ASEAN: Chocolate Market 2024

Chocolate Market Size in ASEAN

The ASEAN chocolate market stood at $X in 2023, stabilizing at the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2023, consumption failed to regain momentum.

Chocolate Production in ASEAN

In value terms, chocolate production reached $X in 2023 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of X%. The level of production peaked at $X in 2014; however, from 2015 to 2023, production remained at a lower figure.

Chocolate Exports

Exports in ASEAN

In 2023, overseas shipments of chocolate and cocoa products decreased by less than X% to X tons for the first time since 2020, thus ending a two-year rising trend. Total exports indicated measured growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The volume of export peaked at X tons in 2022, and then reduced modestly in the following year.

In value terms, chocolate exports reduced to $X in 2023. Total exports indicated a perceptible increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then reduced in the following year.

Exports by Country

In 2023, Singapore (X tons) and Malaysia (X tons) were the key exporters of chocolate and cocoa products in ASEAN, together making up X% of total exports. Thailand (X tons) held the next position in the ranking, followed by Indonesia (X tons). All these countries together held near X% share of total exports. Vietnam (X tons) took a relatively small share of total exports.

From 2012 to 2023, the biggest increases were recorded for Thailand (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate supplying countries in ASEAN were Malaysia ($X), Singapore ($X) and Thailand ($X), together accounting for X% of total exports.

Thailand, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2023, reducing by X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced mixed trends in the export price figures.

Chocolate Imports

Imports in ASEAN

In 2023, supplies from abroad of chocolate and cocoa products decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Total imports indicated buoyant growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2022 with an increase of X%. As a result, imports attained the peak of X tons, and then contracted slightly in the following year.

In value terms, chocolate imports dropped slightly to $X in 2023. Total imports indicated a remarkable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2022 with an increase of X%. As a result, imports attained the peak of $X, and then shrank modestly in the following year.

Imports by Country

The purchases of the five major importers of chocolate and cocoa products, namely the Philippines, Singapore, Malaysia, Thailand and Indonesia, represented more than two-thirds of total import. It was distantly followed by Vietnam (X tons), generating a X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for the Philippines (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate importing markets in ASEAN were the Philippines ($X), Singapore ($X) and Malaysia ($X), together accounting for X% of total imports.

The Philippines, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2023, remaining constant against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by X%. Over the period under review, import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Philippines (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform