Vietnam: Cocoa Powder Market 2024

Cocoa Powder Market Size in Vietnam

The Vietnamese cocoa powder market expanded sharply to $X in 2022, with an increase of 6.1% against the previous year. Overall, consumption, however, showed a drastic downturn. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Cocoa Powder Production in Vietnam

In value terms, cocoa powder production amounted to $X in 2022 estimated in export price. Overall, production showed a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of 23% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Cocoa Powder Exports

Exports from Vietnam

Cocoa powder exports from Vietnam surged to X tons in 2022, picking up by 89% against the previous year's figure. Over the period under review, exports saw a pronounced expansion. The pace of growth was the most pronounced in 2014 when exports increased by 1,114%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, cocoa powder exports surged to $X in 2022. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 862%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons), the United States (X tons) and Indonesia (X tons) were the main destinations of cocoa powder exports from Vietnam, together comprising 82% of total exports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +69.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the key foreign market for cocoa powder (not sweetened) exports from Vietnam, comprising 48% of total exports. The second position in the ranking was taken by the United States ($X), with a 23% share of total exports. It was followed by Indonesia, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia amounted to +65.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+44.7% per year) and Indonesia (-16.2% per year).

Export Prices by Country

The average cocoa powder export price stood at $X per ton in 2022, falling by -9% against the previous year. Over the period under review, the export price saw a noticeable slump. The most prominent rate of growth was recorded in 2013 an increase of 41% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Hong Kong SAR ($X per ton) and Japan ($X per ton), while the average price for exports to the Philippines ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+2.2%), while the prices for the other major destinations experienced a decline.

Cocoa Powder Imports

Imports into Vietnam

In 2022, imports of cocoa powder (not sweetened) into Vietnam stood at X tons, surging by 14% against the previous year. Overall, imports posted strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 68% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, cocoa powder imports dropped slightly to $X in 2022. Over the period under review, total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 +97.2% against 2014 indices. The pace of growth was the most pronounced in 2016 when imports increased by 26%. Imports peaked at $X in 2021, and then contracted slightly in the following year.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and Thailand (X tons) were the main suppliers of cocoa powder imports to Vietnam, together comprising 82% of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +38.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Indonesia ($X) and Thailand ($X) were the largest cocoa powder suppliers to Vietnam, with a combined 79% share of total imports.

Among the main suppliers, Indonesia, with a CAGR of +37.4%, recorded 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 cocoa powder import price amounted to $X per ton, shrinking by -13.2% against the previous year. Over the period under review, the import price showed a deep downturn. The pace of growth appeared the most rapid in 2021 an increase of 31%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the Netherlands ($X per ton) and Thailand ($X per ton), while the price for Indonesia ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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