Report

The Singapore cocoa market is projected to grow at a CAGR of 4.20% between 2025 and 2034.

Singapore Cocoa Market Growth

Growingdemand for chocolateand confectionary, rising awareness regarding the health benefits of cocoa, and consumers prioritising sustainable products are some of the influential drivers increasing the demand of Singapore cocoa market. Consumers are becoming increasingly aware of the sources of cocoa and the ecological and social impact of its production process. This has led the businesses in Singapore to take action by adopting green practices and getting certifications like Fairtrade and Rainforest Alliance.

The cocoa demand growth is also shaped by the growing emphasis on health and wellness, leading to a rise in the popularity of dark chocolate, low-sugar options, and organic cocoa products. Additionally, functional cocoa products containing added vitamins and minerals are experiencing increased demand in Singapore due to their potential health benefits.

The demand for premium and artisanal chocolate products is also on the rise in Singapore as consumers are increasingly looking for high-end, specialised chocolates, resulting in the expansion of boutique chocolatiers and speciality stores that specialise in handcrafted chocolates.

Key Trends and Recent Developments

Increased demand for organically grown cocoa, the emergence of new luxury chocolate brands, and rising chocolate exports are accelerating the Singapore cocoa market value.

February 2024

Louis Vuitton launched the first Asian outpost of Le Chocolat Maxime Frederic, its luxury chocolate brand in Singapore. The brand sells an impressive array of products including everyday treats such as single-origin bars, chocolate-coated hazelnuts, and larger chocolate creations with several artistic elements. The cocoa for manufacturing these exotic chocolate products is sourced from small-scale farmers in Vietnam, Madagascar, the Dominican Republic, and Peru.

January 2024

Frazer, a leading chocolate brand introduced its unique chocolate snack bar Fazer Taste the Future, powered by Solein, in Singapore. The protein snack bar was available in selected stores as a limited-edition product made out of thin air made by Solar Foods, a Finnish food technology company. In 2022 Solein received regulatory approval in Singapore, making it the first country in the world where consumers could enjoy products.

April 2023

Belgian chocolate brand Rosalie launched a range of chocolate snack bars at the TFWA event in Singapore. The products included Pecan Milk Chocolate and Pineapple Dark Chocolate Singles. Further, the singles range comprised of three sub-products Pecans in milk chocolate, pineapple in dark chocolate, and a mixed bag of both products. The cocoa for the manufacture of these chocolates were sourced from the company's Cocoa Horizon Foundation.

July 2022

Barry Callebaut, a leading supplier of innovative chocolate products, launched its whole-fruit chocolate, Evoca, in Singapore. The product was uniquely made from 100 per cent pure cacao fruit and contained around 40 per cent less sugar than its consumed counterparts. Furthermore, the cacao fruits were sustainably sourced while their pulp and peel were upcycled into a range of other ingredients.

Growing Sustainability Concerns Raising the Demand for Organic Cocoa Products

Environmental and health concerns are prompting customers to choose organic chocolates over regular ones, driving the demand for organically grown cocoa in Singapore. In April 2024, Nestle, a leading supplier of chocolates and cocoa products in the country launched its new line of "Sustainably Sourced Cocoa Products" to meet this growing demand. Moreover, since organic cocoa is cultivated without the addition of synthetic pesticides, fertilizers, and other additives, its derived products are considered 100% natural in origin with tremendous health benefits, thereby propelling the overall growth of Singapore cocoa market.

Local Innovations in Cocoa Products Creating New Opportunities for Cocoa Market in Singapore

Realising the huge growth potential of the chocolate confectionery market in Singapore, local chocolatiers are focussing on the development of innovative chocolate products. These products have a high demand among the native population as they feature ingredients that are considered exclusively Singaporean. For instance, CHOCOELF, a local manufacturer of cocoa products and chocolates in Singapore developed three indigenous and uniquely Singaporean chocolate products, namely Umami Soy Brew Chocolate Bar, Fluffy Chicken Floss Chocolate Bar, Black Cold Brew Chocolate Bar in May 2024 to cater to the tastes of the local population. Such efforts are driving the sales of premium-quality, homegrown cocoa powder in the country.

Rising Chocolate Exports is Increasing the Singapore Cocoa Market Revenue

Singapore is one of the major exporters of chocolate products in the Asia Pacific region owing to its strategic central location and highly developed trade hub facilities. According to the World Bank, the country exported more than 50,000 kgs of cocoa-based chocolates globally, of which Southeast Asian countries, such as Japan, South Korea, China, and Malaysia accounted for the highest share. Further growth in these values during the coming years is expected to fuel the revenue growth in the Singapore cocoa industry.

High Disposable Income Leading to Increased Cocoa Consumption in Singapore

The rising disposable income of Singapore's urban population is increasing the demand for luxury chocolates composed of premium cocoa-based ingredients. Industry leaders from around the world are capitalising on this growing demand with new product launches and localised retail outlets to enhance accessibility. For instance, Louis Vuitton, the leading French fashion brand opened a new retail outlet in Singapore, its first in Southeast Asia, featuring luxury chocolate products popular across the globe. As the other luxury chocolate brands emerge in this domain, the market for premium cocoa is expected to record a surge in demand.

Singapore Cocoa Industry Segmentation

"Singapore Cocoa Market Report and Forecast 2025-2034" offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

- Cocoa Butter
- Cocoa Powder
- Cocoa Liquor

Market Breakup by Application

- Food and Beverages _x000D_ _x000D_ Confectionery _x000D_ Dairy _x000D_ Bakery _x000D_ Others _x000D_ _x000D_
- Food and Beverages _x000D_ _x000D_ Confectionery _x000D_ Dairy _x000D_ Bakery _x000D_ Others _x000D_ _x000D_
- Cosmetics and Pharmaceuticals
- Others

- Cosmetics and Pharmaceuticals
- Others

Singapore Cocoa Market Share

Based on application, the market is divided into food and beverages, and cosmetics and pharmaceuticals, among others. Food and beverages account for a significant market share as cocoa consumption in Singapore is primarily driven by the confectionery sector, which encompasses a wide range of chocolate products such as chocolate bars, pralines, and truffles, among others. Additionally, the rising demand for premium and artisanal chocolates as well as dark and organic chocolates among consumers is boosting the segment growth

Leading Companies in the Singapore Cocoa Market

The market players are increasing their product offerings to meet the evolving regulatory landscape.

- Cargill Inc.
- Barry Callebaut AG
- Nestle S.A.
- Mondelez International, Inc.
- BASF SE
- MEIJI Holdings Co. Ltd.
- Buhler AG
- Olam International Ltd.
- Others