Philippines: Chocolate Market 2024

Chocolate Market Size in the Philippines

The Philippine chocolate market rose notably to $X in 2022, picking up by X% against the previous year. In general, the total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2015 indices. Chocolate consumption peaked in 2022 and is expected to retain growth in the immediate term.

Chocolate Production in the Philippines

In value terms, chocolate production rose to $X in 2022 estimated in export price. Over the period under review, the total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The growth pace was the most rapid in 2015 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

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Chocolate Exports

Exports from the Philippines

In 2022, shipments abroad of chocolate and cocoa products decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, exports, however, continue to indicate resilient growth. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, chocolate exports fell to $X in 2022. Overall, exports, however, showed prominent growth. The most prominent rate of growth was recorded in 2013 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for chocolate exports from the Philippines, with a X% share of total exports. Moreover, chocolate exports to China exceeded the volume sent to the second major destination, the United States (X tons), threefold. The third position in this ranking was held by Thailand (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Thailand (X% per year).

In value terms, China ($X) remains the key foreign market for chocolate and cocoa products exports from the Philippines, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by Thailand, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Thailand (X% per year).

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, growing by X% against the previous year. Overall, export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of X% 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 X% against 2016 indices. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

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

Chocolate Imports

Imports into the Philippines

Chocolate imports into the Philippines surged to X tons in 2022, increasing by X% compared with 2021. Overall, imports posted a strong expansion. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, chocolate imports soared to $X in 2022. In general, imports saw buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of chocolate to the Philippines, accounting for a X% share of total imports. Moreover, chocolate imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The United States (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and the United States (X% per year).

In value terms, Indonesia ($X), Malaysia ($X) and Australia ($X) were the largest chocolate suppliers to the Philippines, with a combined X% share of total imports. Switzerland, the United States, China, India, Singapore, Germany, the Netherlands and Belgium lagged somewhat behind, together comprising a further X%.

Among the main suppliers, India, with a CAGR of X%, 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

The average chocolate import price stood at $X per ton in 2022, increasing by X% against the previous year. Over the period under review, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chocolate import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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