Thailand: Cocoa Bean Market 2025

Cocoa Bean Market Size in Thailand

For the eighth consecutive year, the Thai cocoa bean market recorded decline in sales value, which decreased by -3.7% to $X in 2022. Overall, consumption saw a sharp decrease. Cocoa bean consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Cocoa Bean Production in Thailand

In value terms, cocoa bean production rose slightly to $X in 2022 estimated in export price. Overall, production, however, showed a abrupt slump. The pace of growth was the most pronounced in 2014 with an increase of 114% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

The average yield of cocoa beans in Thailand declined to X tons per ha in 2022, stabilizing at 2021. Overall, the yield, however, recorded a tangible increase. The most prominent rate of growth was recorded in 2016 when the yield increased by 7,275%. As a result, the yield reached the peak level of X tons per ha. From 2017 to 2022, the growth of the average cocoa bean 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, the harvested area of cocoa beans in Thailand expanded to X ha, surging by 3.2% on the previous year. Over the period under review, the harvested area, however, showed a deep contraction. The cocoa bean harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Cocoa Bean Exports

Exports from Thailand

Cocoa bean exports from Thailand expanded sharply to X tons in 2022, picking up by 11% on the previous year. Over the period under review, exports, however, recorded a dramatic contraction. The pace of growth appeared the most rapid in 2015 when exports increased by 300,073% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, cocoa bean exports declined to $X in 2022. Overall, exports, however, saw a dramatic curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 304,557%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons) was the main destination for cocoa bean exports from Thailand, accounting for a 48% share of total exports. Moreover, cocoa bean exports to Canada exceeded the volume sent to the second major destination, Belgium (X tons), threefold. Sweden (X tons) ranked third in terms of total exports with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (0.0% per year) and Sweden (0.0% per year).

In value terms, Canada ($X) emerged as the key foreign market for cocoa beans exports from Thailand, comprising 39% of total exports. The second position in the ranking was held by Belgium ($X), with an 18% share of total exports. It was followed by the United States, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (0.0% per year) and the United States (+10.9% per year).

Export Prices by Country

In 2022, the average cocoa bean export price amounted to $X per ton, declining by -17% against the previous year. Over the period under review, the export price, however, enjoyed noticeable growth. The pace of growth was the most pronounced in 2021 when the average export price increased by 131%. As a result, the export price attained the peak level of $X per ton, and then dropped significantly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Canada ($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 Hong Kong SAR (+40.8%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Bean Imports

Imports into Thailand

In 2022, overseas purchases of cocoa beans decreased by -74.6% to X tons, falling for the third consecutive year after three years of growth. In general, imports faced a precipitous descent. The pace of growth was the most pronounced in 2018 with an increase of 5,973%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, cocoa bean imports declined rapidly to $X in 2022. Overall, imports recorded a precipitous decrease. The most prominent rate of growth was recorded in 2018 when imports increased by 5,540%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Peru (X tons) constituted the largest supplier of cocoa bean to Thailand, with a 85% share of total imports. Moreover, cocoa bean imports from Peru exceeded the figures recorded by the second-largest supplier, Australia (X kg), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Peru totaled +37.4%.

In value terms, Peru ($X) constituted the largest supplier of cocoa beans to Thailand, comprising 72% of total imports. The second position in the ranking was taken by Australia ($X), with a 28% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Peru amounted to +58.6%.

Import Prices by Country

In 2022, the average cocoa bean import price amounted to $X per ton, with an increase of 24% against the previous year. In general, the import price enjoyed prominent growth. The pace of growth appeared the most rapid in 2020 an increase of 124% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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 Australia ($X per ton), while the price for Peru totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+24.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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