Philippines: Cocoa Bean Market 2024

Cocoa Bean Market Size in the Philippines

The Philippine cocoa bean market surged to $X in 2022, jumping by X% against the previous year. Over the period under review, the total consumption indicated a remarkable 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 2020 indices. Cocoa bean consumption peaked in 2022 and is likely to continue growth in the immediate term.

Cocoa Bean Production in the Philippines

In value terms, cocoa bean production rose modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2015 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

The average yield of cocoa beans in the Philippines declined modestly to X kg per ha in 2022, with a decrease of X% against the previous year. Over the period under review, the yield showed a deep downturn. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, the average cocoa bean yield reached the peak level at X kg per ha in 2012; however, from 2013 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of cocoa beans production in the Philippines declined modestly to X ha, leveling off at 2021 figures. Overall, the harvested area, however, saw strong growth. The pace of growth was the most pronounced in 2018 when the harvested area increased by X% against the previous year. The cocoa bean harvested area peaked at X ha in 2021, and then dropped slightly in the following year.

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Cocoa Bean Exports

Exports from the Philippines

In 2022, cocoa bean exports from the Philippines dropped notably to X tons, reducing by X% against 2021. Over the period under review, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, cocoa bean exports declined remarkably to $X in 2022. Overall, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X tons) was the main destination for cocoa bean exports from the Philippines, with a X% share of total exports. It was followed by Vietnam (X tons), with a X% share of total exports. The third position in this ranking was taken by Indonesia (X tons), with a X% share.

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

In value terms, Malaysia ($X) remains the key foreign market for cocoa beans exports from the Philippines, comprising X% of total exports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total exports. It was followed by Indonesia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Indonesia (X% per year).

Export Prices by Country

The average cocoa bean export price stood at $X per ton in 2022, picking up by X% against the previous year. In general, export price indicated a prominent 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, cocoa bean export price increased by X% against 2017 indices. The growth pace was the most rapid in 2013 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and Indonesia ($X per ton), while the average price for exports to Malaysia ($X per ton) and Singapore ($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 Singapore (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cocoa Bean Imports

Imports into the Philippines

In 2022, supplies from abroad of cocoa beans increased by X% to X tons, rising for the third year in a row after two years of decline. Over the period under review, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, cocoa bean imports surged to $X in 2022. In general, imports saw prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest cocoa bean supplier to the Philippines, with a X% share of total imports. Moreover, cocoa bean imports from Indonesia exceeded the figures recorded by the second-largest supplier, Ecuador (X tons), fourfold. Madagascar (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: Ecuador (X% per year) and Madagascar (X% per year).

In value terms, Indonesia ($X) constituted the largest supplier of cocoa beans to the Philippines, comprising X% of total imports. The second position in the ranking was held by Ecuador ($X), with a X% share of total imports. It was followed by Madagascar, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Indonesia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Ecuador (X% per year) and Madagascar (X% per year).

Import Prices by Country

In 2022, the average cocoa bean import price amounted to $X per ton, remaining relatively unchanged against the previous year. In general, the import price, however, saw a slight expansion. The growth pace was the most rapid in 2014 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Ecuador ($X per ton) and Madagascar ($X per ton), while the price for Papua New Guinea ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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