Vietnam: Chocolate Market 2024

Chocolate Market Size in Vietnam

The Vietnamese chocolate market reduced slightly to $X in 2023, remaining relatively unchanged against the previous year. In general, consumption continues to indicate a perceptible decrease. As a result, consumption reached the peak level of $X. From 2014 to 2023, the growth of the market remained at a lower figure.

Chocolate Production in Vietnam

In value terms, chocolate production reduced modestly to $X in 2023 estimated in export price. In general, production recorded a noticeable descent. The pace of growth was the most pronounced in 2013 when the production volume increased by X% against the previous year. Chocolate production peaked at $X in 2014; however, from 2015 to 2023, production stood at a somewhat lower figure.

Chocolate Exports

Exports from Vietnam

After two years of growth, shipments abroad of chocolate and cocoa products decreased by X% to X tons in 2023. In general, exports, however, recorded a strong expansion. The pace of growth appeared the most rapid in 2021 when exports increased by X%. The exports peaked at X tons in 2022, and then fell modestly in the following year.

In value terms, chocolate exports dropped to $X in 2023. Over the period under review, exports, however, saw prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2022, and then fell in the following year.

Exports by Country

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

From 2012 to 2023, the biggest increases were recorded for Australia (with a CAGR of X%), 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 ($X), Japan ($X) and Belgium ($X), with a combined X% share of total exports. China, Australia, South Korea, the United States, the Philippines, Cambodia, Taiwan (Chinese), Singapore, Myanmar and Afghanistan lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Australia, with a CAGR of X%, saw the highest rates of growth with regard to 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

The average chocolate export price stood at $X per ton in 2023, declining by X% against the previous year. Overall, export price indicated modest growth from 2012 to 2023: its price 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, chocolate export price decreased by X% against 2018 indices. The pace of growth appeared the most rapid in 2014 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Afghanistan ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (X%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Vietnam

In 2023, after two years of growth, there was significant decline in supplies from abroad of chocolate and cocoa products, when their volume decreased by X% to X tons. In general, imports, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Imports peaked at X tons in 2022, and then shrank in the following year.

In value terms, chocolate imports fell remarkably to $X in 2023. Over the period under review, imports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then declined remarkably in the following year.

Imports by Country

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

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

In value terms, the United States ($X), China ($X) and Malaysia ($X) appeared to be the largest chocolate suppliers to Vietnam, together accounting for X% of total imports. Germany, Russia, India, Indonesia, Japan, Belgium, Singapore, Turkey, South Korea and the Czech Republic lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, the Czech Republic, 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

In 2023, the average chocolate import price amounted to $X per ton, shrinking by X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2023, the average import prices failed to regain momentum.

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

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

Source: IndexBox Platform