Growing Disposable Income of Youth Population Vital for Asia Pacific Chocolate Market

Asia Pacific Chocolate Market: Snapshot

The Asia Pacific chocolate market has enjoyed rapid growth over the last few decades due to the urbanization drive in emerging economies in the region. Urbanization has created a sustainable consumer demographic for the Asia Pacific chocolate market and has also led to the development of adequate sales networks to make the most of the growing demand. Rising investment by foreign players in emerging markets in the region is also likely to remain a key driver for the Asia Pacific chocolate market in the coming years. The Asia Pacific chocolate market is thus likely to remain a leading contributor to the global chocolate industry in the coming years.

According to Transparency Market Research (TMR), the Asia Pacific chocolate market is likely to reach a valuation of US$18.2 bn by 2019.

Growing Disposable Income of Youth Population Vital for Asia Pacific Chocolate Market

One of the prime drivers for the Asia Pacific chocolate market is the rising disposable income of the urban population, and particularly the steady growth of a youth demographic with rising disposable income. The widespread adoption of the urban lifestyle in emerging countries has made the youth demographic important for the Asia Pacific chocolate market, as their demand for chocolate is also higher than the demand from other demographics, including more affluent ones. According to UN statistics, Asia Pacific is home to nearly 60% of the world’s youth population, making the region crucial for the global chocolate market. The Asia Pacific chocolate market is thus likely to exhibit steady growth in the coming years.

Growing use of digital television as well as other digital media has also boosted the prospects for advertising of chocolate products. This is likely to remain a key driver for the Asia Pacific chocolate market, as consumers in the region are becoming a vital demographic for digital media viewing, aided by the booming regional smartphone industry.

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Helped by the widespread urbanization initiatives in Asia Pacific, the distribution network of the Asia Pacific chocolate market has grown rapidly in the last few years. The easy availability of chocolate products at small-scale local stores as well as supermarkets has been vital in ensuring consistent growth in demand from the Asia Pacific chocolate market. Regional chocolate producers have also been helped by the ready availability of widespread distribution networks and could also become an important part of the Asia Pacific chocolate market in the coming years.

Japan Likely to Dominate Asia Pacific Chocolate Market, Molded Bars Likely to Stay Popular Product Type

Regionally, Japan is the leading contributor to the Asia Pacific chocolate market and is likely to retain the position in the coming years due to the growing popularity of chocolates as a gift. The Japan chocolate market is likely to be dominated by sugar-free, low-sugar, and dark chocolate in the coming years due to the rising health awareness among the population and the growing geriatric population. The Japan chocolate market is expected to reach a valuation of US$4.6 bn by 2019. The booming dairy industry in India could also become a crucial factor for the Asia Pacific chocolate market in the coming years.

By form, molded bars are likely to be the leading contributor to the Asia Pacific chocolate market in the coming years. The convenience of molded chocolate bars in packaging and distribution as well as consumption will help ensure a steady rise in demand for molded bars in the Asia Pacific chocolate market. Countline chocolate is the next in line and is also likely to remain a leading contributor to the Asia Pacific chocolate market in the coming years.

The report also profiles the competitive dynamics of the Asia Pacific chocolate market by analyzing the figures of the leading players in the market. Key players examined in the report include Ferrero S.p.A., The Hershey Company, Mars Inc., Nestle SA, and Lotte Co. Ltd.