Chocolate and cocoa products market in Thailand

Earlier Report Observations

The Thai chocolate market volume showed considerable variation from 2018 to 2020. The market was in a phase of continuous expansion in 2018, while also facing heightened competition from foreign chocolate producers and distributors. This was followed by a substantial 41% growth in 2019, lifting the market volume to 14 468 t. However, this trend reversed sharply in 2020 when volume contracted by 45% to 7 878 t, primarily due to the COVID-19 pandemic which led consumers to reduce their discretionary spending.

After reaching a low of 6 228 t in 2021, the market entered a recovery phase. Volume increased by 33% to 8 262 t in 2022 and continued to grow by another 30% in 2023, reaching 10 708 t and nearly matching the pre-pandemic level of 2018.

Underlying these volume movements, several key market developments took shape. Consumer preferences gradually shifted towards chocolate from ethical and sustainable sources, fueling the premium segment. Concurrently, government promotion of domestic cocoa cultivation encouraged the emergence of more local craft and premium chocolate producers. The market structure remained highly competitive, with established international brands and new entrants like Cadbury maintaining strong activity.

Production chocolate and cocoa products in Thailand

In kind, 2017-2020, t

Top producers of chocolate and cocoa products, 2017-2020

World map of production of chocolate and cocoa products, 2017-2020

In 2020, Thailand produced 9,400 tons of chocolate and cocoa products, remaining nearly unchanged from the previous year. The largest decline occurred in 2018 at 0.0%, while the largest increase was also recorded in 2018 at 0.0%.

Annual dynamics of production in Thailand in kind, 2017-2020, t

Exports chocolate and cocoa products from Thailand

Exports in kind, t

The market displayed volatility during the observed period. Export volumes reached their lowest point in 2019 at 1,165 tons, then peaked in 2020 at 22,668 tons, representing a dramatic 1,845.2% increase from the previous year. The largest decline was recorded in 2019 at 94.6%, with a 19-fold difference between the peak and trough volumes.

Annual dynamics of product's exports from Thailand in kind, 2017-2020, t

From 2017 to 2020, Japan accounted for 73.7% of Thailand's total chocolate and cocoa product exports by volume, with the remaining flows distributed among multiple smaller trading partners.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Thailand in kind, 2017-2020

Exports in value, M $ US

In 2020, Thailand's chocolate and cocoa product exports reached 41.1 million US dollars, marking a 23.5% increase from the prior year. Between 2017 and 2020, exports grew by 23.6%, equivalent to an annualized rate of 7.3%. The maximum value was recorded in 2018 at 54.1 million US dollars, while the largest decline occurred in 2019 at 38.5%, and the largest increase was in 2018 at 62.7%.

Annual dynamics of product's exports from Thailand in value, 2017-2020, M $ US

From 2017 to 2020, Japan (27.5% of export value), Myanmar (11.3%), and China (9.7%) formed the largest group of buyers for Thailand's chocolate and cocoa products. However, their combined share was limited to 48.5% of total export value, indicating a diversified country structure.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Thailand in value, 2017-2020

Imports chocolate and cocoa products to Thailand

Imports in kind, t

The market showed an unstable trend throughout the timeframe. Import volumes hit their lowest in 2019 at 6,233 tons, then peaked in 2018 at 22,407 tons, with a 3.6-fold gap between these extremes. In 2020, Thailand imported 21,147 tons of chocolate and cocoa products, reflecting a steep 239.3% gain compared to 2019. The largest decline was recorded in 2019 at 72.2%.

Annual dynamics of product's imports to Thailand in kind, 2017-2020, t

From 2017 to 2020, Malaysia (18.3% of import volume), Singapore (15.2%), and Indonesia (13.8%) were the largest suppliers of chocolate and cocoa products to Thailand. Their combined contribution was limited to 47.2% of total import volume, highlighting a diversified country structure.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Thailand in kind, 2017-2020

Imports in value, M $ US

The market exhibited an unstable trend throughout the timeframe. Import values declined to their lowest level in 2019 at 36.7 million US dollars, after peaking in 2018 at 146.9 million US dollars, with a 4-fold ratio between these points. In 2020, Thailand imported chocolate and cocoa products worth 41.1 million US dollars, showing an intense 269.2% advance year-over-year. The largest decline was recorded in 2019 at 75.0%.

Annual dynamics of product's imports to Thailand in value, 2017-2020, M $ US

Over the 2017–2020 period, imports of chocolate and cocoa products to Thailand in value terms were not heavily concentrated. Malaysia (15.9% of import value), China (12.9%), and the United States (12.0%) together accounted for only 40.9% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Thailand in value, 2017-2020