Thailand: Cocoa Powder Market 2024

Cocoa Powder Market Size in Thailand

In 2022, the Thai cocoa powder market increased by 18% to $X, rising for the fourth year in a row after two years of decline. In general, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Cocoa Powder Production in Thailand

In value terms, cocoa powder production stood at $X in 2022 estimated in export price. Overall, production showed a abrupt contraction. The pace of growth appeared the most rapid in 2020 with an increase of 32% against the previous year. Cocoa powder production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Cocoa Powder Exports

Exports from Thailand

In 2022, exports of cocoa powder (not sweetened) from Thailand skyrocketed to X tons, increasing by 268% on 2021. In general, exports, however, continue to indicate a precipitous contraction. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, cocoa powder exports surged to $X in 2022. Overall, exports, however, faced a precipitous decrease. The pace of growth appeared the most rapid in 2020 with an increase of 223%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Myanmar (X tons) was the main destination for cocoa powder exports from Thailand, accounting for a 59% share of total exports. Moreover, cocoa powder exports to Myanmar exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X tons), twofold. Cambodia (X tons) ranked third in terms of total exports with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Myanmar totaled +57.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+18.6% per year) and Cambodia (+113.5% per year).

In value terms, the largest markets for cocoa powder exported from Thailand were Myanmar ($X), Lao People's Democratic Republic ($X) and Cambodia ($X), together comprising 95% of total exports.

In terms of the main countries of destination, Cambodia, with a CAGR of +138.7%, recorded the highest growth rate of the value of exports, 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 cocoa powder export price amounted to $X per ton, with a decrease of -14.6% against the previous year. Over the period under review, the export price continues to indicate a mild curtailment. The pace of growth appeared the most rapid in 2017 an increase of 84%. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Malaysia ($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 Cambodia (+11.8%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Powder Imports

Imports into Thailand

In 2022, the amount of cocoa powder (not sweetened) imported into Thailand rose significantly to X tons, picking up by 13% on 2021. Overall, imports posted a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 66%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, cocoa powder imports skyrocketed to $X in 2022. Over the period under review, imports saw a strong expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 75% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest cocoa powder supplier to Thailand, with a 65% share of total imports. Moreover, cocoa powder 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 4.3% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia totaled +21.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+2.9% per year) and Singapore (+7.6% per year).

In value terms, Malaysia ($X) constituted the largest supplier of cocoa powder (not sweetened) to Thailand, comprising 63% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 21% share of total imports. It was followed by Singapore, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia amounted to +16.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-1.4% per year) and Singapore (+2.3% per year).

Import Prices by Country

The average cocoa powder import price stood at $X per ton in 2022, growing by 15% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible shrinkage. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 France ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (-1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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