates of imports growth: Pakistan (+9.2% per year) and Bangladesh (+12.7% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per ton, rising by 11% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nepal ($X per ton), while Afghanistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nepal (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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