Vietnam: Chocolate Market 2024

Chocolate Market Size in Vietnam

The Vietnamese chocolate market shrank slightly to $X in 2022, flattening at the previous year. Overall, consumption, however, showed a perceptible decrease. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Chocolate Production in Vietnam

In value terms, chocolate production declined modestly to $X in 2022 estimated in export price. Overall, production, however, showed a pronounced downturn. The most prominent rate of growth was recorded in 2013 with an increase of 28% against the previous year. Chocolate production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Chocolate Exports

Exports from Vietnam

In 2022, the amount of chocolate and cocoa products exported from Vietnam declined notably to X tons, dropping by -18.6% compared with the previous year's figure. In general, exports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 34% against the previous year. As a result, the exports reached the peak of X tons, and then contracted sharply in the following year.

In value terms, chocolate exports dropped to $X in 2022. Overall, exports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 34% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons), Japan (X tons) and Belgium (X tons) were the main destinations of chocolate exports from Vietnam, with a combined 52% share of total exports. China, South Korea, the United States, Australia, Myanmar, Hong Kong SAR, the Philippines, Singapore, Cambodia and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +40.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate exported from Vietnam were the Netherlands ($X), Belgium ($X) and Japan ($X), together accounting for 52% of total exports. China, the United States, Australia, South Korea, Hong Kong SAR, Singapore, the Philippines, Myanmar, Cambodia and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 37%.

Australia, with a CAGR of +51.3%, recorded the highest rates of growth with regard to 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

The average chocolate export price stood at $X per ton in 2022, picking up by 7.3% against the previous year. Over the period under review, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chocolate export price increased by +7.3% against 2020 indices. The pace of growth was the most pronounced in 2014 when the average export price increased by 33%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Myanmar ($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 the Philippines (+18.6%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Vietnam

Chocolate imports into Vietnam declined to X tons in 2022, falling by -9.9% against 2021 figures. Over the period under review, imports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 42%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, chocolate imports shrank to $X in 2022. In general, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 36%. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

China (X tons), the United States (X tons) and Malaysia (X tons) were the main suppliers of chocolate imports to Vietnam, together accounting for 48% of total imports. Singapore, Germany, Indonesia, Russia, Belgium, Japan, India, South Korea, France and Turkey lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +37.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate suppliers to Vietnam were China ($X), the United States ($X) and Germany ($X), with a combined 43% share of total imports. Malaysia, Singapore, Japan, Russia, Indonesia, India, Belgium, France, South Korea and Turkey lagged somewhat behind, together comprising a further 45%.

In terms of the main suppliers, Russia, with a CAGR of +36.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, reducing by -3.6% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 36%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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