Product ID: SQMIG30C2070
Report ID: SQMIG30C2070 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 69 | Figures: 75
Asia Pacific Cocoa And Chocolate Market size was valued at USD 6.08 billion in 2021 and is poised to grow from USD 6.46 billion in 2022 to USD 10.03 billion by 2030, growing at a CAGR of 6.03% in the forecast period (2023-2030).
Rise in awareness about health benefits of consuming cocoa and chocolate are the major drivers of market growth. Healthy consumption of sugar-free and low-fat chocolates is driving the market. As consumers are increasingly becoming conscious about their consumption, sourcing ethically harvested cocoa is becoming important. Research studies on benefits of consuming cocoa and chocolate for treating hypertension and coronary heart disease are also influencing majority of consumers to invest more into these products and their by-products.
Since 2010, the world has produced about 4 million tonnes of cocoa beans annually to manufacture chocolate, cosmetics, and a variety of foods. It is used as a flavor additive in various food products.
Asia Pacific is crucial for the global chocolate market because, according to UN statistics, Asia Pacific is home to nearly 60% of the world's youth. Thus, it is expected that the Asia Pacific chocolate market will continue to expand steadily over the coming years.
Asia Pacific Cocoa And Chocolate Market is poised to grow at a sustainable CAGR for the next forecast year.
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Asia Pacific cocoa and chocolate market is segmented based on the type, and application. Based on the Ingredients, the Asia Pacific Cocoa And Chocolate Market is segmented as dark chocolate, milk chocolate, white chocolate, filled chocolate, cocoa butter, cocoa liquor, cocoa powder. On the basis of Application, the asia pacific cocoa and chocolate market is segmented into food and beverage, cosmetics, pharmaceuticals, and others.
Asia Pacific Cocoa And Chocolate Market Analysis by Ingredients
Based on the Ingredients, the Asia Pacific cocoa and chocolate market is segmented as dark chocolate, milk chocolate, white chocolate, filled chocolate, cocoa butter, cocoa liquor, cocoa powder. The region's robust expansion of the foodservice industry, chocolate products are anticipated to hold the majority of the cocoa and chocolate market share in the Asia Pacific. This has contributed to the rise in demand for cocoa and chocolate beverages, desserts, and other upscale and unique products made with cocoa. Value-added and customised products are in high demand from the major players in the foodservice sector, and this is expected to increase sales of chocolate goods in the area. The segment of milk chocolate has a larger market share because of the fluctuations of cocoa prices. The segment of dark chocolate is expected to grow during forecast period. The rising demand for dark chocolate in region is favoring the increasing demand for cocoa liquor in region subsequently supporting the cocoa and chocolate market in region.
On the basis of Application, the asia pacific cocoa and chocolate market is segmented into food and beverage, cosmetics, pharmaceuticals, and others. The segment of Food and beverage held the larger market share. Chocolate is most used in bakeries, to make biscuits and cookies and incorporated in ice-creams and other dairy products. Companies like Cargill and Barry Callebaut use chocolate to make a variety of chocolate confectionaries. However, in order to increase their market share, these businesses are also making significant investments in new factories and machine capacity. Due to medicinal benefits of cocoa and chocolate in skincare and treatment of other diseases the segments of cosmetics and pharmaceuticals is expected to grow at steadily.
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Asia Pacific cocoa and chocolate market is dominated by Japan. Due to the rising popularity of chocolate as a gift, Japan currently contributes the most to the Asia Pacific chocolate market and is likely to keep that ranking in the years to come. Due to rising geriatric and health consciousness among the populace, sugar-free, low-sugar, and dark chocolate are likely to dominate the Japanese chocolate market in the upcoming years.
India's expanding dairy sector may also play a significant role in the Asia Pacific chocolate market in the upcoming years. One of the largest portions of the overall confectionery market in India is occupied by chocolate confections. Due to the acceptance of restrictions imposed by the Food Safety and Standards Authority (FSSAI) on the sale of chocolates containing vegetable oil and fats in chocolates, the growth of the chocolate industry increased in the country of India. Demand for dark and sugar-free chocolates is rising in India. Indian consumers have a taste for dark chocolate because they are aware of its health benefits. Organic ingredients are now being used in chocolate products by manufacturers. Indian chocolate sales have increased as a result of changing consumer preferences, lifestyles, eating habits, and exposure to foreign brands. The Indian chocolate market is now dominated by international brands. In the upcoming years, Southeast Asia is expected to dominate and hold the top spot in this market this is a result of the rising demand for exotic fillings and flavours in Asia Pacific cocoa and chocolate products.
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Asia Pacific Cocoa And Chocolate Market Driver
Disposable Income and Benefits of Consuming Cocoa and Chocolate to Boost its Demand
Asia Pacific Cocoa And Chocolate Market Restraint
High Cost Associated with Raw Material and Production to Hinder Market Growth
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Asia Pacific cocoa and chocolate market is competitive. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Asia Pacific Cocoa And Chocolate Market Top Player's Company Profiles
Asia Pacific Cocoa And Chocolate Market Recent Developments
Healthy Consumption of Cocoa and Chocolates to Drive Market Growth
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Asia Pacific cocoa and chocolate market analysis, among countries Japan is expected to capture higher market share, the growth of the region is attributed to growing health concerns by aging population in region while considering the medicinal benefits of chocolates supported with rising consumption of dark chocolate. In terms of ingredients, The segment of milk chocolate has a larger market share because of the fluctuations of cocoa prices. The segment of dark chocolate is expected to grow during forecast period. The rising demand for dark chocolate in the region is favoring the increasing demand for cocoa liquor in the region. In terms of application, food and beverage led the market and is predicted to grow at the fastest rate.
|Market size value in 2021||USD 6.08 billion|
|Market size value in 2030||USD 6.46 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Asia Pacific Cocoa And Chocolate Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Asia Pacific Cocoa And Chocolate Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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