Latest Development (2022) in Asia Pacific (APAC) Chocolate Market
The Asia-Pacific Chocolate Market is witnessing innovation as manufacturers are adding new ingredients such as the introduction of savory over sweet flavors, such as salted caramel and sea salt. The industry's most unique flavor combinations include chilly, turmeric, and ginger. With inventive thinking in the chocolate sector, sugar substitutes have exploded in popularity. Organic ingredients are considered more natural and healthier, therefore demand for organic cocoa and chocolate ingredients continues to grow. Manufacturers are cutting down the usage of chemical additives Cargill has gone a step ahead and removed lecithin from its cocoa and chocolate offerings. Ruby chocolate which is developed from the discovery of the ruby cocoa bean and the creation of a totally new flavor experience was launched in Asia by Nestle, with Japan and Korea as the major markets.
Increasing penetration towards adoption of dark chocolates, especially by Indian consumers owing to rising awareness regarding the benefits associated with it. Rising demand for hazelnut beverages is also proliferating the growth of the industry. Moreover, the surging penetration towards improving health along with the rising risk of cardiovascular disease is adding to the APAC Chocolate Market. Evolving eating habits coupled with increasing demand for confectionary is proliferating the development of the industry. The rising trend of gifting chocolates on special occasions is also providing lucrative opportunities for the growth of the market
Mergers And Acquisition:
- On 29 July 2019, The Ferrero Group finalized the previously announced purchase of Kellogg Company's cookie, fruit, and fruit-flavored snack, ice cream cone, and pie crust operations.
- On 30 April 2021, Nestlé and KKR reached an agreement in which Nestlé will buy The Bountiful Company's key brands.
- On 26 May 2021, Chipita S.A. agreed to be acquired by Mondelez International, Inc.
- On 5 Jan 2021, Hu was acquired by Mondelez International.
- On 28 June 2021, Lily's, a high-growth developer of low-sugar confectionery items, was acquired by Hershey Company.
Asia Pacific (APAC) Chocolate Market Synopsis
Asia Pacific chocolate market report comprehensively covers the market by product type, distribution channels, chocolate type, and key countries including Japan, China, India, Indonesia, and the Rest of Asia Pacific. The Asia Pacific chocolate market outlook report provides an unbiased and detailed analysis of the Asia Pacific chocolate market trends, Asia Pacific Chocolate market share, opportunities, high growth areas, and market drivers which would help the stakeholders device and align their market strategies according to the current and future market dynamics.
Growing awareness of health concerns, adulteration issues in traditional sweets as well as changing taste preferences of consumers are resulting in a shift towards the adoption of chocolates. Additionally, increasing disposable income, changing lifestyles, and availability of sugar-free and dark chocolates are further contributing to the growth of the chocolate market in the Asia Pacific region. Moreover, the growing trend of gifting premium custom-packed chocolates for occasions such as New Year would propel the demand for chocolates during the forecast period.
According to 6Wresearch, the Asia Pacific chocolate market size is projected to grow at a CAGR of 5.8% during 2019–2025. Increasing expansion of the food industry along with the entrance of key market players are proliferating the APAC Chocolate Market Share. Moreover, the surging disposable income is driving the demand for premium chocolate further creating lucrative opportunities for the growth of the industry.
Shifting consumer perception towards premium products, increasing independent outlets and growing online retail market are the key factors catalyzing the growth of the chocolate market in the Asia Pacific region. Increasing demand for organic and sugar-free chocolates would be the key growth opportunity for companies in the region.
Chocolates have been bringing about a spark of taste to the taste buds of not only children but also adults and are gaining much popularity. Seasonal gifting traditions are also shaping the market competitive landscape of the Asia Pacific chocolate market. Offering chocolates at the time of festivities is leading to an increase in the demand for chocolates especially in India where a large number of traditional festivals are celebrated and as a result is leading to an increase in the demand for premium and exclusive chocolate ranges and is expected to trigger significant growth of the Asia Pacific chocolate market in the coming timeframe.
Market Analysis By Country
In the overall Asia Pacific region, Japan and China have captured the majority of the market revenues in 2018, however, India is expected to lead the market over the coming years owing to rapid urbanization and increasing demand for novelty chocolates. Further, growing investment by the Indian government to support new start-ups as well as manufacturing enterprises under the pretense of a “Make in India” campaign, would positively influence the market growth.
Market Analysis By Product Type
The Milk chocolate segment captured the majority of the Asia Pacific chocolate market share in 2018; however dark chocolate is anticipated to witness substantial growth during the forecast period owing to growing awareness regarding the health benefits of dark chocolates.
Key Players in the Asia Pacific Chocolate Market
Some of the key players in the Asia Pacific Chocolate Market are:
- Ferrero Group
- Mars Incorporated
- Mondelez International
- The Hershey Company
- Nestle S.A.
Key Attractiveness of the Report
- 10 Years Market Numbers.
- Historical Data Starting from 2016 to 2019.
- Base Year: 2019.
- Forecast Data until 2025.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Asia Pacific Chocolate Market Overview
- Asia Pacific Chocolate Market Outlook
- Asia Pacific Chocolate Market Forecast
- Historical Data of Asia Pacific Chocolate Market Revenues for the Period 2015-2018
- Asia Pacific Chocolate Market Size & Asia Pacific Chocolate Market Forecast of Revenues, Until 2025
- Historical Data of Asia Pacific Chocolate Market Revenues, By Product Type, for the Period 2015-2018
- Market Size & Forecast of Asia Pacific Chocolate Market Revenues, By Product Type, Until 2025
- Historical Data of Asia Pacific Chocolate Market Revenues, By Distribution Channels, for the Period 2015-2018
- Market Size & Forecast of Asia Pacific Chocolate Market Revenues, By Distribution Channels, Until 2025
- Historical Data of Asia Pacific Chocolate Market Revenues, By Chocolate Type, for the Period 2015-2018
- Market Size & Forecast of Asia Pacific Chocolate Market Revenues, By Chocolate Type, Until 2025
- Historical Data of Japan Chocolate Market Revenues and Volume, for the Period 2015-2018
- Market Size & Forecast of Japan Chocolate Market Revenues, Until 2025
- Historical Data of China Chocolate Market Revenues and Volume, for the Period 2015-2018
- Market Size & Forecast of the China Chocolate Market Revenues, Until 2025
- Historical Data of India Chocolate Market Revenues and Volume, for the Period 2015-2018
- Market Size & Forecast of the India Chocolate Market Revenues, Until 2025
- Historical Data of Indonesia Chocolate Market Revenues and Volume, for the Period 2015-2018
- Market Size & Forecast of the Indonesia Chocolate Market Revenues, Until 2025
- Market Drivers and Restraints
- Asia Pacific Chocolate Market Price Trends
- Asia Pacific Chocolate Market Trends and Industry Life Cycle
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- Asia Pacific Chocolate Market Share, By Countries
- Asia Pacific Chocolate Market Share, By Players
- Asia Pacific Chocolate Market Overview on Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Markets Covered
The Asia Pacific Chocolate Market report provides a detailed analysis of the following market segments:
By Product Type
- Milk Chocolate
- White Chocolate
- Dark Chocolate
By Distribution Channels
- Supermarkets/ Hypermarkets
- Grocery/ Mom n Pop Stores
- Convenience Stores
- Online Channel
- Others (Specialized Retailers, pharmacy, etc.)
By Chocolate Type
- Count lines & Straight-lines
- Molded or Bar Chocolates
- Choco-panned & Sugar panned
- Others (Box chocolates, novelties)
By Countries
- China
- India
- Japan
- Indonesia
- Rest of APAC
