Rising Demand for Chocolates Keeps Companies on the Cutting Edge of Innovation in Asia Pacific Chocolate Market.

The rising disposable income in developing countries in Asia Pacific and increase in product innovations by chocolate producers have attracted customers of all age groups to new chocolate products. Additionally, chocolates are highly demanded in this region owing to the increasing youth population and the recent expansion of the retail industry.

TMR, a market intelligence company, throws lights on the various trends prevalent in the top 5 countries in Asia Pacific, along with stating the outlook of the chocolate market and the key chocolate manufacturers in each of these countries.

Australia:  A large number of Australians have identified themselves as ‘foodies’ and have been more receptive towards gourmet food in recent years. This has resulted in a significant shift to premium chocolate offerings, having boxed assortments, from twist wrapped miniatures demanded earlier. In Australia, Cadbury and Kraft Foods Ltd. are the biggest players in the chocolate market and will maintain their superiority in the coming years.

 

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New Zealand: In New Zealand, Cadbury Confectionery Ltd. accounted for almost half of the market in 2014.  Particularly, Cadbury mini eggs were the most popular types of chocolates, popular mainly in the Easter period but available throughout the year. Additionally, the first Cadbury Cafe was opened in New Zealand in February 2014, and has been claimed as the best interactive experience for consumers for designing their individual creations. 

 

 

Hong Kong: Owing to the increasing knowledge on chocolates and the stable income of urban buyers, consumers in Hong Kong started to develop a more sophisticated taste in chocolates. Soon, chocolates were seen as a symbol of status. This is proved by the expansion of companies such as Godiva Chocolatier, Lindt & Sprungli, and Ferrero Rocher in Hong Kong.

Japan: Meiji Co. Ltd. was the most dominant chocolate company in Japan in 2014 and will maintain its superiority in the coming years. The company has been promoting premium chocolates especially to elderly consumers via different product launches. However, the chocolate market in Japan is predicted to slightly contract in the coming years owing to population reduction, causing sales to fall. This contraction in the market, however, will have a slow pace owing to rising awareness on the health benefits of chocolates.

 

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India: In India, premium chocolate brands including Lindt have gained popularity in recent years owing to their rising availability in modern retail stores and shift in consumer preferences. International chocolate brands such as Mars are now being demanded by adult consumers in India.  In India, Mondelez India Foods Ltd. dominated the market, representing a share of more than 50% in 2014. 

 

Malaysia: In the Malaysian chocolate market, consumer demand for value pack chocolates as well as economy packs, offering value for money, is increasing. This is owing to the low to medium income of consumers and rising inflation rate in the country, due to which consumers are unable to buy premium chocolate brands. This trend is poised to change in the coming years due to the developing economy of Malaysia.

Other countries in the Asia Pacific chocolate market are South Korea, Singapore, Thailand, the Philippines, China, and Indonesia.