Cocoa powder and cake market in the Philippines

Earlier Report Observations

The cocoa powder and cake market in the Philippines displayed notable volatility in volume between 2018 and 2023. Total market size peaked at 32 249 tons in 2022 after a period of decline, but did not sustain that level, ending the period at 30 098 tons in 2023.

Imports constituted the overwhelming majority of supply, typically exceeding 26 000 tons annually. This reliance on foreign product meant overall market fluctuations closely mirrored import trends. Concurrently, local production demonstrated strong growth, more than doubling from 2 121 tons in 2020 to 3 798 tons by 2023, gradually increasing its share of the total market.

The market contraction observed in 2021 was followed by a sharp recovery the next year. However, the subsequent dip in 2023 indicated continued instability in total consumption volumes over the six-year span.

Production cocoa powder and cake in the Philippines

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

Following two years of growth, cocoa powder and cake production in the Philippines declined. In 2019, production reached its peak at 2 604 tons, but by 2020 it had fallen to 2 121 tons, representing an 18.6% decrease from the previous year. Looking at the broader period from 2017 to 2020, production actually increased by 13.1%, which translates to an average annual growth rate of 4.2%. The most significant year-on-year increase occurred in 2018, when production jumped by 28.1%.

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

Exports cocoa powder and cake from the Philippines

Exports in kind, t

The Philippines has seen its cocoa powder and cake export volumes grow for the third year in a row. In 2020, exports totaled 241 tons, which is a dramatic 687.3% increase compared to 2019. Over the four-year span from 2017 to 2020, exports surged by an impressive 2 914%, with a compound annual growth rate of 211.2%.

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

From 2017 through 2020, Malaysia consistently dominated the Philippines' cocoa powder and cake exports in volume terms, accounting for 71.6% of the total. This highlights a strong reliance on the Malaysian market, while the remaining exports were distributed among various other countries.

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

For the third consecutive year, the value of cocoa powder and cake exports from the Philippines has risen. In 2020, exports were valued at 660 thousand US dollars, marking a substantial 279.1% increase year-over-year. Between 2017 and 2020, export values grew by 1 051.8%, with a compound annual growth rate of 125.8%.

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

During the 2017–2020 period, the export market in value terms was heavily concentrated, with Malaysia and Vietnam together making up 84.7% of total flows. The remaining exports were spread across a diverse range of other markets.

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 powder and cake to the Philippines

Imports in kind, t

After increasing for two years, cocoa powder and cake imports into the Philippines declined. In 2019, imports peaked at 28 969 tons, but in 2020 they dropped to 28 629 tons, a slight decrease of 1.2% from the previous year. Over the full 2017–2020 period, imports grew by 11.5%, averaging an annualized rate of 3.7%. The largest year-on-year increase was recorded in 2018, at 7.2%.

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

From 2017 to 2020, the Philippines' cocoa powder and cake imports in volume terms were primarily sourced from three key markets: Indonesia (39.8% of imports), Malaysia (32.5%), and Singapore (15.1%). Together, these three countries accounted for 87.5% of total import volumes.

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 Philippines' cocoa powder and cake imports have increased in value for the third year running. In 2020, imports reached 61 791 thousand US dollars, up 2.5% from 2019. Over the 2017–2020 period, import values rose by 6.3%, with a compound annual growth rate of 2.1%.

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

Between 2017 and 2020, the main suppliers of cocoa powder and cake to the Philippines in value terms were Indonesia (37.1% of imports), Malaysia (32.4%), and Singapore (17.6%). Collectively, these three markets represented 87.2% 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