Thailand: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Thailand

The Thai chocolate and confectionery market contracted to $X in 2022, waning by -6.4% against the previous year. Over the period under review, consumption saw modest growth. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Chocolate And Confectionery Production in Thailand

In value terms, chocolate and confectionery production fell to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 27% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Chocolate And Confectionery Exports

Exports from Thailand

In 2022, approx. X tons of chocolate and confectionery were exported from Thailand; jumping by 33% compared with the previous year. In general, total exports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +4.0% 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 +49.5% against 2020 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 60% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, chocolate and confectionery exports surged to $X in 2022. Overall, exports, however, recorded a mild reduction. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for chocolate and confectionery exports from Thailand, accounting for a 69% share of total exports. Moreover, chocolate and confectionery exports to Japan exceeded the volume sent to the second major destination, Myanmar (X tons), more than tenfold. The third position in this ranking was held by China (X tons), with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan amounted to +25.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (+39.7% per year) and China (+18.2% per year).

In value terms, Japan ($X), Myanmar ($X) and Malaysia ($X) appeared to be the largest markets for chocolate and confectionery exported from Thailand worldwide, with a combined 50% share of total exports. China, Lao People's Democratic Republic, South Korea, Indonesia and France lagged somewhat behind, together comprising a further 20%.

Indonesia, with a CAGR of +120.8%, recorded the highest growth rate of the value of exports, in terms of 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

In 2022, the average chocolate and confectionery export price amounted to $X per ton, rising by 24% against the previous year. Overall, the export price, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2018 an increase of 43%. 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 France ($X per ton), while the average price for exports to Japan ($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 France (+22.5%), while the prices for the other major destinations experienced mixed trend patterns.

Chocolate And Confectionery Imports

Imports into Thailand

For the third consecutive year, Thailand recorded growth in overseas purchases of chocolate and confectionery, which increased by 13% to X tons in 2022. Over the period under review, total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% 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 +20.2% against 2018 indices. The pace of growth was the most pronounced in 2016 when imports increased by 18%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, chocolate and confectionery imports soared to $X in 2022. Overall, total imports indicated a notable increase 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, imports increased by +44.3% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest chocolate and confectionery supplier to Thailand, accounting for a 44% share of total imports. Moreover, chocolate and confectionery imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. Singapore (X tons) ranked third in terms of total imports with a 9.1% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-1.0% per year) and Singapore (+6.8% per year).

In value terms, Malaysia ($X) constituted the largest supplier of chocolate and confectionery to Thailand, comprising 33% of total imports. The second position in the ranking was held by Indonesia ($X), with an 11% share of total imports. It was followed by the United States, with a 9.6% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia amounted to +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-2.3% per year) and the United States (+13.9% per year).

Import Prices by Country

The average chocolate and confectionery import price stood at $X per ton in 2022, growing by 9% against the previous year. In general, the import price, however, recorded a mild reduction. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :