Asia-Pacific Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Asia-Pacific Chocolate Market is segmented by Type (Dark Chocolate and Milk and White Chocolate), Product (Softlines/Selflines, Countlines, Molded Chocolates, and Other Products), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialist Retailers, Online Retail Channels, and Other Distribution Channels), and Geography (China, Japan, India, Australia, and Rest of Asia-Pacific).

Market Snapshot

snapshot
Study Period: 2016 - 2026
Base Year: 2020
CAGR: 6.3 %

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Market Overview

The Asia-Pacific chocolate market is projected to register a CAGR of 6.3% during the forecast period (2021 - 2026).

Due to a substantial shift in demand dynamics, the chocolate sector underwent a dramatic disruption with the outbreak of the COVID-19 pandemic. The pandemic is further expected to adversely impact chocolate sales in Asia-Pacific countries due to the lockdown and other restrictions. Furthermore, chocolates are not considered essential products, and hence, the consumer demand in these countries has witnessed a decline for the past few months. The demand for premium chocolate categories is projected to experience a decline owing to the economic slump. Additionally, a short-term disruption in the supply chain, reduction in consumer demand, and slump in sales are responsible for hampering the growth of the Asia-Pacific chocolate market during the COVID-19 period.

Over the medium term, Asia-Pacific was 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 affected by the rising costs of cocoa.

Furthermore, the market is primarily driven by emerging trends such as healthy indulgence of low-fat and sugar-free chocolates due to consumers' growing health consciousness. Furthermore, the increasing demand for ethically harvested cocoa and cocoa sourced from a single plantation is driving the growth of the premium chocolate segment. 

Scope of the Report

Chocolate is a food product in the form of a paste or solid block made from roasted and ground cacao seeds, typically sweetened and consumed as confectionery across the region under consideration. The Asia-Pacific chocolate market is segmented by type into dark chocolate, and milk and white chocolate. By product, the market has been segmented into softlines/selflines, countlines, molded chocolates, and other products. By distribution channel, the market has been segmented into supermarkets/hypermarkets, specialist retailers, convenience stores, online retail channels, and other distribution channels. The report also provides an analysis of the emerging and established economies across the Asia-Pacific chocolate market, including countries like China, Japan, India, Australia, and the Rest of Asia-Pacific. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

By Type
Dark Chocolate
Milk and White Chocolate
By Product
Softlines/Selflines
Countlines
Molded Chocolates
Other Product Types
By Distribution Channel
Supermarkets/Hypermarkets
Specialist Retailers
Convenience Stores
Online Channel
Other Distribution Channels
By Geography
China
Japan
India
Australia
Rest of Asia-Pacific

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Key Market Trends

Increase in the Demand for Premium Chocolates

Consumers across Asian countries, such as China, India, Japan, and other countries, consider chocolate as an exotic delicacy, which is also brought as a luxury gift or an extravagant treat. The 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 with a higher cocoa content as a luxury rather than a generic food item. The market for premium chocolates in India is highly competitive with multiple regional and international players. Thus, in a bid to distinguish themselves from their rivals, the international brands are engaging themselves in rolling out new products frequently. 

Production Value of Chocolates based on Cocoa content

India is the Fastest Growing Chocolate Market

The chocolate confectionery in India has one of the major shares of the total confectionery market. The overall growth in the chocolate industry declined in 2015, due to the hike in prices and 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 increased in 2016, due to the allowance of vegetable oils in the chocolates. In India, the demand for dark and sugar-free chocolates is increasing. Indian consumers are aware of the benefits of dark chocolates and, thus, they 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 exposure to international brands have led to higher sales in the Indian chocolate industry. International brands are now dominating the Indian chocolate industry.

