Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Philippines Chocolate Market, ThePhilippines Chocolate Market size was valued at around USD 419.11 million in 2024 and is projected to reach USD 707.52 million by 2030. Along with this, the market is estimated to grow at a CAGR of around 8.88% during the forecast period, i.e., 2025-30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Philippines Chocolate Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

• Forecast Period: 2025-2030
• Market Size in 2024: USD 419.11 million
• CAGR (2025-2030): 8.88%

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Philippines Chocolate Market Segmentation Breakdown:

The Philippines Chocolate Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

By Product Type

• Dark Chocolate - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Milk Chocolate - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• White Chocolate - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Others - Market Size & Forecast 2020-2030, USD Million & Thousand Tons

Milk chocolate is the dominating segment in the Philippines Chocolate Market, accounting for approximately half of the market share (50%) due to its widespread popularity among all demographics.

By Form

• Chocolate Bars - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Liquid Chocolate - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Truffles Chocolate - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Others - Market Size & Forecast 2020-2030, USD Million & Thousand Tons

By Distribution Channel

• Offline - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
  • Retail - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
  • Hypermarket/Supermarket - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
  • Convenience Stores - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Online - Market Size & Forecast 2020-2030, USD Million & Thousand Tons

By Category

• Conventional - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Organic - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Lactose-Free - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Gluten-Free - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Zero Sugar- Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Others - Market Size & Forecast 2020-2030, USD Million & Thousand Tons

In the Philippines Chocolate Market, the conventional category is the leading segment holding around 75% of the entire market.

Geographical Growth Insights:

By Region

• Luzon - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Visayas - Market Size & Forecast 2020-2030, USD Million & Thousand Tons
• Mindanao - Market Size & Forecast 2020-2030, USD Million & Thousand Tons

MarkNtel Advisors Highlights Key Market Drivers for Philippines Chocolate Market:

Increasing Demand for Premium & Artisanal Chocolates – Here market growth is driven by changing consumer preference towards artisan and premium chocolates due to their intense flavors, unique textures, and healthier ingredients. Artisanal chocolates are famous as they are made from locally sourced cacao. In 2022, with the production of 8770 metric tons of cacao, the Philippines became the world's 24th largest producer of cacao. There are several initiatives launched to support cacao farmers to reach the target of 100000 metric tons by 2025 by the Department of Agriculture. This shall open the door for locally operating businesses to go bean-to-bar and source single-origin chocolates. The demand for premium chocolates is further supported by the consumer preference for chocolate as a preferred gift during fiestas. Most Filipino consumer representatives preferred premium chocolates over mass-produced alternatives, thus signifying the importance of indulgence and sophistication in chocolatiers' presentation. Such a shift offers growth prospects for both local and international brands.

A Comprehensive Analysis of Leading Companies in Philippines Chocolate Market

• Nestlé
• Hershey's
• Cadbury Adams
• Mars
• Ginto
• Mondelez International Inc.
• JG Summit Holdings Inc.
• Comfoods
• Delfi
• Twin Oaks Foods Corporation
• Mayora Philippines
• Others

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Philippines Chocolate Market Recent Development:

• August 2024: Mars, known for brands like Snickers and M&Ms, agreed to acquire Kellanova, the maker of Pringles and Cheez-Its, for USD 36 billion. This strategic move is expected to enhance Mars' snacking business and expand its product portfolio.
• 2024: The Department of Agriculturehas launched programs to support cacao farmers, aiming to increase annual production to 100,000 metric tons by 2025.

What are the growth Challenge driving the Philippines Chocolate Market?

Volatility in Raw Cacao Prices Due to Supply Chain Disruptions – Due to supply chain interruptions, raw cocoa price volatility is a significant problem in the Philippine chocolate industry. Even though it produces a lot of cocoa, the Philippines imports a huge amount of it for processing purposes. More than forty percent of its cocoa supplies come from outside the country mostly from Malaysia and Indonesia. Also, the fluctuation in the price of global cocoa because of the lower yields driven by the climate change impacts and unpredictable weather patterns, further hamper the market growth. The International Cocoa Organization reported the cocoa supply deficit globally in 2024. This results in the rising prices of the final product as the production cost increases, which further strains imports and impacts affordability.

Moreover, the growth and innovation in premium and artisanal chocolate segments are potentially hindering the growth of the Philippine's Chocolate Market. The challenge including port congestion, and rising transportation costs, restricts local producers also in accessing high-quality cacao as logistical disruptions, exacerbate the situation. This price volatility directly affects production costs, forcing manufacturers to either absorb losses or increase product prices. This limits the growth of premium and artisanal chocolate among price-sensitive consumers in the Philippines.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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