Philippines: Market for Cocoa Powder (Containing Added Sugar) 2024

Market Size for Cocoa Powder (Containing Added Sugar) in the Philippines

The Philippine cocoa powder with sugar market fell to $X in 2023, with a decrease of X% against the previous year. In general, consumption saw a perceptible shrinkage. As a result, consumption reached the peak level of $X. From 2014 to 2023, the growth of the market failed to regain momentum.

Production of Cocoa Powder (Containing Added Sugar) in the Philippines

In value terms, cocoa powder with sugar production dropped modestly to $X in 2023 estimated in export price. Overall, production showed a perceptible shrinkage. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, production attained the peak level of $X. From 2014 to 2023, production growth remained at a somewhat lower figure.

Exports of Cocoa Powder (Containing Added Sugar)

Exports from the Philippines

In 2023, shipments abroad of cocoa powder (containing added sugar) increased by X% to X tons, rising for the second consecutive year after three years of decline. Overall, exports, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2023, the growth of the exports failed to regain momentum.

In value terms, cocoa powder with sugar exports soared to $X in 2023. Over the period under review, exports, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for cocoa powder with sugar exports from the Philippines, with a X% share of total exports. Moreover, cocoa powder with sugar exports to Vietnam exceeded the volume sent to the second major destination, Canada (X tons), sixfold. The third position in this ranking was taken by Bahrain (X tons), with an X% share.

From 2012 to 2023, the average annual growth rate of volume to Vietnam stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Bahrain (X% per year).

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

From 2012 to 2023, the average annual rate of growth in terms of value to Vietnam totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (X% per year) and Canada (X% per year).

Export Prices by Country

The average cocoa powder with sugar export price stood at $X per ton in 2023, declining by X% against the previous year. In general, the export price, however, continues to indicate noticeable growth. The pace of growth appeared the most rapid in 2022 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then dropped remarkably in the following year.

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

Imports of Cocoa Powder (Containing Added Sugar)

Imports into the Philippines

After three years of growth, overseas purchases of cocoa powder (containing added sugar) decreased by X% to X tons in 2023. Overall, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2023, imports failed to regain momentum.

In value terms, cocoa powder with sugar imports shrank notably to $X in 2023. In general, imports, however, saw a temperate expansion. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Malaysia (X tons) constituted the largest cocoa powder with sugar supplier to the Philippines, accounting for a X% share of total imports. Moreover, cocoa powder with sugar imports from Malaysia exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. Canada (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Malaysia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Canada (X% per year).

In value terms, Malaysia ($X) constituted the largest supplier of cocoa powder (containing added sugar) to the Philippines, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with a X% share of total imports. It was followed by Indonesia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from Malaysia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Indonesia (X% per year).

Import Prices by Country

The average cocoa powder with sugar import price stood at $X per ton in 2023, growing by X% against the previous year. In general, the import price saw a prominent expansion. The pace of growth was the most pronounced in 2015 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Taiwan (Chinese) ($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 Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform