The
Asia Pacific chocolate market is concentrated with the top five
players accounting for above 60% of the market in 2012. Players in
the market are constantly participating in mergers and acquisitions
and also focusing on product innovation. There is moderate threat
from substitutes such as snack bars, regional sweets, and bakery
products, which will continue to remain in the coming years. Threat
from new entrants is expected to be low owing to the capital
intensive nature of the industry and interference of regulatory
bodies, Transparency Market Research (TMR) finds in a new study.
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According
to the report, the Asia Pacific chocolate market is expected to be
worth US$18.23 bn by 2019. By product, the molded bar chocolate
segment is expected to lead and account for US$5543.9 mn by 2019. The
rising demand for dark chocolates owing to the rising health concerns
among the people in the region is behind the escalated growth of the
molded bar chocolate segment. The chocolate market in Japan is
expected to reach US$4656.23 mn in 2019. China is also one of the
prominent markets for chocolates in Asia Pacific.
Visual
Merchandising in Retail Stores to Increase Purchase of Chocolates
The
rising per capita income of the people in Asia Pacific owing to the
economic growth in the past few years is supporting impulsive
purchases of chocolates among consumers. Additionally, retailers
trigger impulsive purchase among consumers by prominently displaying
chocolates at checkout aisles. Chocolate is increasingly becoming
popular as a gifting option in the Asia Pacific region. This will
allow demand for chocolates to rise considerably in the forthcoming
years.
Asia
Pacific comprises 60% of the world youth population. Since youth
forms an important consumer segment for chocolates, the demand for
various types of chocolates is expected to surge in Asia Pacific.
Additionally, “Advertisements and promotions aimed at this age
group also play a vital role in driving the market,” states a TMR
analyst. The number of department stores, mass merchandisers, and
duty free shops at airports has increased due to infrastructure
development in the region, which is driving the chocolate market
High
Cost of Cocoa to Become Cause of Concern for Chocolate Manufacturers
Cocoa
is high in demand, but their production is limited to specific
regions. This increases the price of cocoa in the international
market. “The price of cocoa is expected to continue to remain high
owing to their rising demand from restaurants, bakeries, and beverage
companies,” says a TMR analyst. This is increasing the production
cost of chocolates, negatively influencing their demand. High price
of sugar, which is another prime ingredient in chocolates, will also
impact the prices of chocolates. Thus, the chocolate
market in Asia Pacific will be restricted by rising prices of
chocolates.
Development
of Nutritional Bars to Widen Scope of Chocolate Market
The
rising health awareness among consumers in Asia Pacific is fueling
the demand for low calorie chocolates. Therefore, chocolate
manufacturers are increasingly concentrating on the development of
chocolates with numerous health benefits, in order to tap the health
conscious consumer segment. Manufacturers are making use of dark
chocolates, which reduce insulin resistance and the risk of heart
diseases and improve the body’s antioxidant levels.
Another
significant opportunity in the market lies in the tier 2 and tier 3
countries of Asia Pacific. Chocolate novelties are yet to make a
significant impact in these countries and thus, there is an immense
scope of growth. Regular advertisements and intense marketing
programs can help create a lucrative market for chocolate novelties
in these untapped countries. Increasing the distribution channel in
these areas will help increase accessibility and convenience to buy
chocolates, thus boosting the market in the coming years.
This
information is based on the findings of a report published by
Transparency Market Research titled “Asia Pacific Chocolate Market
- Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2013
- 2019”
The
Asia Pacific chocolate market is segmented as follows:
Type
- Boxed Chocolates
- Countline Chocolates
- Straightline Chocolates
- Molded Bars
- Novelties
- Other Chocolates
Countries
- Australia
- New Zealand
- China
- Japan
- India
- Malaysia
- Singapore
- South Korea
- Rest of APAC (Philippines, Thailand, Indonesia, Hong Kong)
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