Cocoa powder and cake market in ASEAN

Earlier Report Observations

The ASEAN cocoa powder and cake market volume fluctuated between 2018 and 2023, starting at 312.9 thousand tons and reaching 350.7 thousand tons by the end of the period. After a peak of 332.5 thousand tons in 2019, volume dropped sharply to 215.7 thousand tons in 2020 before recovering steadily in the following years. In value terms, the market expanded from $955 million in 2018 to $1 640 million in 2023, with particularly strong growth from 2021 onward.

The market's recovery and growth in 2022, when volume increased by 10.2% to 304.0 thousand tons and value rose by 20.8% to $1 502 million, was supported by rising health consciousness among consumers. This trend boosted demand for the nutritional advantages of cocoa powder and cake, increasing their use in baking, cooking, and as natural colorants in various food and beverage products.

By 2024, key market developments included capacity expansions by global players like Barry Callebaut and Cargill in the region, catering to growing demand for plant-based and vegan cocoa products. Legislative factors such as the EU's Regulation on Deforestation-free Products began influencing supply chains, while sustained consumer preference for premium, ethically sourced, and clean-label offerings continued to shape the market.

Production cocoa powder and cake in ASEAN

In kind, 2017-2020, K t

Top producers of cocoa powder and cake, 2017-2020

World map of production of cocoa powder and cake, 2017-2020

ASEAN's production of cocoa powder and cake saw a decline after two consecutive years of growth. In 2020, the region produced 485.8 thousand tons, showing only minor year-over-year fluctuations. Looking at the period from 2017 to 2020, production increased by 24.9%, with an average annual growth rate of 7.7%. The peak was reached in 2019 at 488.2 thousand tons, while the most significant annual increase occurred in 2018 at 19.6%.

Annual dynamics of production in ASEAN in kind, 2017-2020, K t

In value, 2017-2020, M $ US

In 2020, the value of cocoa powder and cake production in ASEAN was 1 127 million US dollars, reflecting a gradual decline of 9.6% from the previous year. Over the 2017-2020 period, production value decreased by 5.4%, with an average annual decline of 1.8%. The lowest value was recorded in 2018 at 1 087 million US dollars, while the highest was in 2019 at 1 248 million US dollars. The largest annual increase happened in 2019 at 14.8%.

Annual dynamics of production in ASEAN in value, 2017-2020, M $ US

Exports cocoa powder and cake from ASEAN

Exports in kind, K t

In 2020, ASEAN exported 304.0 thousand tons of cocoa powder and cake, marking a dramatic 29.8% increase compared to 2019. From 2017 to 2020, exports grew by 37.2%, equivalent to an annualized rate of 11.1%. The most significant decline occurred in 2019 at 10.1%.

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

Between 2017 and 2020, ASEAN's cocoa powder and cake exports in volume terms were distributed across a diverse range of partners. China accounted for 9.8% of exports, the United States for 8.5%, and India for 6.3%. Together, these three markets represented just 24.6% of total export volumes, with the remaining 75.4% spread among numerous smaller markets.

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

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

Exports in value, M $ US

After two years of decline, ASEAN's cocoa powder and cake exports in value terms rebounded. In 2020, exports reached 705.4 million US dollars, up 17.9% from the previous year. Over the 2017-2020 period, export value increased by 3.9%, with an average annual growth rate of 1.3%. The lowest value was recorded in 2019 at 598.5 million US dollars, while the largest decline occurred in 2018 at 10.3%.

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

From 2017 to 2020, ASEAN's cocoa powder and cake exports in value terms were widely distributed across many countries. China represented 10.9% of export value, the United States 7.4%, and India 6.3%. Combined, these three markets accounted for only 24.6% of total export value.

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

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

Imports cocoa powder and cake to ASEAN

Imports in kind, K t

The market displayed volatility during the observed period. Imports reached their highest point in 2018 at 108.2 thousand tons and fell to their lowest in 2020 at 33.9 thousand tons, representing a 3.2-fold difference between these years. In 2020, ASEAN's imports of cocoa powder and cake stood at 33.9 thousand tons, a sharp 56.9% decrease from the previous year. The largest annual increase occurred in 2018 at 217.5%.

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

Data from 2017 to 2020 show that ASEAN's cocoa powder and cake imports in volume terms were not concentrated among a few key suppliers. The Netherlands accounted for 8.8% of imports, Ghana for 2.1%, and Côte d'Ivoire for 1.6%. Together, these three countries represented only 12.6% of total import volumes.

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

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

Imports in value, M $ US

Following two years of decrease, ASEAN's cocoa powder and cake imports in value terms increased. In 2020, imports amounted to approximately 279.6 million US dollars, up 8.8% from 2019. Over the 2017-2020 period, import value decreased by 11.7%, with an average annual decline of 4.1%. The lowest value was recorded in 2019 at 256.9 million US dollars, while the largest decline occurred that same year at 15.5%.

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

During 2017-2020, ASEAN's cocoa powder and cake imports in value terms were relatively evenly distributed. The Netherlands accounted for 10.1% of import value, France for 1.7%, and Ghana for 1.6%. Combined, these three countries represented only 13.4% of total import value.

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

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