The chocolate market in Asia-Pacific is expected to experience strong growth
Chocolate is made from roasted and ground cocoa beans, which come in paste, liquid and block form. It can also be used as a flavoring ingredient in various foods. Chocolate has a unique and sweet taste and has many health benefits, such as reducing the risk of various diseases such as hypertension (high blood pressure) and coronary heart disease. Additionally, chocolate is one of the most popular types of foods and flavors in the world, including desserts such as chocolate chip cookies, chocolate brownies, mousses, puddings, cakes, etc. Chocolate is also used in cold and hot drinks, as well as in some alcoholic drinks.
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The growing population, especially young people, in the region is driving the growth of the chocolate market in Asia Pacific. For example, more than 60% of the world’s youth (roughly 750 million men and women ages 15 to 24) live in Asia-Pacific, according to the United Nations World Population Organization. Moreover, an increase in per capita income due to the overall economic growth is also expected to propel the market growth. An increase in per capita income leads to increased sales of premium chocolate. Thus, the increase in the consumer’s disposable income is expected to drive the growth of the chocolate market in Asia-Pacific.
However, the high cost associated with the raw materials used to make the chocolates and the harsh weather conditions affecting cocoa production are expected to hamper the overall market growth. Moreover, an adverse economic scenario is affecting the cocoa supply of manufacturers due to unstable rules and regulations in the Asia-Pacific region, which is also expected to dampen the growth of the market. In terms of geography, the Asia-Pacific chocolate market is segmented into several regions / countries, such as India, China, Australia, Japan, New Zealand, South Korea, Singapore and the rest. of the APAC.
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In 2019, Japan dominated the chocolate market in Asia Pacific, accounting for around 26% share by value, followed by China and Australia respectively. The growing awareness among people of the health benefits of dark chocolate, along with the increasing consumption of dark chocolates, are expected to create significant growth opportunities for the market. For example, in December 2019, Nestlé launched the KitKat Chocolatory Cacao fruit chocolate in Japan, made entirely from the cocoa fruit. It is coated with a 70% dark chocolate that uses beans and cocoa pulp as the only ingredients. In addition, Mars (chocolatier) has announced its intention to develop more local products for the Indian market.
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