Asia-Pacific Chocolate Market - Growth, Trends, and Forecast (2022 - 2030)
Market Overview
Asia-Pacific Chocolate Market is forecasted to reach USD 32.02 billion by 2024 growing at a CAGR of 6.3% during the forecast period (2019 - 2024).
- Asia-Pacific is the fastest-growing market for chocolates as various emerging economies such as China, India, Japan, and others are expected to experience major progress, however, it is being affected by the rising costs of cocoa.
- Over the near future, artisan premium chocolates with an addition of nuts and berries are expected to witness a potential growth, as consumers’ perception shift toward high priced products and as more independent stores reshape the product offerings according to the changes.
Scope of the Report
The market study of the Asia-Pacific chocolate market is available for alfajores, softlines/selflines, boxed assortments, chocolate with toys, countlines, seasonal chocolate, molded chocolate and other chocolate confectionaries. By distribution channel, the market is segmented as supermarkets/ hypermarkets, specialist retailers, convenience stores, online channel and other distribution channels
Key Market Trends
Growth in the Demand for Premium Chocolates
The consumers across China consider chocolate as an exotic delicacy, which is also brought as a luxury gift or an extravagant treat. As cited by South China Morning Post, the country accounted for a sales value of chocolate at about CNY 20 billion as of 2015. This increased sales of regular chocolate are expected to fuel the premium chocolate market. The demand is expected to be driven by the concept of “bean-to-bar”, where consumers are expected to consider premium chocolate as a part of luxury rather than a generic food item. The market for premium chocolates in India is highly competitive with international brands, thus, the international brands are engaging themselves in rolling out newer products frequently. Post Hershey’s launch of its premium brand Brookside, Mondelez introduced a new variant under Cadbury Dairy Milk Silk Oreo.
India is the Fastest Growing Market
The chocolate confectionary in India has a major share of the total confectionary market. The overall growth in the chocolate industry showed a decline in 2015 due to the hike in prices and also the restrictions imposed by the Food Safety and Standards Authority (FSSAI) on the sale of chocolates containing vegetable oil and fats. The growth of the chocolate industry rose in 2016 due to the allowance of vegetable oils in the chocolates up to 5% as confirmed by the FSSAI. The latest trend in India is the increasing demand for dark and sugar-free chocolates. Indian consumers are aware of the benefits of dark chocolates and thus, have developed a taste for them. The chocolate manufacturers are now introducing organic ingredients in their products. The changing consumer preferences, lifestyles, eating habits and the exposure to international brands have led to higher sales for the Indian chocolate industry. International brands are now dominating the Indian chocolate industry.
Competitive Landscape
Asia-Pacific chocolate market is highly competitive. Key players in the global premium chocolate market adopt key strategies, such as new product innovation, mergers and acquisitions, followed by partnerships. Nestle SA, Ferrero International SA, Hershey Company and Mars Incorporated are the most active companies among all the key players in the market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Asia-Pacific Chocolate Market is forecasted to reach USD 32.02 billion by 2024 growing at a CAGR of 6.3% during the forecast period (2019 - 2024).
- Asia-Pacific is the fastest-growing market for chocolates as various emerging economies such as China, India, Japan, and others are expected to experience major progress, however, it is being affected by the rising costs of cocoa.
- Over the near future, artisan premium chocolates with an addition of nuts and berries are expected to witness a potential growth, as consumers’ perception shift toward high priced products and as more independent stores reshape the product offerings according to the changes.
Scope of the Report
The market study of the Asia-Pacific chocolate market is available for alfajores, softlines/selflines, boxed assortments, chocolate with toys, countlines, seasonal chocolate, molded chocolate and other chocolate confectionaries. By distribution channel, the market is segmented as supermarkets/ hypermarkets, specialist retailers, convenience stores, online channel and other distribution channels
Key Market Trends
Growth in the Demand for Premium Chocolates
The consumers across China consider chocolate as an exotic delicacy, which is also brought as a luxury gift or an extravagant treat. As cited by South China Morning Post, the country accounted for a sales value of chocolate at about CNY 20 billion as of 2015. This increased sales of regular chocolate are expected to fuel the premium chocolate market. The demand is expected to be driven by the concept of “bean-to-bar”, where consumers are expected to consider premium chocolate as a part of luxury rather than a generic food item. The market for premium chocolates in India is highly competitive with international brands, thus, the international brands are engaging themselves in rolling out newer products frequently. Post Hershey’s launch of its premium brand Brookside, Mondelez introduced a new variant under Cadbury Dairy Milk Silk Oreo.
India is the Fastest Growing Market
The chocolate confectionary in India has a major share of the total confectionary market. The overall growth in the chocolate industry showed a decline in 2015 due to the hike in prices and also the restrictions imposed by the Food Safety and Standards Authority (FSSAI) on the sale of chocolates containing vegetable oil and fats. The growth of the chocolate industry rose in 2016 due to the allowance of vegetable oils in the chocolates up to 5% as confirmed by the FSSAI. The latest trend in India is the increasing demand for dark and sugar-free chocolates. Indian consumers are aware of the benefits of dark chocolates and thus, have developed a taste for them. The chocolate manufacturers are now introducing organic ingredients in their products. The changing consumer preferences, lifestyles, eating habits and the exposure to international brands have led to higher sales for the Indian chocolate industry. International brands are now dominating the Indian chocolate industry.
Competitive Landscape
Asia-Pacific chocolate market is highly competitive. Key players in the global premium chocolate market adopt key strategies, such as new product innovation, mergers and acquisitions, followed by partnerships. Nestle SA, Ferrero International SA, Hershey Company and Mars Incorporated are the most active companies among all the key players in the market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
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