The
Asia Pacific chocolate market is concentrated, nearly with the top
five players accounting for over 60% of the market in 2012. Frequent
mergers and acquisitions are taking place in the industry with
players competing to increase their market share. At the same time,
players are striving for product innovation to attract consumers.
However, what acts as a challenge and advantage for companies is that
a strong sense of brand loyalty exists among consumers. The chocolate
market faces a medium level of threat from substitutes such as snack
bars, bakery products, and regional sweet varieties. The threat of
new entrants is likely to remain low owing to the capital intensive
nature of the industry and high interference from regulatory bodies.
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According
to the report, the Asia Pacific chocolate market is expected to be
worth US$18.23 bn in 2019. On the basis of chocolate type, the molded
bar chocolate segment will continue to lead and be worth US$5,543.9
mn by 2019. By geography, Australia is projected to remain the
dominant regional segment and will be worth US$3,776.65 mn by 2019.
Increasing
popularity of Chocolate as Gifting Option to Drive Market in Asia
Pacific
Consumers
in Asia Pacific are increasingly making use of chocolates as a
gifting option. Attractive packaging and availability of newer
variants are making chocolates an attractive gifting option. Boxed
chocolates are one of those categories that are being increasingly
used for gifting purposes. Another factor contributing to the Asia
Pacific chocolate market is the rising disposable income of
consumers, which in turn allows impulse purchases of chocolates. In
addition to this, Asia Pacific have 717 mn people in the age group of
15 to 24 years, as per the United Nations Economic and Social
Commission for Asia and the Pacific. This is benefitting the growth
of the market because chocolates are most popular among consumers in
this age group.
Increased
Chocolate Cost to Hamper Demand
Chocolates
make use of cocoa as their main ingredient and cocoa production is
specific only to particular regions. This results in a shortage for
cocoa. In addition to this, cocoa is also in demand from bakeries,
restaurants, and beverage companies, further leading to a shortage in
supply. As such, the price of cocoa is increasing continuously. This
in turn is increasing the cost of chocolate production, thus
ultimately resulting in lower purchases by consumers. The high cost
of chocolate is an issue with cost-sensitive consumers residing in
Asia Pacific and thus, the market is bound to be affected adversely.
Development
of Nutritional Bars for Health Conscious Consumers to Widen Scope of
Chocolate Market
Consumers
in Asia Pacific are shifting their preferences towards healthy food
products. “Manufacturers are thus, concentrating on developing
chocolates that are low in calories and in sugar content so that
chocolates continue to appeal to the expanding segment of health
conscious people,” says a TMR analyst. In addition to this, health
benefits of dark chocolate are expected to lead to an increased
demand, thus benefitting the Asia
Pacific chocolate market significantly.
Increasing
advertisements and extensive marketing strategies adopted by players
are anticipated to create opportunities in the untapped markets of
Asia Pacific. Increasing the distribution network to the untapped
markets will help boost 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:
Chocolate
Market by Type
- Boxed Chocolates
- Countline Chocolates
- Straightline Chocolates
- Molded Bars
- Novelties
- Other Chocolates
Asia
Pacific Chocolate Market by Countries
- Australia
- New Zealand
- China
- Japan
- India
- Malaysia
- Singapore
- South Korea
- Rest of APAC (Philippines, Thailand, Indonesia, Hong Kong)
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