Asia-Pacific Chocolate Market - Growth, Trends, and Forecast (2019 - 2024)

The Asia-Pacific Chocolate Market is segmented by Product Type (Alfajores, Softlines/Selflines, Boxed Assortments, Chocolate With Toys, Countlines, Seasonal Chocolate, Molded Chocolate, and Other Chocolate Confectionery), by Distribution Channel (Supermarkets/ Hypermarkets, Specialist Retailers, Convenience Stores, Online Retail Channels, and Other Distribution Channels), and Geography.

Market Snapshot

snapshot
Study Period:

2016-2024

Base Year:

2018

CAGR% (2019-2024):

6.3%

Fastest Growing Market:

India

Key Players:

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Asia-Pacific Chocolate Market

The Asia-Pacific chocolate Market is expected to reach USD 32.02 billion by 2024, at a CAGR of 6.3%, during the forecast period (2019 - 2024).

  • Asia-Pacific is 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.
  • Over the near future, artisan premium chocolates, with the addition of nuts and berries, are expected to witness a potential growth, as consumers’ perception shift toward high priced products and more independent stores reshape the product offerings according to the changes.  

Scope of the Report

The market study of the Asia-Pacific chocolate market is available for Product types, in the segments, alfajores, softlines/selflines, boxed assortments, chocolate with toys, countlines, seasonal chocolate, molded chocolate, and other chocolate confectionaries. By distribution channel, the market is segmented as supermarkets/ hypermarkets, specialist retailers, convenience stores, online retail channels, and other distribution channels.

Product Type
Alfajores
Softlines/Selflines
Boxed Assortments
Chocolate With Toys
Countlines
Seasonal Chocolate
Molded Chocolate
Other Chocolate Confectionery
Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Specialist Retailers
Online Retail Stores
Other Distribution Channels
Geography
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific

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Key Market Trends

Increase in the Demand for Premium Chocolates

Consumers across China consider chocolate as an exotic delicacy, which is also brought as a luxury gift or an extravagant treat. As cited by South China Morning Post, as of 2015, the country accounted for a sales value of chocolate at about CNY 20 billion. This 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 as a  luxury, rather than a generic food item. The market for premium chocolates in India is highly competitive with international brands, thus, the international brands are engaging themselves in rolling out newer products, frequently. Post Hershey’s launch of its premium brand Brookside, Mondelez introduced a new variant under Cadbury Dairy Milk Silk Oreo.

trend1

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India is the Fastest Growing Market

The chocolate confectionery in India has a major share of the total confectionary market. The overall growth in the chocolate industry declined in 2015, due to the hike in prices and also 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 up to 5% as confirmed by the FSSAI. In India, the demand for dark and sugar-free chocolates is increasing. Indian consumers are aware of the benefits of dark chocolates and, thus, 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 for the Indian chocolate industry. International brands are now dominating the Indian chocolate industry.

trend2

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Competitive Landscape

The Asia-Pacific chocolate market is highly competitive. Key players in the Asia-Pacific chocolate market adopt key strategies, such as product innovation, mergers and acquisitions, and partnerships. Nestle SA, Ferrero International SA, Hershey Company, and Mars Incorporated are the most active companies among the key players in the market.

Major Players

  1. Ferrero Group
  2. Nestle SA
  3. The Hershey Company
  4. Mars Incorporated
  5. Lotte Confectionery Co. Ltd

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

    1. 3.1 Market Overview

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Alfajores

      2. 5.1.2 Softlines/Selflines

      3. 5.1.3 Boxed Assortments

      4. 5.1.4 Chocolate With Toys

      5. 5.1.5 Countlines

      6. 5.1.6 Seasonal Chocolate

      7. 5.1.7 Molded Chocolate

      8. 5.1.8 Other Chocolate Confectionery

    2. 5.2 Distribution Channel

      1. 5.2.1 Supermarkets/Hypermarkets

      2. 5.2.2 Convenience Stores

      3. 5.2.3 Specialist Retailers

      4. 5.2.4 Online Retail Stores

      5. 5.2.5 Other Distribution Channels

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 Japan

        3. 5.3.1.3 India

        4. 5.3.1.4 Australia

        5. 5.3.1.5 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Ferrero Group

      2. 6.4.2 Nestle SA

      3. 6.4.3 The Hershey Company

      4. 6.4.4 Mars Incorporated

      5. 6.4.5 Lotte Confectionery Co. Ltd

      6. 6.4.6 Yildiz Holdings

      7. 6.4.7 Meiji Holdings Co.

      8. 6.4.8 Barry Callebaut

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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