ASIA PACIFIC CHOCOLATE MARKET ANALYSIS

The Asia Pacific Chocolate Market is projected to reach around US$ 36.66 Billions by the end of 2030, in terms of revenue, growing at CAGR of 7.0% during the forecast period (2023-2030).

Asia Pacific Chocolate Market: Growth Drivers

Large presence of Youth polulation

The presence of a large youth population in the Asia Pacific region is predominantly fueling the market growth of chocolates. According to the United Nations World Population, over 60% of the world’s youth live in Asia-Pacific. This translates into more than 750 million young women and men aged 15 to 24 years. The increasing population in the region is also contributing to the market growth of chocolate over the forecast period.

Steady growth in disposable income

Increasing per capita income of consumers in the Asia Pacific region due to overall economic growth is projected to foster the market growth of chocolate. Increasing disposable income of the consumer leads to an increase in the sale of premium chocolates which is again propelling the market growth. Thus, the rise in the per capita income of the consumer is expected to positively impact the market of chocolates over the forecast period.

Asia Pacific Chocolate Market: Restraints

High cost of Raw Materials

The high cost of the raw materials used in the production of chocolate increases the overall price of the chocolates. Harsh weather condition is affecting the production of cocoa. This is expected to hamper the market growth of the chocolates. The poor economic scenario across the Asia Pacific region due to unstable rules and regulations affects the supply of cocoa to manufacturers. This factor negatively affects the market growth of the chocolates.

Asia Pacific Chocolate Market: Market Opportunity

Growing awareness related to health benefits of dark chocolate

The growing consumption of dark chocolates due to growing awareness regarding the health benefits of dark chocolate is expected to provide potential market opportunities. Increasing application of chocolates in various food products as an ingredient is projected to provide profitable market opportunities over the forecast period. Nowadays chocolates are widely used in confectionery, desserts, beverages, and bakeries. Increasing consumer spending on food products is fueling the food and beverage industry growth which is further augmenting the market growth of chocolates. Thus, expanding the applications of chocolates is expected to bolster the market growth of chocolates. 

Asia Pacific Chocolate Market: Market Trends

Rise in the Gifting Culture

The increasing trend of gifting chocolates during festivals and other occasions is expected to propel the market growth of the chocolates. Moreover, increasing consumption of chocolates for relaxing the mind and inducing happiness during mood swings is again contributing to the market growth of chocolates. All these factors are increasing demand for chocolates and are projected to remain high during the forecast period.

Increase in use of E-commerce platforms

Growing usage of e-commerce platforms by millennial and generation X due to the growing trend of digitalization is expected to spur market growth. E-commerce platforms offer various value-added services, such as cash-on-delivery, paybacks, and discounted prices which is further augmenting the market growth of chocolate over the forecast period.

Asia Pacific Chocolate Market: Key Developments

In February 2022, during the 2022 Consumer Analyst Group of New York (CAGNY) Conference, Mondelez International highlighted its AMEA region strategy. As 90% of AMEA revenue comes from focus brands, which include Oreo and Cadbury Dairy Milk, two global brands with annual sales of $1 billion each, as well as 11 brands with sales of more than $100 million, including regional jewels like Bournvita and Kinh Do.

In Aug 2022,  Cargill company which provides food, agriculture, financial and industrial products and services to the world, agreed to acquire Aalst Chocolate Pte. Ltd., a renowned chocolate manufacturer with headquarters in Singapore, in response to the demand for chocolate products in the lucrative Asian market.

In Jan 2023, In Australia, Nestle introduced not one, but two new decadent flavors. Available for purchase are the fresh KitKat Smooth Hazelnut and KitKat Mint Cookies and Cream.

In Feb 2023, a subsidiary of The Hershey Company, a well-known international snack and confectionery company, Hershey India Pvt. Ltd., announced its entry into the market for chocolate-coated wafers. With the introduction of HERSHEY'S Choco Tubes, the company enters India's US$ 307.12 Million (Rs 2,000 crore) coated-wafer biscuit chocolate market.

Asia Pacific Chocolate Market: Market Segmentation

Figure 1. Asia Pacific Chocolate Market Share (%) in terms of Value, By Countries, in 2022

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Japan dominated the Asia Pacific chocolate market in 2022, accounting for 26 % share in terms of value, followed by China and Australia, respectively

Asia Pacific Chocolate Market: By Category

Based on Category, the Asia Pacific chocolate market is segmented into Molded Bars, Countline, Boxed, Straightline, Novelties, and others. In 2022, Molded Bars chocolate segment accounted for 31% of the revenue share followed by Countline and Boxed.

Asia Pacific Chocolate Market: Impact of Coronavirus (COVID-19) Pandemic

Coronavirus Pandemic is expected to have a significant impact on the manufacturing sector as due to the pandemic situation the global sales of many products including chocolate products have come down to a grinding halt. Due to the lockdown, all sorts of chocolate-manufacturing factories are closed. On the other hand, major manufacturers of chocolate globally are moving towards online sales channels to provide convenient delivery to customers thereby, increasing their sales.

Figure 2. Asia Pacific Chocolate Market Share (%) in terms of Value, By Category, in 2022

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Asia Pacific Chocolate Market: Key Companies

Key Companies operating in the Asia Pacific Chocolate Market are Ferrero S.p.A, MARS Inc., Mondelez International, Inc. (Kraft), The Hershey Company, Lotte Co., Ltd., and Nestle SA.

Definition: Chocolate is prepared with roasted and ground cacao seeds that are made in the form of paste, block, and liquid. Chocolate can be used as a flavoring agent in various food applications. It has numerous health benefits and has a unique and sweet taste. Its consumption reduces the risk of various diseases such as coronary heart disease and hypertension. Moreover, studies reveal that it has a high level of antioxidants.