ASEAN: Cocoa Bean Market 2024

Cocoa Bean Market Size in ASEAN

The ASEAN cocoa bean market fell slightly to $X in 2023, remaining constant against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2014; however, from 2015 to 2023, consumption failed to regain momentum.

Cocoa Bean Production in ASEAN

In value terms, cocoa bean production reduced modestly to $X in 2023 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2023, production failed to regain momentum.

Indonesia (X tons) constituted the country with the largest volume of cocoa bean production, accounting for X% of total volume.

From 2012 to 2023, the average annual rate of growth in terms of volume in Indonesia was relatively modest.

The average cocoa bean yield totaled X tons per ha in 2023, approximately reflecting 2022. The yield figure 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 throughout the analyzed period. The growth pace was the most rapid in 2018 when the yield increased by X% against the previous year. The level of yield peaked at X tons per ha in 2020; however, from 2021 to 2023, 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 2023, approx. X ha of cocoa beans were harvested in ASEAN; stabilizing at the previous year's figure. Over the period under review, the harvested area, however, continues to indicate a perceptible shrinkage. The level of harvested area peaked at X ha in 2012; however, from 2013 to 2023, the harvested area failed to regain momentum.

Cocoa Bean Exports

Exports in ASEAN

After two years of growth, overseas shipments of cocoa beans decreased by X% to X tons in 2023. In general, exports showed a noticeable setback. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

In value terms, cocoa bean exports reduced modestly to $X in 2023. Overall, exports recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia was the key exporting country with an export of around X tons, which recorded X% of total exports. It was distantly followed by Indonesia (X tons), achieving an X% share of total exports. The Philippines (X tons) followed a long way behind the leaders.

Exports from Malaysia increased at an average annual rate of X% from 2012 to 2023. At the same time, the Philippines (X%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of X% from 2012-2023. By contrast, Indonesia (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Malaysia and the Philippines increased by X and X percentage points, respectively.

In value terms, Malaysia ($X) remains the largest cocoa bean supplier in ASEAN, comprising X% of total exports. The second position in the ranking was taken by Indonesia ($X), with an X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Malaysia totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (X% per year) and the Philippines (X% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2023, growing by X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2023, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Malaysia ($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 mixed trends in the export price figures.

Cocoa Bean Imports

Imports in ASEAN

In 2023, approx. X tons of cocoa beans were imported in ASEAN; increasing by X% on the previous year. In general, imports recorded a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to see gradual growth in the near future.

In value terms, cocoa bean imports skyrocketed to $X in 2023. Total imports indicated a strong 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, imports increased by X% against 2016 indices. The pace of growth appeared the most rapid in 2014 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

Malaysia represented the key importer of cocoa beans in ASEAN, with the volume of imports reaching X tons, which was near X% of total imports in 2023. Indonesia (X tons) held the second position in the ranking, distantly followed by Singapore (X tons). All these countries together took near X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to cocoa bean imports into Malaysia stood at X%. At the same time, Indonesia (X%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of X% from 2012-2023. Singapore experienced a relatively flat trend pattern. While the share of Indonesia (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Singapore (X p.p.) and Malaysia (X p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) constitutes the largest market for imported cocoa beans in ASEAN, comprising X% of total imports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total imports.

In Malaysia, cocoa bean imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Indonesia (X% per year) and Singapore (X% per year).

Import Prices by Country

In 2023, the import price in ASEAN amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the import price increased by X%. Over the period under review, import prices attained the maximum at $X per ton in 2015; however, from 2016 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Malaysia ($X per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform