Thailand: Chocolate Market 2024

Chocolate Market Size in Thailand

The Thai chocolate market fell to $X in 2022, dropping by -5.1% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Chocolate Production in Thailand

In value terms, chocolate production dropped slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 45% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Chocolate Exports

Exports from Thailand

In 2022, the amount of chocolate and cocoa products exported from Thailand soared to X tons, rising by 48% against 2021 figures. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 147%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, chocolate exports soared to $X in 2022. Over the period under review, exports posted a prominent increase. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for chocolate exports from Thailand, accounting for a 75% share of total exports. Moreover, chocolate exports to Japan exceeded the volume sent to the second major destination, China (X tons), more than tenfold. Myanmar (X tons) ranked third in terms of total exports with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume to Japan amounted to +72.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+31.8% per year) and Myanmar (+39.3% per year).

In value terms, Japan ($X) remains the key foreign market for chocolate and cocoa products exports from Thailand, comprising 29% of total exports. The second position in the ranking was taken by Myanmar ($X), with a 13% share of total exports. It was followed by Malaysia, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value to Japan totaled +60.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+40.9% per year) and Malaysia (+4.7% per year).

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, with an increase of 10% against the previous year. Overall, the export price, however, recorded a abrupt slump. The pace of growth appeared the most rapid in 2018 when the average export price increased by 44%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Myanmar ($X per ton), while the average price for exports to Japan ($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 Malaysia (+3.0%), while the prices for the other major destinations experienced mixed trend patterns.

Chocolate Imports

Imports into Thailand

For the third consecutive year, Thailand recorded growth in overseas purchases of chocolate and cocoa products, which increased by 16% to X tons in 2022. The total import volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when imports increased by 25%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, chocolate imports soared to $X in 2022. The total import value increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), Singapore (X tons) and Indonesia (X tons) were the main suppliers of chocolate imports to Thailand, with a combined 49% share of total imports. China, the United States, Belgium, Australia, the Philippines, Italy, Germany, Chile, Switzerland and France lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Chile (with a CAGR of +445.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate suppliers to Thailand were Malaysia ($X), the United States ($X) and China ($X), together comprising 45% of total imports. Indonesia, Singapore, Italy, Australia, Germany, Switzerland, Belgium, France, Chile and the Philippines lagged somewhat behind, together comprising a further 40%.

Chile, with a CAGR of +312.7%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, increasing by 6.2% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the Philippines ($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 United States (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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