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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Chocolate is prepared with roasted and ground cacao seeds that made in the form of paste, block, and liquid. Chocolate can be used as a flavoring agent in various food applications. It has numerous health benefits and has a unique and sweet taste. Its consumption reduces the risk of various diseases such as coronary heart disease and hypertension. Moreover, studies reveal that it has a high level of antioxidants.

The Asia Pacific chocolate market is estimated to account for US$ 17,968.3 Mn in terms of value by the end of 2019.

Drivers:

The presence of a large youth population in the Asia Pacific region is predominantly fueling the market growth of the chocolates. According to the United Nations World Population, over 60% of the world’s youth live in Asia-Pacific. This translates into more than 750 million young women and men aged 15 to 24 years. The increasing population in the region is also contributing to the market growth of the chocolate over the forecast period.

Increasing per capita income of consumers in the Asia Pacific region due to overall economic growth is projected to foster the market growth of chocolate. Increasing disposable income of the consumer leading to an increase in the sale of the premium chocolates which is again propelling the market growth. Thus, the rise in per capita income of the consumer is expected to positively impact the market of the chocolates over the forecast period.

Figure 1 Asia Pacific Chocolate Market Share (%) in terms of Value, By Countries, in 2019

Asia Pacific Chocolate  | Coherent Market Insights

Japan dominated the Asia Pacific chocolate market in 2019, accounting for 26 % share in terms of value, followed by China and Australia, respectively

Market Restraints

The high cost of the raw materials used in the production of chocolate increase the overall price of the chocolates. Harsh weather condition is affecting the production of cocoa. This is expected to hamper the market growth of the chocolates.

Poor economic scenario across the Asia Pacific region due to unstable rules and regulations affects the supply of cocoa to manufacturers. This factor negatively affects the market growth of the chocolates.

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Asia Pacific Chocolate Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 17,968.3 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 5% 2027 Value Projection: US$ 27,067.2 Mn
Geographies covered:
  • Asia Pacific: Australia, New Zealand, China, Japan, India, South Korea, Malaysia, Singapore, and Rest of APAC
Segments covered:
  • By Product Type: Boxed Chocolates, Straightlines Chocolates, Molded Bars, Chocolate Novelties, and Other Chocolates
Companies covered:

Ferrero S.p.A, MARS Inc., Mondelez International, Inc., (Kraft), The Hershey Company, Lotte Co., Ltd, and Nestle S.A.

Growth Drivers:
  • Increasing per capita income of consumers in the Asia Pacific region
  • The presence of a large youth population in the Asia Pacific region
Restraints & Challenges:
  • The high cost of the raw materials used in the production of chocolate increase the overall price of the chocolates.

Market Opportunities

The growing consumption of dark chocolates due to growing awareness regarding the health benefits of dark chocolate is expected to provide potential market opportunities. For instance, in November 2019, Nestle has launched 70% dark chocolate made entirely from the cocoa fruit. The chocolate has cocoa beans and pulp as the only ingredients that deliver natural sweetness and subtle acidity without added refined sugar.

Increasing application of chocolates in various food products as an ingredients is projected to provide profitable market opportunities over the forecast period. Nowadays chocolates are widely used in confectionery, desserts, beverages, and bakeries. Increasing consumer spending on food products is fueling the food and beverage industry growth which is further augmenting the market growth of chocolates. Thus, expanding applications of chocolates is expected to bolster the market growth of chocolates. 

Figure 2. Asia Pacific Chocolate Market– Opportunity Analysis

Asia Pacific Chocolate  | Coherent Market Insights

Market Trends/Key Takeaways

The increasing trend of gifting chocolates during festivals and other occasions is expected to propel the market growth of the chocolates. Moreover, increasing consumption of the chocolates for relaxing the mind and inducing happiness during mood swings is again contributing to the market growth of the chocolates. All these factors are increasing demand for chocolates and are projected to remain high during the forecast period.

Growing usage of e-commerce platforms by millennial and generation X due to the growing trend of digitalization is expected to spur the market growth. Ecommerce platforms offer various value-added services, such as cash-on-delivery, paybacks, and discounted prices which is further augmenting the market growth of chocolate over the forecast period.

Figure 3. Asia Pacific Chocolate Market Share (%) in terms of Value, By Product Type, in 2019

Asia Pacific Chocolate  | Coherent Market Insights

On the basis of product type in 2019, the molded chocolates segment has accounted the largest market share of 31% in terms of value, followed by countline and boxed respectively.

