1. Ezaki Glico Co., Limited
2. Lindt & Sprungli Group
3. Lotte Confectionery Co., Limited
4. Mars Incorporated
5. Meiji Holdings Co., Limited
The Asia-Pacific Cocoa and Chocolate Market is gaining significant traction owing to the growing premium product demand, product innovation, and branding, along with the growing awareness of chocolate's benefits on health. Cocoa-based chocolate is high in antioxidants and minerals. Chocolate is also high in calories, so eating it in moderation can help you manage your weight. Chocolate was viewed as an exotic pleasure by Asian consumers as it could be offered as a luxury gift or consumed on a special occasion. The market for premium chocolate is expected to benefit from growing sales of ordinary chocolate. The bean-to-bar concept, which predicts that consumers will regard premium chocolate with a higher cocoa content as a luxury rather than a need, is expected to boost demand. The Indian market for premium chocolates is dominated by fierce regional and global competition. As a result, international firms are always producing new things to differentiate themselves from their competition. As a result, the Asia-Pacific chocolate market is predicted to develop at a significant rate during the forecast period. The market's growth is hampered by unstable cocoa prices and limited production. According to the research report, "Asia-Pacific Chocolate Market Research Report, 2027," published by Actual Market Research, the chocolate market in Asia-Pacific is projected to grow at a CAGR of 8.28% over the forecast period. Products made from cocoa, such as dark chocolate, cacao nibs, and unsweetened cocoa powder, are rich in minerals. Raw cacao goods that have had minimal processing have more antioxidants and less added sugar than those that have undergone extensive processing, which limits the market growth, ultimately restricting the chocolate market's ability to grow in the region. The chocolate market is booming because dark and sugar-free chocolates are becoming increasingly popular among consumers. Because customers are aware of the benefits of dark chocolate, they have developed a liking for it. Consumer tastes, lifestyles, eating habits, and exposure to international brands have all contributed to increased sales in the Asia-Pacific chocolate sector. The Asia-Pacific chocolate industry is increasingly dominated by international brands. The Asian market is growing very fast as people are very fond of chocolate. Changing preferences are also to blame and are likely to increase as tastes become more westernized. Further contributing are rapid urbanisation and an expanding middle class, meaning not only that the desires of people in developing countries are changing, but that they now have the means to fulfil them. The region's chocolate consumption is growing at a rapid pace, offering the mature industry an attractive and relatively untapped market. The rise in affluence of middle class consumers in the region and an increase in demand for chocolate are further expected to propel market demand. However, one of the unique challenges of the Asian market is the region's climate, with many countries having a tropical climate and non-refrigerated storage conditions. Companies are interested in finding ways to make a chocolate product that is able to retain its shape above the usual melting temperature of chocolate while still having a good taste and texture. Furthermore, Asia has quickly assumed a major role in the production of chocolate. Indonesia, in particular, has risen to become the world's third-largest producer of cocoa, following Ghana and Ivory Coast. Many companies also maintain chocolate plants in the region, such as Mars in Vietnam and Cadbury in Singapore. The chocolate market in China has boomed since the 1990s, as leading companies such as Mars, Ferrero, Nestle, Hershey, and Cadbury entered the country in their quest to turn locals into chocoholics. The introduction of European brands enabled Chinese consumers to acquire a basic knowledge of chocolate. In the early 1980s, when the country had just embarked on its economic reform and opening-up, a piece of chocolate was regarded more as a precious rarity than as a daily necessity. At nearly all Chinese weddings, guests are given candies, often in beautifully packaged boxes and personalised to match the couple's taste. These boxes not only add to the festive atmosphere at each ceremony but also represent happiness and sweetness to the newlyweds' guests. International standards require chocolate to contain at least 35% cocoa butter, while China has lower standards of 20% and allows additives such as corn-starch, vegetable oil, and cocoa substitutes to enhance the flavour. An important step toward making chocolate consumption part of everyday life in China was to lower prices and changes the marketing strategy. To reduce costs, Mars and Hershey were among the first to open their own production plants in the country, allowing them to offer prices that were still high but acceptable according to Chinese standards. Mars, the US global manufacturer of confectionery and food which owns chocolate brands including Dove, Snickers, and M&M's, has the largest share of the Chinese market. Dove has become one of the most popular chocolate brands among Chinese consumers, not just because it is affordable, but also because its promotion and taste are as advertised. Considered in this report • Geography: Asia-Pacific • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Asia-Pacific chocolate market with its value and forecast along with its segments • Country-wise chocolate market analysis • Various divers and challenges • Ongoing trends and developments • Five force models • Top profiled companies • Strategic recommendation Countries covered in the report • China • India • Japan • Australia Types of chocolates in the report • Milk chocolate • Dark chocolate • White chocolate Application of chocolates in the report • Everyday • Seasonal/ Box • Premium • Gourmet Sales Channel of chocolates in the report • Supermarkets & Hypermarkets • Convenience Stores • Online • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to chocolate industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.