Asia Pacific Chocolate Market was valued at US$ 21.34 Bn in 2022, exhibiting a CAGR of 7.0% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 36.66 Bn by 2030. Asia Pacific Chocolate Market, By Category (Boxed Chocolates, Countline Chocolates, Straightline Chocolates, Molded Bars, Novelties, Other Chocolates), and By Countries (China, India, New Zealand, Japan, Australia, South Korea, Malaysia, Singapore, Rest of Asia Pacific) – Size, Share, Outlook and Opportunity Analysis, 2023 – 2030 Published by: Coherent Market Insights.
Market Drivers
Increasing growth in Retail Industry
Growth in the retail industry is projected to foster the market growth of the Asia Pacific chocolates. The emergence of various department stores, mass merchandisers, and duty-free shops at airports due to improvements in the infrastructure is projected to foster the market growth of chocolate. According to the India Brand Equity Foundation, due to an increase in online shoppers in the nation, the online retail market in India is predicted to grow from an estimated US$ 55 billion in 2021 to US$ 350 billion by 2030. By 2025, India's consumption is projected to reach US$ 400 billion (Rs. 27.95 lakh crore), making it the third-largest consumer economy in the world.
Market Opportunities
Indulgence of chocolate in nutrition bar
The advent of nutritional bars for diet-conscious consumers is projected to provide potential opportunities in the near future. For instance, in March 2022, The SOYJOY line of tasty, handy whole-soy nutrition bars has a new series called SOYJOY Plant-Based that was just announced by Otsuka. The new SOYJOY Plant-Based bars, which are made entirely of plant-based ingredients, will be distributed throughout Japan in two flavors: white chocolate and banana.
Market Restraints
Consciousness towards high calories and sugar content
The market growth of chocolates is anticipated to be hindered due to their high calorie and sugar content, which can negatively impact dental health and contribute to tooth decay. Additionally, the consumption of high-calorie foods, including chocolates, can lead to obesity, increasing the risk of various lifestyle diseases. These factors pose challenges to the growth of the chocolate market.
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Key Takeaways:
On the basis of Countries, India is predicted to experience fastest profitable growth in the Asia Pacific market in terms of revenue in 2022 This is due to the increasing awareness of the health benefits of cacao products.
On the basis of category, a molded chocolate segment dominated the Asia Pacific Chocolate in 2022, accounting for 31% share in terms of volume, followed by countline and boxed chocolate, respectively.
Market Trends
Rise in production capacity expansion
Increasing production capacity of chocolates in the Asia Pacific region for meeting the rising demand is expected to be a major trend. For instance, in November 2022, The Barry Callebaut Group, the foremost producer of premium chocolate and cocoa products worldwide, recently announced that a third manufacturing facility will be built in India. The new factory will produce both chocolate and compounds, and it will be situated in the Ghiloth industrial district of Neemrana, a city 120 kilometers southwest of Delhi. With this announcement, Barry Callebaut is expected to have invested more than CHF 50 million in India over the previous five years.
Increasing demand for premium chocolates
Growing demand for premium chocolates from the urban population is positively impacting the market growth of chocolates. For instance, in June 2021, the first airport store for Venchi, an Italy based gourmet chocolate company, outside of Italy, opened at Shanghai Hongqiao International Airport. Thus, the growing demand for premium chocolate is projected to propel the market growth.
Asia Pacific Chocolate Market - Impact of Coronavirus (Covid-19) Pandemic
Supply chains are predicted to be disrupted by the coronavirus outbreak, forcing a number of industries to temporarily or permanently close . Consumer purchasing patterns have undergone significant changes as a result of the novel Coronavirus's sudden outbreak. Following COVID-19, consumers have become more health conscious and product awareness has increased their tendency to use convenience foods, which is anticipated to boost demand for the chocolate industry.
