The Asia Pacific chocolate market is expected to reach US$18.23 bn by then end of 2019. This market is progressing at a CAGR of 5.2% within a forecast period of 2013 to 2019, according to a research report released by Transparency Market Research. The Asia Pacific chocolate market was recorded at US$12.24 bn in 2012. The report, titled “Asia Pacific Chocolate Market - Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2013 - 2019,” creates an all-inclusive portrait of this market through product types and country.
The youth have always been the primary target consumers for all kinds of chocolates. The Asia Pacific comprises a large percentage of children and youth, favoring the growth rate of the Asia Pacific chocolate market. One advantage that chocolates present is the ease with which a consumer can eat them. Chocolates can therefore easily become a part of the modern fast-paced lifestyle, where they can provide food-based satisfaction as well as energy through sugar additives. Chocolates are also being considered as a replacement food for desserts and other sweets.
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As stated in the report, the primary driver of the Asia Pacific chocolate market is the increasing number of individuals with higher disposable incomes in the region. A greater percentage of the Asia Pacific population can afford a better quality of consumer goods, including chocolates. This factor, coupled with the high rate of urbanization and a growing trend of adopting western culture has made the Asia Pacific region an excellent location for regional and global players to increase market penetration.
In terms of volume, the Asia Pacific chocolate market is expanding at a CAGR of 4.80% between 2013 and 2019. Chocolate consumption was recorded at 822.60 mn kg in 2013, and is expected to reach 1,087.8 mn kg by the end of the forecast period.
The report creates a segmented analysis of the Asia Pacific chocolate market on the basis of chocolate types and countries.
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On the basis of type, the Asia Pacific chocolate market is divided into molded bars, straightline chocolates, countline chocolates, boxed chocolates, novelties, and other chocolates. The market is expected to be spearheaded by increasing sales of molded chocolates in the coming years. Molded bars are easier to manufacture and can be easily transported, allowing companies to increase the availability of molded chocolates in retail stores. Molded chocolates enjoy a higher level of market demand as well.
One of the fastest-growing segments in the Asia Pacific chocolate market is expected to be novelty chocolates. This segment has only recently been introduced to Asia Pacific. Owing to their unique nature and attractive shapes, more consumers are attracted to them. Innovations in the segments of molded chocolates and novelty chocolates are expected to generate a favorable growth rate for the overall Asia Pacific chocolate market.
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The regional analysis of the Asia Pacific chocolate market reveals China to be dominant in the market in terms of demand, followed closely by India, owing to a high population density and rapid urbanization.
The key players in the Asia Pacific chocolate market are Lotte Co., Nestle, Hershey, Mars Inc., Mondelez International Inc., and Ferrero S.P.A
