Cocoa powder and cake market in Southern Asia

Earlier Report Observations

The cocoa powder and cake market in Southern Asia experienced initial growth, reaching 60,753 t in 2019 before stabilizing near 59,798 t in 2020. During this phase, the rising bean-to-bar trend boosted demand for high-quality cocoa powder from specialty chocolate makers, while multinational companies expanded collaborations with local farmers to improve cocoa cultivation and supply.

Market volume then contracted to 57,373 t in 2021, followed by a sharp rebound to 64,988 t in 2022, illustrating considerable annual volatility within the period.

In 2023, the market declined to 56,653 t despite the broader Indian chocolate market expanding to US$2.6 billion and a growing variety of dark chocolate brands broadening the premium segment. By 2024, a global cocoa supply shortage, caused by adverse weather in West Africa, drove cocoa bean prices to historic highs, increasing production costs for cocoa powder. Simultaneously, the Food Safety and Standards Authority of India implemented updated labelling and packaging rules, mandating clearer nutritional and allergen information on cocoa products.

Production cocoa powder and cake in Southern Asia

In kind, 2017-2020, t

Top producers of cocoa powder and cake, 2017-2020

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

Southern Asia's production of cocoa powder and cake has declined for the second year in a row. In 2020, the region produced 24 134 tonnes, which represents a 6.9% decrease compared to 2019. Looking at the period from 2017 to 2020, production fell by 8.6%, translating to an average annual decline of 3.0%. The highest production level was recorded in 2018 at 29 011 tonnes, marking a 9.8% increase from the previous year. However, the most significant drop occurred in 2019, with a 10.6% decrease.

Annual dynamics of production in Southern Asia in kind, 2017-2020, t

In value, 2017-2020, K $ US

Following two years of decline, Southern Asia's cocoa powder and cake production saw a modest recovery in value terms. In 2020, the output was valued at 64 227 thousand US dollars, reflecting a 4.0% increase compared to 2019. Over the 2017-2020 period, however, production value decreased by 14.1%, with a compound annual growth rate of -5.0%. The lowest value was recorded in 2019 at 61 774 thousand US dollars, which represented a significant 13.8% decline from the previous year.

Annual dynamics of production in Southern Asia in value, 2017-2020, K $ US

Exports cocoa powder and cake from Southern Asia

Exports in kind, t

After experiencing growth for two consecutive years, Southern Asia's exports of cocoa powder and cake declined in 2020. The region exported 1 034 tonnes that year, marking a substantial 30.9% year-on-year decrease. From 2017 to 2020, exports fell by 3.5%, averaging an annual decline of 1.2%. The peak export volume was recorded in 2019 at 1 497 tonnes, following a notable 24.1% increase in 2018.

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

Between 2017 and 2020, Egypt, the Netherlands, and China consistently served as the primary destinations for Southern Asia's cocoa powder and cake exports in volume terms. Egypt accounted for 3.6% of total exports, while both the Netherlands and China each represented 1.1%. Together, these three countries accounted for 5.8% of all export flows during this period.

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

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

Exports in value, K $ US

Following two years of growth, Southern Asia's cocoa powder and cake exports in value terms contracted significantly in 2020. Export value stood at 2 753 thousand US dollars that year, representing a sharp 22.8% decline from 2019. Over the 2017-2020 period, export value decreased by 9.3%, with a compound annual growth rate of -3.2%. The highest export value was recorded in 2019 at 3 567 thousand US dollars, which included an 8.6% increase that year.

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

From 2017 to 2020, Southern Asia's cocoa powder and cake exports in value terms were relatively evenly distributed among various markets. Egypt accounted for 3.1% of total export value, the Netherlands for 0.9%, and Lebanon for 0.8%. Collectively, these three countries represented just 4.9% of all export flows during this period.

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

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

Imports cocoa powder and cake to Southern Asia

Imports in kind, t

Southern Asia's imports of cocoa powder and cake continued to grow for the third consecutive year in 2020. Import volume reached 36 699 tonnes, showing a modest 1.0% increase compared to 2019. Over the 2017-2020 period, imports surged by 42.7%, averaging an impressive annual growth rate of 12.6%.

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

Between 2017 and 2020, Turkey, Malaysia, and Indonesia were the leading sources of cocoa powder and cake imports to Southern Asia in volume terms. Turkey accounted for 26.4% of total imports, Malaysia for 20.7%, and Indonesia for 13.9%. Together, these three countries represented 61.0% of all import flows during this period.

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

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

Imports in value, K $ US

Southern Asia's imports of cocoa powder and cake in value terms grew for the third straight year in 2020. Import value reached 94 480 thousand US dollars, representing a strong 9.6% increase compared to the previous year. Over the 2017-2020 period, import value increased by 39.4%, averaging an annual growth rate of 11.7%.

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

Throughout the 2017-2020 period, Turkey, Malaysia, and the United Arab Emirates remained the primary sources of cocoa powder and cake imports to Southern Asia in value terms. Turkey accounted for 27.8% of total import value, Malaysia for 19.2%, and the United Arab Emirates for 13.3%. Collectively, these three markets represented 60.3% of all import flows during this period.

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

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