Cocoa butter market in South-eastern Asia

Earlier Report Observations

The cocoa butter market in South-eastern Asia showed considerable volatility in volume and value from 2018 to 2023. Domestic consumption reached 189 тыс. т in 2021 before contracting sharply to 151 тыс. т in 2022, then rebounding strongly to over 200 тыс. т in 2023. In value terms, the market followed a similar pattern, falling to $676 млн in 2022 after exceeding $1 billion in 2020.

By the end of the period, the market was being reshaped by the entry of new regional producers and significant global supply pressures. In Vietnam, companies like Ban Cacao expanded production and exports of premium cocoa butter, buoyed by the country's recognition as a Fine Flavour Cocoa producer. Concurrently, historic shortages in global cocoa bean supply, driven by climate-related declines in West African harvests, led to a surge in raw material prices, making regional processing more competitive and stimulating investment in local value-added production.

These developments were reinforced by evolving consumer demand within and beyond the region for high-quality, sustainable, and plant-based chocolate ingredients. Regional governments also implemented supportive measures, such as Malaysia's focus on premium cocoa exports and Indonesia's policies to boost downstream processing, while the industry navigated new regulations like the EU's deforestation rules affecting market access.

Production cocoa butter in South-eastern Asia

In kind, 2017-2020, K t

Top producers of cocoa butter, 2017-2020

World map of production of cocoa butter, 2017-2020

Cocoa butter production in South-eastern Asia increased for the third consecutive year. In 2020, production reached 455.1 K t, showing little change compared to 2019. Over the period from 2017 to 2020, production grew by 26.8%, with an annual growth rate of 8.2%.

Annual dynamics of production in South-eastern Asia in kind, 2017-2020, K t

In value, 2017-2020, M $ US

South-eastern Asia's cocoa butter production increased for the third consecutive year. In 2020, the output was valued at 2 505 M $ US, marking a gradual increase of 5.3% from 2019. Between 2017 and 2020, production rose by 36.1%, equating to an annualized rate of 10.8%.

Annual dynamics of production in South-eastern Asia in value, 2017-2020, M $ US

Exports cocoa butter from South-eastern Asia

Exports in kind, K t

After two years of growth, South-eastern Asia's cocoa butter export volume declined. In 2020, exports totaled 284.2 K t, showing a modest decrease of 3.9% year-over-year. Between 2017 and 2020, exports increased by 20%, with an annualized rate of 6.3%. The peak was recorded in 2019 at 295.6 K t, while the largest increase occurred in 2018 at 13.4%.

Annual dynamics of product's exports from South-eastern Asia in kind, 2017-2020, K t

From 2017 to 2020, the buyer portfolio for cocoa butter from South-eastern Asia was broad. The United States (27.3% of exports in kind), Japan (8.3%), and the Netherlands (7.6%) together accounted for only 43.3% of total exports, with many other countries holding smaller but significant shares.

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

World map of product's exports from South-eastern Asia in kind, 2017-2020

Exports in value, M $ US

Cocoa butter shipments from South-eastern Asia increased for the third consecutive year. In 2020, export value amounted to 1 564 M $ US, reflecting a slight increase of 0.8% over the previous year. Between 2017 and 2020, exports grew by 28.8%, with an annualized rate of 8.8%.

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

From 2017 to 2020, cocoa butter from South-eastern Asia was supplied to a diverse set of markets. The United States (27.9% of exports in value terms), Japan (8.6%), and the Netherlands (7.8%) together represented only 44.3% of total exports, while many smaller destinations made up the remaining 55.7%.

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

World map of product's exports from South-eastern Asia in value, 2017-2020

Imports cocoa butter to South-eastern Asia

Imports in kind, K t

There were noticeable fluctuations in market performance during this period. The highest volume was noted in 2017, while the lowest occurred in 2018, with a peak-to-trough ratio of 4.6 times. In 2020, cocoa butter volumes in South-eastern Asia amounted to 1.4 K t, down by 43.7% year-over-year. The minimum value was recorded in 2018 at 0.7 K t. The largest decline occurred in 2018 at 78.3%, and the largest increase was in 2019 at 236.3%.

Annual dynamics of product's imports to South-eastern Asia in kind, 2017-2020, K t

Over 2017–2020, the Netherlands and South Korea made the largest contribution to imports in kind, together representing 2.1% of total flows.

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

World map of product's imports to South-eastern Asia in kind, 2017-2020

Imports in value, M $ US

Cocoa butter shipments to South-eastern Asia increased for the third consecutive year. In 2020, imports amounted to 83 M $ US, which is 41.2% greater compared to 2019. Over the period from 2017 to 2020, imports increased by 134.1%, with an annual growth rate of 32.8%.

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

In 2017–2020, the Netherlands (1.6% of imports in value terms), South Korea (1.0%), and the United States (0.6%) formed the main group of destinations for cocoa butter imports to South-eastern Asia, with a combined share of 3.2% of total flows.

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

World map of product's imports to South-eastern Asia in value, 2017-2020