The Growing Asia Pacific Chocolate : Understanding Size and Growth
Rapid urbanization and rising middle class incomes have significantly increased disposable incomes in many Asia Pacific countries like China, India and Indonesia. This has boosted consumer spending on luxury and premium food products like chocolate confectionery. Changing lifestyles and eating habits and exposure to Western culture have also popularized chocolate consumption in both emerging and developed s of Asia Pacific. Chocolate now holds cultural and social significance during festivals, celebrations and gifting across different Asian communities.
India Emerges as a Major
Within the Asia Pacific region, India is emerging as one of the largest and fastest growing s for chocolate. At present, India's chocolate stands at around $1.9 billion but is projected to reach $4 billion by 2030. There is a huge untapped potential in India given the country's large population and GDP growth rate. Domestic Indian players as well as global giants like Mondelez, Nestle and Ferrero Rocher have significantly expanded their presence in India. More urban Indians are regularly consuming chocolate for indulgence as rising disposable incomes increase spend on premium confectionery products. Indian chocolate brands have also innovated with local tastes and flavors like mango, coconut and saffron to appeal to native palates. The robust growth prospects have encouraged new foreign and domestic investments in manufacturing capacity expansions to meet growing demand.
Trends in Japanese
Japan accounts for around 15% share of the total Asia Pacific Chocolate currently valued at $2.2 billion. Chocolate consumption in Japan has some distinctive trends compared to other Asian countries. Although chocolate remains a popular indulgence item, health concerns around sugar and calories have also boosted demand for low sugar, low calorie and protein enriched chocolate variants in Japan. Most Japanese prefer eating smaller bite-sized chocolate rather than full-sized bars. Matcha green tea, hojicha roasted tea and fruit flavors like peach and cherry blended with chocolate are gaining popularity reflecting Japanese taste preferences. Major players like Meiji and Morinaga have launched many product innovations catering to these trends. E-commerce has also emerged as a noteworthy sales channel for chocolate in Japan with many sellers offering curated assortments and subscriptions
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