Published By : 27 Jul 2016 | Published By : QYRESEARCH
The growing retail industry in the Asia Pacific region has led to a substantial increase in the demand for chocolates in the region. The rising disposable income in this region has also opened opportunities for chocolate manufacturers to vent for more innovative approaches towards the production of chocolates. Other than this, the rising youth population in this region is also another major factor behind the increased demand for chocolates.
Improved Economic Status of Asia Pacific to Bolster Demand for Chocolates
As the economic status of Asia Pacific is improving, the purchasing power of consumers is also increasing leading to a hike in the demand for chocolates. Due to boost in the retail industry, the distribution channels have also taken a surge increasing product presence and their easy availability. The growing disposable income of consumers in the Asia Pacific region has also propelled the demand for chocolates as them being a part of the leisure goods category.
Demand for Healthy Chocolate Products to Provide Manufacturers with Growth Prospects
With the increasing number of youth in Asia Pacific, the need for healthy chocolates has taken a substantial leap. Due to this, the demand for dark chocolates and development of nutritional bars is likely to increase. Dark chocolate consumption is expected to bolster as it is known for improving the antioxidant level of the body and also reducing the risk of heart maladies. The changing food habits of people along with the changing lifestyle has led consumers to shift towards chocolates with health benefits. The inclination of customers towards western food habits and experimenting with different chocolate varieties is also anticipated to provide manufacturers with growth prospects regarding the production of innovative chocolate goods.
In spite of all the driving factors, the high cost of raw materials and poor economic status of cocoa producing countries is expected to hinder the market growth of chocolate goods.
The leading companies in Asia Pacific chocolate market are Nestle, Lotte Co., Hershey, Mondelez International Inc., Ferrero S.P.A., and Mars Inc.
Novelty chocolates is projected to be the fastest growing segment in Asia Pacific. The Asia Pacific Market for chocolate is projected to rise at a 5.2% CAGR with a market worth of US$18.23 bn by 2019.