According to the analysts at Transparency Market Research (TMR), the Asia Pacific chocolate market the region is estimated to expand at a CAGR of 5.2% during the period from 2013 to 2019.
The research study, titled “Asia Pacific Chocolate Market – Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2013 – 2019”, notes that the Asia Pacific market for chocolates stood at US$12.24 billion in 2012.
Since then, the market has reported immense growth and is expected to attain a market value of US$18.23 billion by the end of the forecast period.In Asia Pacific, the consumption of chocolate is going through a phase of rapid change on account of changing preferences and, accordingly, food habits of consumers. This shift is highly influenced by the eating patterns in Western economies, states the report.
The chocolate market in Asia Pacific has been classified into the markets for countline chocolate, boxed chocolate, straightline chocolate, novelties, molded bars, and others in this report. Among these, the market for molded bars is likely to develop at a high growth rate over the forecast period.
The easy availability of molded bars in major retail chains is making these chocolates immensely popular and resulting in extensive market development. On account of this, the demand for molded bars is projected to register healthy growth during the forecast period.Novelties have just been introduced in the Asia Pacific market for chocolates.
The attractive shapes of novelties are the key factor working in their favor, and hence, the demand for these chocolates is likely to grow at an impressive pace between 2013 and 2019. Innovative variations in the taste of novelties are also expected to stimulate the growth of this market.
The presence of a huge youth population base is the main reason behind the growth of the chocolate market in Asia Pacific, determines the report. The rise in disposable income is another factor driving the chocolate market in this region.
Chocolates are easy to consume on the go, and thus fit into the fast-paced lifestyle of the younger generation. With variable shapes, sizes, and varieties, chocolates are also preferred as a substitute for desserts and sweets.
These factors are influencing the demand for chocolates to a great extent in the region.The report projects China and India to have the highest demand for chocolates during the forecast period, compared to other nations in the Asia Pacific region.
High youth population base and rise in the number of upper- and middle-class consumers are the major reasons behind this growth.The major companies operating in the Asia Pacific chocolate market profiled in this report are Ferrero S.P.A, Mondelez International Inc., Mars Inc., Hershey, Nestle, and Lotte Co.
