Cocoa butter market in Thailand

Earlier Report Observations

From 2018, Thai cocoa butter gained international recognition through awards, enhancing its export potential, while the Ministry of Agriculture promoted cocoa as an alternative crop to rubber to diversify farmer income. Domestic production remained stable at around 1 180–1 190 t through 2019, but then decreased to 1 129 t in 2020, with the market volume falling to 1 173 t.

A significant production surge to 1 376 t occurred in 2021, driving the market volume to a peak of 1 473 t. By 2022, cocoa communities had adopted better supply chain management practices focused on pruning and fertilization to maintain production efficiency. Concurrently, the global cocoa and chocolate market expanded through new product development and online sales channels, supporting external demand for Thai cocoa butter.

After the 2021 peak, production and market volume moderated to 1 140 t and 1 228 t respectively in 2023. Entering 2024, a sharp global cocoa price increase—exceeding $10 000 per ton due to crop shortages from climate change and disease—began to benefit Thai exporters, raising export value. The Thai government continued to frame cocoa as a future economic crop, backing SMEs and farmers through supportive policies.

Production cocoa butter in Thailand

In kind, 2017-2020, t

Top producers of cocoa butter, 2017-2020

World map of production of cocoa butter, 2017-2020

In 2020, Thailand produced 1 129 tonnes of cocoa butter, marking a moderate decrease of 4.9% compared to the previous year. Over the period from 2017 to 2020, production fell by 11.1%, which translates to an annualized decline of 3.8%. The most significant drop occurred in 2018, with a 6.8% reduction, while 2019 saw a slight increase of 0.2%.

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

Exports cocoa butter from Thailand

Exports in kind, kg

The market displayed an unstable trend throughout the timeframe. Exports reached their lowest point in 2018 at 151 kg and peaked in 2017, with a 16-fold difference between these years. In 2020, Thailand's cocoa butter export volume totaled 912 kg, showing a substantial gain of 15.2% year-over-year. The largest decline was recorded in 2018 at 93.8%, while the largest increase occurred in 2019, surging by 424.1%.

Annual dynamics of product's exports from Thailand in kind, 2017-2020, kg

From 2017 to 2020, Cambodia, the United Arab Emirates, and Oman led the structure of exports in kind, accounting for 51.6%, 24.5%, and 10.6% of exports, respectively. Together, these three markets represented 86.7% of total flows.

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, K $ US

Volatility characterized the market behavior during these years. From the low in 2018 to the high in 2017, volumes varied 11.1 times. In 2020, Thailand exported 3.6 thousand US dollars of cocoa butter, up by 8.3% over the past year. The minimum value was recorded in 2018 at 0.9 thousand US dollars. The largest decline occurred in 2018 at 91.0%, while the largest increase was in 2019, rising by 270.3%.

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

From 2017 to 2020, three main markets—Cambodia, the United Arab Emirates, and Belgium—together absorbed 83.0% of total exports in value terms of cocoa butter from Thailand.

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

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

Imports cocoa butter to Thailand

Imports in kind, kg

Thailand's volume of cocoa butter imports declined for the third consecutive year. In 2020, Thailand imported 45 199 kg of cocoa butter, constituting a drop of 20.6% versus the previous year. Over the period from 2017 to 2020, imports decreased by 31.6%, with a compound annual growth rate of -11.9%.

Annual dynamics of product's imports to Thailand in kind, 2017-2020, kg

From 2017 to 2020, Malaysia, Singapore, and Spain consistently remained the main destinations for imports in kind, accounting for 51.1%, 18.1%, and 6.0% of imports, respectively. Together, these three partners represented 75.2% of total flows.

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, K $ US

Thailand's cocoa butter imports declined for the second consecutive year. In 2020, Thailand imported a total of cocoa butter valued at the previous year's amount in thousand US dollars, representing a strong decline of 12.2% year-over-year. Over the period from 2017 to 2020, imports decreased by 20.6%, with a compound annual growth rate of -7.4%. The maximum value was recorded in 2018 at 463.9 thousand US dollars. The largest decline occurred in 2019 at 18.9%, while the largest increase was in 2018, rising by 11.5%.

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

Throughout 2017 to 2020, Malaysia, Singapore, and Spain formed the key group of partners for imports in value terms of cocoa butter to Thailand, accounting for 43.7%, 14.2%, and 6.4% of imports, respectively. Jointly, these three markets represented 64.3% 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