Asia Pacific Chocolate Market - Impact of Coronavirus (Covid-19) Pandemic

Coronavirus is expected to have a significant impact the manufacturing sector as due to the pandemic situation the global sales of the many products including chocolate products have come down to a grinding halt. Due to the lockdown, all sorts of chocolate-manufacturing factories are closed. On the other hand, major manufacturers of chocolate globally are moving towards online sales channel to provide convenience delivery to the customers thereby, increasing their sales.

Value Chain Analysis

Competitive Section:

Company Names 

  1. Ferrero S.p.A
  2. MARS Inc.
  3. Mondelez International, Inc. (Kraft)
  4. The Hershey Company
  5. Lotte Co., Ltd.
  6. Nestle SA

Few Recent Developments

In February 2019, Mars Inc., a confectionery, chocolate, and pet food makers, has announced that it is planning to develop more local products for the Indian market.

Chocolate is prepared with roasted and ground cacao seeds that made in the form of paste, block, and liquid. Chocolate can be used as a flavoring agent in various food applications. It has numerous health benefits and has a unique and sweet taste. Its consumption reduces the risk of various diseases such as coronary heart disease and hypertension. Moreover, studies reveal that it has a high level of antioxidants.

The Asia Pacific chocolate market is estimated to account for US$ 17,968.3 Mn in terms of value by the end of 2019.

Market Dynamics

The growing consumption of dark chocolates due to growing awareness regarding the health benefits of dark chocolate is expected to provide potential market opportunities. For instance, in November 2019, Nestle has launched 70% dark chocolate made entirely from the cocoa fruit. The chocolate has cocoa beans and pulp as the only ingredients that deliver natural sweetness and subtle acidity without added refined sugar.

Growth in the retail industry is projected to foster the market growth of the Asia Pacific chocolates. The emergence of various department stores, mass merchandisers, and duty-free shops at airports due to improvement in the infrastructure is projected to foster the market growth of the chocolate. According to the India Brand Equity Foundation, the retail industry reached US$ 950 billion in 2018 at CAGR of 13 percent and expected to reach US$ 1.1 trillion by 2020.

Key features of the study:

  • This report provides in-depth analysis of the Asia Pacific chocolate market and provides market size (US$ Million & Million Kg) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by key players
  • This study also provides impact analysis of Coronavirus (Covid-19) pandemic on Asia Pacific chocolate market.
  • It profiles key players in the global Asia Pacific chocolate market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study include Ferrero S.p.A, MARS Inc., Mondelez International, Inc., (Kraft), The Harshey Company, Lotte Co., Ltd, Nestle SA
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
  • The Asia Pacific chocolate market report caters to various stakeholders in this industry including investors, suppliers,  Asia Pacific chocolate manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Asia Pacific chocolate market

Detailed Segmentation:

  • Asia Pacific Chocolate Market, By Product Type:
    • Boxed Chocolates
    • Countline Chocolates
    • Straightline Chocolates
    • Molded Bars
    • Novelties
    • Other Chocolates
  • Asia Pacific Chocolate Market, By Countries:
    • China
      • By Product Type
        • Boxed Chocolates
        • Countline Chocolates
        • Straightline Chocolates
        • Molded Bars
        • Novelties
        • Other Chocolates
    • India
      • By Product Type
        • Boxed Chocolates
        • Countline Chocolates
        • Straightline Chocolates
        • Novelties
        • Other Chocolates
    • New Zealand
      • By Product Type
        • Boxed Chocolates
        • Countline Chocolates
        • Straightline Chocolates
        • Novelties
        • Other Chocolates
    • Japan
      • By Product Type
        • Boxed Chocolates
        • Countline Chocolates
        • Straightline Chocolates
        • Novelties
        • Other Chocolates
    • Australia
      • By Product Type
        • Boxed Chocolates
        • Countline Chocolates
        • Straightline Chocolates
        • Novelties
        • Other Chocolates
    • South Korea
      • By Product Type
        • Boxed Chocolates
        • Countline Chocolates
        • Straightline Chocolates
        • Novelties
        • Other Chocolates
    • Malaysia
      • By Product Type
        • Boxed Chocolates
        • Countline Chocolates
        • Straightline Chocolates
        • Novelties
        • Other Chocolates
    • Singapore
      • By Product Type
        • Boxed Chocolates
        • Countline Chocolates
        • Straightline Chocolates
        • Novelties
        • Other Chocolates
    • Rest of Asia Pacific
      • By Product Type
        • Boxed Chocolates
        • Countline Chocolates
        • Straightline Chocolates
        • Novelties
        • Other Chocolates
  • Company Profiles
    • Ferrero S.p.A*
      • Company Overview
      • Material Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • MARS Inc.
    • Mondelez International, Inc.
    • The Hershey Company
    • Lotte Co., Ltd.
    • Nestle SA

