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.
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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.
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
key players in the Asia Pacific chocolate market are Lotte Co.,
Nestle, Hershey, Mars Inc., Mondelez International Inc., and Ferrero
S.P.A.
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