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Asia-Pacific Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Asia-Pacific Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Asia-Pacific chocolate market is projected to grow at a CAGR of 6.3%, during the forecast period (2021 - 2026).

Due to a substantial shift in demand dynamics, the chocolate sector underwent a dramatic disruption with the outbreak of the COVID-19 pandemic. The pandemic is further expected to adversely impact chocolate sales in the Asia-Pacific countries due to the lockdown and other restrictions. Furthermore, chocolates are not considered essential products, and hence, the consumer demand in these countries has witnessed a decline for the past few months. The demand for premium chocolate categories is projected to experience a decline owing to the economic slump. Additionally, a short-term disruption in the supply chain, reduction in consumer demand, and slump in sales are responsible for hampering the growth of the Asia-Pacific chocolate market during the COVID-19 period.

Over the medium term, Asia-Pacific is the fastest-growing market for chocolates, as various emerging economies, such as China, India, Japan, and others, are expected to experience major progress. However, it is affected by the rising costs of cocoa, thus making the final product such that choclare costly.

Furthermore, the market is primarily driven by emerging trends such as healthy indulgence of low-fat and sugar-free chocolates due to consumers' growing health consciousness. Furthermore, the increasing demand for ethically harvested cocoa and cocoa sourced from a single plantation is driving the growth of the premium chocolate segment. The premiumization trend of the chocolate confectioneries in developing countries like China and India, coupled with robust demand for higher quality chocolates with attractive and vibrant packaging, aids in the market's growth.

Key Market Trends Increase in the Demand for Premium Chocolates

Consumers across Asian countries such as China, India, Japan and others consider chocolate as an exotic delicacy, which is also brought as a luxury gift or an extravagant treat. This increased sales of regular chocolate are expected to fuel the premium chocolate market. The demand is expected to be driven by the concept of bean-to-bar, where consumers are expected to consider premium chocolate with a higher cocoa content as a luxury, rather than a generic food item. The market for premium chocolates in India is highly competitive with multiple regional and international players. Thus, in a bid to distinguish themselves from their rivals, the international brands are engaging themselves in rolling out newer products, frequently. Hershey’s launch of its premium brand Brookside, Mondelez introduced a new variant under Cadbury Dairy Milk Silk Oreo, and Cadbury Daily Milk Silk Mousse, as an addition to its premium chocolates portfolio. There the premium chocolate segment is expected to drive the overall market studied.

India is the Fastest Growing Chocolate Market

The chocolate confectionery in India has one of the major share of the total confectionery market. The overall growth in the chocolate industry declined in 2015, due to the hike in prices and also the restrictions imposed by the Food Safety and Standards Authority (FSSAI) on the sale of chocolates containing vegetable oil and fats. The growth of the chocolate industry increased in 2016, due to the allowance of vegetable oils in the chocolates as confirmed by the FSSAI. In India, the demand for dark and sugar-free chocolates is increasing. Indian consumers are aware of the benefits of dark chocolates and, thus, have developed a taste for them. The chocolate manufacturers are now introducing organic ingredients in their products. The changing consumer preferences, lifestyles, eating habits, and exposure to international brands have led to higher sales for the Indian chocolate industry. International brands are now dominating the Indian chocolate industry.

Competitive Landscape

The Asia-Pacific Chocolate Market is highly competitive, with the major players in the Asia-Pacific chocolate market adopting key strategies such as product innovation, mergers and acquisitions, expansions, e-commerce marketing, and partnerships. Nestle SA, Mondelez International, Ferrero International SA, and the Hershey Company are the most active companies operating in this space. Major players in the market studied have been building an appetite for higher-priced chocolates among young consumers, by increasing the accessibility and innovative products thus, further increasing their market competitiveness.?

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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study


3.1 Market Drivers
3.2 Market Restraints
3.3 Porter's Five Forces Analysis
3.3.1 Threat of New Entrants
3.3.2 Bargaining Power of Buyers/Consumers
3.3.3 Bargaining Power of Suppliers
3.3.4 Threat of Substitute Products
3.3.5 Intensity of Competitive Rivalry

4.1 By Type
4.1.1 Dark Chocolate
4.1.2 Milk and White Chocolate
4.2 By Product
4.2.1 Softlines/Selflines
4.2.2 Countlines
4.2.3 Molded Chocolates
4.2.4 Other Product Types
4.3 By Distribution Channel
4.3.1 Supermarkets/ Hypermarkets
4.3.2 Specialist Retailers
4.3.3 Convenience Stores
4.3.4 Online Channel
4.3.5 Other Distribution Channels
4.4 By Geography
4.4.1 China
4.4.2 Japan
4.4.3 India
4.4.4 Australia
4.4.5 Rest of Asia-Pacific

5.1 Most Adopted Strategies
5.2 Market Share Analysis
5.3 Company Profiles
5.3.1 Ferrero Group
5.3.2 Nestle S.A.
5.3.3 The Hershey Company
5.3.4 Mars Incorporated
5.3.5 Lotte Confectionery Co. Ltd
5.3.6 Yildiz Holding Inc.
5.3.7 Meiji Holdings Co. Ltd.
5.3.8 Barry Callebaut
5.3.9 GCMMF
5.3.10 Mondelez International
5.3.11 Chocoladefabriken Lindt & Sprüngli AG



Report Title: Asia-Pacific Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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