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product Type
      • Market Snippet, By Countries
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
        • Supply Side Drivers
        • Demand Side Drivers
        • Economic Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Mergers and Acquisitions
      • New Material Approvals/Launch
      • Promotion and Marketing Initiatives
    • Cost Tier Down Analysis
  4. Asia Pacific Chocolate Market – Impact of Coronavirus (Covid-19) Pandemic
    • Impact of Coronavirus – Overview
    • Impact Analysis, By Countries
      • Australia
      • New Zealand
      • China
      • Japan
      • India
      • South Korea
      • Malaysia
      • Singapore
      • Rest of APAC
  5. Asia Pacific Chocolate Market, By Product Type, 2017 - 2027 (US$ Million & Kg-Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027
      • Y-o-Y Growth Analysis, 2020 – 2027 (%)
      • Segment Trends
    • Boxed Chocolate
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Million & Kg-Million)
    • Countline Chocolates
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Million & Kg-Million)
    • Straightline Chocolates
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Million & Kg-Million)
    • Molded Bars
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Million & Kg-Million)
    • Novelties
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Million & Kg-Million)
    • Other Chocolates
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2020 - 2027, (US$ Million & Kg-Million)
  6. Asia Pacific Chocolate Market, By Countries, 2017- 2027 (US$ Million & Kg-Million)
    • Introduction
      • Market Share Analysis, By Countries, 2017 and 2027
      • Y-o-Y Growth Analysis, By Countries, 2020 – 2027 (%)
    • Australia
      • Country Trends
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Kg-Million)
    • New Zealand
      • Country Trends
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Kg-Million)
    • China
      • Country Trends
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Kg-Million)
    • Japan
      • Country Trends
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Kg-Million)
    • India
      • Country Trends
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Kg-Million)
    • South Korea
      • Country Trends
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Kg-Million)
    • Malaysia
      • Country Trends
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Kg-Million)
    • Singapore
      • Country Trends
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Kg-Million)
    • Rest of Asia Pacific
      • Country Trends
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Kg-Million)
  7. Competitive Landscape
    • Heat Map Analysis
    • Market Share Analysis (3x3 Matrix)
    • Company Profiles
      •  Ferrero S.p.A
        • Company Overview
        • Material Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      •  MARS Inc.
        • Company Overview
        • Material Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Mondelez International, Inc.
        • Company Overview
        • Material Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • The Hershey Company
        • Company Overview
        • Material Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Lotte Co., Ltd
        • Company Overview
        • Material Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
      • Nestle SA
        • Company Overview
        • Material Portfolio
        • Financial Performance
        • Recent Developments/Updates
        • Future Plans
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

Frequently Asked Questions

The market for Asia Pacific chocolate market is estimated to surpass US$ 27067.2 million by the year 2027, exhibiting a CAGR of 5.0% between 2020 and 2027.
Growing usage of e-commerce platforms by millennial and generation X due to the growing trend of digitalization is expected to spur the market growth. Ecommerce platforms offer various value-added services, such as cash-on-delivery, paybacks, and discounted prices which is further augmenting the market growth of chocolate over the forecast period.
The Asia pacific chocolate market is expected to exhibit to grow at a CAGR of 5.0% during the forecast period (2020-2027).
Major players functioning in the Asia Pacific Chocolate market includes Ferrero S.p.A, MARS Inc., Mondelez International, Inc., (Kraft), The Harshey Company, Lotte Co., Ltd, Nestle SA
The high cost of the raw materials used in the production of chocolate increase the overall price of the chocolates. Harsh weather condition is affecting the production of cocoa. This is expected to hamper the market growth of the chocolates.
The increasing trend of gifting chocolates during festivals and other occasions is expected to propel the market growth of the chocolates. Moreover, increasing consumption of the chocolates for relaxing the mind and inducing happiness during mood swings is again contributing to the market growth of the chocolates. All these factors are increasing demand for chocolates and are projected to remain high during the forecast period.
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