Asia-Pacific Chocolate Market - Segmented by Product Type, Distribution Channel, and Geography â€“ Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific Chocolate market is expected to reach USD 24.4 billion by 2023, witnessing a healthy CAGR of 7.7 %, during the forecast period. Chocolate consumption volume in the region surpassed 861 million Kg in 2017, moving at a volume CAGR of 4%, during the forecast period. Impulse purchasing, affordability, high population and purchasing power in the region are driving the market. The demand for premium chocolate is increasing driven by rising consumer interest in foreign brands.
Japan holds the major share in the market with a total consumption valued USD 5,388 million in 2017. China, India and Australia followed by Japan. India registered the strongest growth rate over the past few years, which is expected to continue during the forecast period.
Innovations Boosting Chocolate Sales
Companies are introducing varied exotic flavor and pack sizes to attract consumer. The regional preference for flavor and cuisine among Southeast Asian drives the chocolate market. Nestle launched more than 300 flavors of chocolate in Japan itself, including wasabi, Kitkat sushi, and cherry blossom, amongst others. Kitkat of Nestle is the top selling chocolate brand in Japan, sales rose by 50% from 2010. Innovation in product flavor, introducing small pack size chocolates, is expected to drive the market where consumers are more price-sensitive. Chocolate accounts for about 37% of the Chocolate market in Asia-pacific driven by consumer interest in cocoa rich products. The category registered the fastest growth rate of 7.7% in the Chocolate value sales.
Countlines is the most consumed chocolates in the region, which is growing at a faster rate of 8%. The demand for countline sales crossed USD 4,399 million in 2018; driven by on-the-go and convenient pack style of products. Seasonal chocolate sale is more prominent in Japan, Australia and New Zealand while it is negligible majority of Asian countries. Boxed assortments sale is growing in the region owing to seasonal chocolate gifting trend demand for premium chocolate and attractive packaging.
Japan the Largest Market
Japan chocolate market is expected to reach USD 6.29 billion by 2023. Rising demand for traditional cuisine style chocolate combination and flavor driven the market demand. High living standard and increased health awareness among consumers as compared to other countries in the region are demanding cocoa rich products. Countlines sale accounts for 23% of the total chocolate sale in Japan, followed by Boxed assortment due to seasonal gifting trend.
Growing middle class purchasing power coupled with marketing and promotional activities triggered the chocolate demand in Asia. Moulded chocolate dominates the Indian chocolate retail sale followed by countlines. Heavy price and discount offered at supermarkets/hypermarkets and healthy eating habits are another factor boosted the chocolate Chocolate sale in the region.