Growth

Competitive Landscape

The Asia-Pacific chocolate market is highly competitive, with the major players in the Asia-Pacific chocolate market adopting key strategies, such as product innovation, mergers and acquisitions, expansions, e-commerce marketing, and partnerships. Nestle SA, Mondelez International, Ferrero International SA, and Hershey Company are the most active companies operating in this space. Major players in the market studied have been building an appetite for higher-priced chocolates among young consumers by increasing the accessibility and innovative products, thus, increasing their market competitiveness.​

Recent Developments

In 2021, Nestle SA announced the launch of its first-ever vegan KitKat bar named "KitKat V", owing to the growing preference for veganism among the consumers. The company already launched plant-based alternatives to dairy made from rice, oat, soy, coconut, pea, and almonds across categories, and it intends to continue expanding its plant-based product portfolio with vegan chocolates.

In 2021, Mondelez India launched the all-new Cadbury Dairy Milk Silk Mousse, priced at INR 80 and INR 175, as an addition to its premium chocolates portfolio. The chocolate giant has been promoting the product on various digital platforms.

In 2020, Hershey India Private Ltd, the Indian subsidiary of the American confectionery maker known for its syrups and spreads, announced the launch of chocolate bars under its flagship Hershey’s brand. The Hershey’s Bars have been made available in three variants, namely, the Classic Creamy Milk, the Whole Almonds Variant, and Cookies ‘n’ Crème. These are priced at INR 55 and INR 60 for 40g and INR 130 and INR 140 for the 100 g pack. With this, the company also rolled out Hershey’s Kisses nationally.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. EXECUTIVE SUMMARY

  3. 3. MARKET DYNAMICS

    1. 3.1 Market Drivers

    2. 3.2 Market Restraints

    3. 3.3 Porter's Five Forces Analysis

      1. 3.3.1 Threat of New Entrants

      2. 3.3.2 Bargaining Power of Buyers/Consumers

      3. 3.3.3 Bargaining Power of Suppliers

      4. 3.3.4 Threat of Substitute Products

      5. 3.3.5 Intensity of Competitive Rivalry

  4. 4. MARKET SEGMENTATION

    1. 4.1 By Type

      1. 4.1.1 Dark Chocolate

      2. 4.1.2 Milk and White Chocolate

    2. 4.2 By Product

      1. 4.2.1 Softlines/Selflines

      2. 4.2.2 Countlines

      3. 4.2.3 Molded Chocolates

      4. 4.2.4 Other Product Types

    3. 4.3 By Distribution Channel

      1. 4.3.1 Supermarkets/Hypermarkets

      2. 4.3.2 Specialist Retailers

      3. 4.3.3 Convenience Stores

      4. 4.3.4 Online Channel

      5. 4.3.5 Other Distribution Channels

    4. 4.4 By Geography

      1. 4.4.1 China

      2. 4.4.2 Japan

      3. 4.4.3 India

      4. 4.4.4 Australia

      5. 4.4.5 Rest of Asia-Pacific

  5. 5. COMPETITIVE LANDSCAPE

    1. 5.1 Most Adopted Strategies

    2. 5.2 Market Share Analysis

    3. 5.3 Company Profiles

      1. 5.3.1 Ferrero Group

      2. 5.3.2 Nestle SA

      3. 5.3.3 The Hershey Company

      4. 5.3.4 Mars Incorporated

      5. 5.3.5 Lotte Confectionery Co. Ltd

      6. 5.3.6 Yildiz Holding Inc.

      7. 5.3.7 Meiji Holdings Co. Ltd

      8. 5.3.8 Barry Callebaut

      9. 5.3.9 GCMMF

      10. 5.3.10 Mondelez International

      11. 5.3.11 Chocoladefabriken Lindt & Sprüngli AG

    4. *List Not Exhaustive
  6. 6. MARKET OPPORTUNITIES AND FUTURE TRENDS

  7. 7. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Asia-Pacific Chocolate Market market is studied from 2016 - 2026.

The Asia-Pacific Chocolate Market is growing at a CAGR of 6.3% over the next 5 years.

Ferrero Group, Mars Incorporated, Mondelez International, The Hershey Company, Nestlé S.A. are the major companies operating in Asia-Pacific Chocolate Market.

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