Japan and China captured majority of the market revenues in the Asia Pacific chocolate market- 6Wresearch
With saturating European and American markets, major global chocolate makers are witnessing potential for growth in Asia Pacific’s Chocolate market. Due to this, many international brands are investing in the market, leading to an increase in consumption of chocolates by the consumers. Growing awareness towards health concerns, adulteration issues in traditional sweets as well as changing taste preferences of consumers are resulting in a shift towards consuming chocolates as sweets. These are the key factor catalysing the growth of chocolate market in the Asia Pacific region.
According to 6Wresearch, Asia Pacific chocolate market size is projected to grow at a CAGR of 5.8% during 2019–2025. Growing trend of gifting premium, expensive and custom packed chocolates for occasions such as New Year and Valentine’s Day would propel the demand for chocolates during the forecast period. Asia Pacific region is not the highest revenue generating region; however, this region is projected to witness maximum growth due to shifting consumer perception towards premium products, increasing independent outlets and growing online retail market.
According to Akshay Thakur, Senior Research Analyst, 6Wresearch, “Sweetness is still considered as the most important factor while selecting a chocolate, due to which Milk Chocolate had the dominant share in the market in 2018. Further, dark chocolate would secure maximum growth over the coming years attributing to rising awareness regarding health among people.”
“Japan and China have captured majority of the market revenues in the Asia Pacific chocolate market in 2018, however, India is expected to register maximum revenues over the coming years owing to rapid urbanization and increasing demand for novelty chocolates.” Akshay further added.
According to Eshita Goel, Research Associate, 6Wresearch, “Gifting premium and expensive chocolates on frequent occasions is still a practice followed in the Asia Pacific region due to which Boxed Assortments and novelties are the largest revenue generating chocolate type. Additionally, moulded or bar chocolate type are going to register maximum growth in future owing to the fact that people have started buying chocolates for personal consumption on a daily basis in contrast to the past consumption, when people used to consider chocolate as a luxurious product which was consumed just on special occasions to celebrate moments of joy and happiness.
“Asia Pacific Chocolate Market (2019-2025)" report provides an in-depth analysis with 19 figures with 12 tables, covered in 200 pages. The report estimates and forecast the overall Asia Pacific Chocolate market by product type, by distribution channels, by chocolate type and by key countries including Japan, China, India, Indonesia and Rest of Asia Pacific. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.