Asia: Chocolate Market 2024

Chocolate Market Size in Asia

The Asian chocolate market amounted to $X in 2023, picking up by X% against the previous year. The total consumption indicated notable growth 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, consumption increased by X% against 2020 indices. As a result, consumption reached the peak level of $X. From 2020 to 2023, the growth of the market remained at a lower figure.

Chocolate Production in Asia

In value terms, chocolate production reached $X in 2023 estimated in export price. The total production indicated a noticeable expansion 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, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2023, production remained at a lower figure.

Chocolate Exports

Exports in Asia

In 2023, the amount of chocolate and cocoa products exported in Asia expanded modestly to X tons, surging by X% compared with the previous year's figure. The total export volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The volume of export peaked in 2023 and is expected to retain growth in the immediate term.

In value terms, chocolate exports reached $X in 2023. The total export value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, the exports attained the maximum in 2023 and are expected to retain growth in the near future.

Exports by Country

Turkey was the key exporter of chocolate and cocoa products in Asia, with the volume of exports resulting at X tons, which was near X% of total exports in 2023. Singapore (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (X%), China (X%) and Thailand (X%). The following exporters - South Korea (X tons), Indonesia (X tons), the United Arab Emirates (X tons), India (X tons), Hong Kong SAR (X tons) and Kazakhstan (X tons) - together made up X% of total exports.

From 2012 to 2023, average annual rates of growth with regard to chocolate exports from Turkey stood at X%. At the same time, Thailand (X%), India (X%), Malaysia (X%), Kazakhstan (X%), Indonesia (X%), China (X%), Hong Kong SAR (X%) and South Korea (X%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2023. Singapore experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. Thailand (X p.p.), Malaysia (X p.p.) and India (X p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates and Singapore saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest chocolate supplier in Asia, comprising X% of total exports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Turkey totaled X%. In the other countries, the average annual rates were as follows: Malaysia (X% per year) and China (X% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2023, reducing by X% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of X%. As a result, the export price reached the peak level of $X per ton, and then shrank slightly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while South Korea ($X per ton) was amongst the lowest.

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

Chocolate Imports

Imports in Asia

In 2023, imports of chocolate and cocoa products in Asia expanded modestly to X tons, with an increase of X% on 2022. The total import volume increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of X%. The volume of import peaked at X tons in 2019; however, from 2020 to 2023, imports remained at a lower figure.

In value terms, chocolate imports amounted to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2023 and are expected to retain growth in the immediate term.

Imports by Country

In 2023, Japan (X tons), followed by China (X tons), Kazakhstan (X tons), the United Arab Emirates (X tons) and Iraq (X tons) were the key importers of chocolate and cocoa products, together mixing up X% of total imports. South Korea (X tons), Uzbekistan (X tons), the Philippines (X tons), Saudi Arabia (X tons), Hong Kong SAR (X tons), Singapore (X tons), Malaysia (X tons) and Turkey (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Uzbekistan (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate importing markets in Asia were Japan ($X), China ($X) and the United Arab Emirates ($X), with a combined X% share of total imports. Hong Kong SAR, South Korea, Kazakhstan, Saudi Arabia, the Philippines, Singapore, Iraq, Malaysia, Turkey and Uzbekistan lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Uzbekistan, with a CAGR of X%, recorded the highest growth rate of 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

The import price in Asia stood at $X per ton in 2023, rising by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; afterwards, it flattened through to 2023.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Uzbekistan ($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