Cocoa butter market in the Philippines

Earlier Report Observations

The Philippine cocoa butter market volume declined from 1 906 t in 2018 to 1 559 t in 2020. In the initial year, the industry was characterized by smallholder farmers and growing demand from cafes and restaurants, alongside a wellness trend that positioned cocoa as a health food, setting a foundation for future expansion.

Market volume recovered to 1 848 t in 2021 and then surged to 3 011 t in 2022 and 3 235 t in 2023. This strong growth was driven by global cocoa supply constraints and record-high prices due to poor harvests in West Africa, which incentivized local production. Concurrently, domestic legislative efforts to institutionalize cacao development programs and the introduction of new processing technologies supported the industry's capacity to meet rising demand.

Production cocoa butter in the Philippines

In kind, 2017-2020, t

Top producers of cocoa butter, 2017-2020

World map of production of cocoa butter, 2017-2020

After two consecutive years of growth, cocoa butter production in the Philippines declined. In 2019, production reached its peak at 2,309 tonnes, but then fell sharply in 2020 to 1,881 tonnes, representing an 18.6% decrease from the previous year. The most significant annual increase occurred in 2018, when production rose by 28.1%. Overall, between 2017 and 2020, production grew by 13.1%, which translates to an average annual growth rate of 4.2%.

Annual dynamics of production in the Philippines in kind, 2017-2020, t

In value, 2017-2020, K $ US

Following two years of expansion, the value of cocoa butter production in the Philippines contracted. In 2019, output peaked at 15,663 thousand US dollars, but then dropped substantially in 2020 to 9,032 thousand US dollars, marking a 42.3% decline year-over-year. The largest annual increase was recorded in 2018, with a jump of 63.7%. Over the entire 2017-2020 period, production value increased by 19.5%, corresponding to a compound annual growth rate of 6.1%.

Annual dynamics of production in the Philippines in value, 2017-2020, K $ US

Exports cocoa butter from the Philippines

Exports in kind, t

The export market for cocoa butter from the Philippines showed considerable volatility during this period. Exports hit their lowest point in 2018 at 299.2 tonnes, then rebounded strongly in 2019 with a 92.2% increase. However, in 2020, exports fell again to 381.3 tonnes, a steep 33.7% decrease from the previous year. The largest decline occurred in 2018, dropping by 53.6%. Overall, exports fluctuated significantly, with a 2.2-fold difference between the peak in 2017 and the trough in 2018.

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

From 2017 to 2020, Germany and the United States were the dominant destinations for Philippine cocoa butter exports in volume terms, while all other countries combined accounted for the remainder.

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

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

Exports in value, K $ US

The value of cocoa butter exports from the Philippines exhibited notable volatility. Exports reached their lowest point in 2018 at 1,739 thousand US dollars, then surged in 2019 to 3,901 thousand US dollars, a remarkable 124.3% increase. However, in 2020, export value dropped to 1,831 thousand US dollars, a 53.1% decrease from 2019. Overall, exports varied by a factor of 2.2 between the high in 2019 and the low in 2018.

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

Between 2017 and 2020, Germany and the United States dominated the value of cocoa butter exports from the Philippines, jointly accounting for 87.4% of total export value, with other countries holding much smaller shares.

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

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

Imports cocoa butter to the Philippines

Imports in kind, t

Import volumes of cocoa butter into the Philippines showed irregular patterns, reflecting a volatile market. Imports were at their lowest in 2017, then jumped by 123.0% in 2018 to reach a peak of 75.6 tonnes. In 2019, imports declined by 19.7%, followed by a slight 1.7% decrease in 2020. Overall, imports fluctuated by a factor of 2.2 between the minimum in 2017 and the maximum in 2018.

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

From 2017 to 2020, Indonesia, Malaysia, and Spain were the primary suppliers of cocoa butter to the Philippines in volume terms. Indonesia accounted for 37.3% of imports, Malaysia for 28.9%, and Spain for 16.3%, together making up 82.5% of total import volume.

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

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

Imports in value, K $ US

The value of cocoa butter imports into the Philippines displayed significant volatility. Imports were at their lowest in 2017, then increased by 103.0% in 2018 to reach a peak of 426 thousand US dollars. In 2019, import value fell by 19.2%, before rising by 5.6% in 2020 to 364 thousand US dollars. Overall, imports fluctuated by a factor of 2 between the minimum in 2017 and the maximum in 2018.

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

Throughout 2017-2020, Indonesia, Malaysia, and Spain were the key sources for cocoa butter imports into the Philippines in value terms, collectively accounting for 81.8% of total import value.

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

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