Thailand: Chocolate Market 2024

Chocolate Market Size in Thailand

The Thai chocolate market fell modestly to $X in 2022, dropping by -4.2% against the previous year. Overall, the total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 -12.8% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Chocolate Production in Thailand

In value terms, chocolate production contracted slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated tangible growth from 2012 to 2022: its value 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, production increased by +2.9% against 2020 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 21%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Chocolate Exports

Exports from Thailand

In 2022, overseas shipments of chocolate and other food preparations containing cocoa increased by 52% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports posted significant growth. The growth pace was the most rapid in 2021 with an increase of 96%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, chocolate exports skyrocketed to $X in 2022. Overall, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2021 when exports increased by 57%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Japan (X tons), China (X tons) and Myanmar (X tons) were the main destinations of chocolate exports from Thailand, with a combined 76% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +158.2%), while the other leaders experienced more modest paces of growth.

In value terms, Myanmar ($X), Japan ($X) and China ($X) were the largest markets for chocolate exported from Thailand worldwide, with a combined 67% share of total exports.

Japan, with a CAGR of +122.8%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, dropping by -4.8% against the previous year. Over the period under review, the export price recorded a abrupt decrease. The most prominent rate of growth was recorded in 2018 when the average export price increased by 6.9% against the previous year. 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 Singapore ($X per ton), while the average price for exports to the United Arab Emirates ($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 Myanmar (-2.4%), while the prices for the other major destinations experienced a decline.

Chocolate Imports

Imports into Thailand

In 2022, imports of chocolate and other food preparations containing cocoa into Thailand was estimated at X tons, with an increase of 11% compared with the year before. The total import volume increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 17%. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, chocolate imports surged to $X in 2022. Over the period under review, total imports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 +61.1% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Singapore (X tons), Malaysia (X tons) and Indonesia (X tons) were the main suppliers of chocolate imports to Thailand, with a combined 81% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +48.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Malaysia ($X) and Belgium ($X) were the largest chocolate suppliers to Thailand, together accounting for 72% of total imports.

Malaysia, with a CAGR of +46.8%, recorded the highest growth rate of the value of imports, in terms of 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, growing by 16% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. As a result, import 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 supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Indonesia ($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 (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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