Southern Asia: Cocoa Bean Market 2024

Cocoa Bean Market Size in Southern Asia

The South Asian cocoa bean market was finally on the rise to reach $X in 2022, after two years of decline. Overall, consumption showed prominent growth. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Cocoa Bean Production in Southern Asia

In value terms, cocoa bean production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2019 when the production volume increased by 63% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

India (X tons) constituted the country with the largest volume of cocoa bean production, accounting for 95% of total volume. Moreover, cocoa bean production in India exceeded the figures recorded by the second-largest producer, Sri Lanka (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume in India amounted to +7.4%.

In 2022, the average yield of cocoa beans in Southern Asia totaled X kg per ha, stabilizing at the previous year. The yield figure increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2019 when the yield increased by 13%. The level of yield peaked at X kg per ha in 2020; however, from 2021 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of cocoa beans were harvested in Southern Asia; waning by -2.4% compared with 2021 figures. The total harvested area indicated a moderate increase from 2012 to 2022: its figure increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cocoa bean harvested area increased by +56.1% against 2012 indices. The pace of growth appeared the most rapid in 2015 with an increase of 9.6%. Over the period under review, the harvested area dedicated to cocoa bean production reached the maximum at X ha in 2021, and then dropped slightly in the following year.

Cocoa Bean Exports

Exports in Southern Asia

After two years of growth, shipments abroad of cocoa beans decreased by -30.2% to X tons in 2022. Overall, exports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2015 when exports increased by 1,789%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, cocoa bean exports fell significantly to $X in 2022. Over the period under review, exports continue to indicate a deep setback. The pace of growth was the most pronounced in 2015 with an increase of 1,818% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India represented the largest exporter of cocoa beans in Southern Asia, with the volume of exports reaching X tons, which was near 65% of total exports in 2022. It was distantly followed by Pakistan (X tons), comprising a 33% share of total exports. Sri Lanka (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Pakistan (with a CAGR of +73.3%), while the other leaders experienced a decline in the exports figures.

In value terms, India ($X) remains the largest cocoa bean supplier in Southern Asia, comprising 85% of total exports. The second position in the ranking was held by Pakistan ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled -10.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Pakistan (+54.4% per year) and Sri Lanka (-3.8% per year).

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, with a decrease of -42.5% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the export price increased by 61% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2021, and then declined remarkably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+12.2%), while the other leaders experienced mixed trends in the export price figures.

Cocoa Bean Imports

Imports in Southern Asia

In 2022, supplies from abroad of cocoa beans was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 105%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, cocoa bean imports surged to $X in 2022. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 146%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, India (X tons) was the largest importer of cocoa beans in Southern Asia, committing 100% of total import.

India was also the fastest-growing in terms of the cocoa beans imports, with a CAGR of +2.5% from 2012 to 2022. From 2012 to 2022, the share of India increased by +2.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported cocoa beans in Southern Asia.

From 2012 to 2022, the average annual growth rate of value in India was relatively modest.

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2022, shrinking by -2% against the previous year. Over the period under review, the import price saw a slight contraction. The growth pace was the most rapid in 2014 when the import price increased by 20% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to -1.6% per year.

Source: IndexBox Platform

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