Asia Pacific Cocoa and Chocolate Market

Asia Pacific Cocoa And Chocolate Market Size, Share, Growth Analysis, By Ingredients(Dark Chocolate, Milk Chocolate), By Application(Food, Beverage) - Industry Forecast 2024-2031


Report ID: SQMIR30C2149 | Region: Regional | Published Date: February, 2024
Pages: 157 | Tables: 69 | Figures: 75

Asia Pacific Cocoa And Chocolate Market Insights

Asia Pacific Cocoa And Chocolate Market size was valued at USD 6.08 billion in 2019 and is poised to grow from USD 6.46 billion in 2023 to USD 10.03 billion by 2031, growing at a CAGR of 6.03% in the forecast period (2024-2031).

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.

Market snapshot - 2024-2031

Global Market Size

USD 6.08 billion

Largest Segment

Food

Fastest Growth

Beverage

Growth Rate

6.03% CAGR

Asia Pacific Cocoa And Chocolate Market ($ Bn)
Country Share for Asia Pacific Region (%)
Asia Pacific Cocoa And Chocolate Market By Application ($ Bn)
Asia Pacific Cocoa And Chocolate Market By Application (%)

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Asia Pacific Cocoa And Chocolate Market Segmental Analysis

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.

Asia Pacific Cocoa And Chocolate Market Analysis by Application

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.

Asia Pacific Cocoa And Chocolate Market By Application, 2019 (%)

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Asia Pacific Cocoa And Chocolate Market Regional Insights

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.

Asia Pacific Cocoa And Chocolate Market By Region, 2024-2031
  • Largest
  • Fastest

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Asia Pacific Cocoa And Chocolate Market Dynamics

Asia Pacific Cocoa And Chocolate Market Driver

Disposable Income and Benefits of Consuming Cocoa and Chocolate to Boost its Demand

  • The growing urban population with increasing disposable income, and in particular the steady expansion of a young demographic with increasing disposable income, is one of the key factors driving the Asia Pacific chocolate market. The youth demographic is significant for the Asia Pacific chocolate market because their demand for chocolate is higher than that of other demographics, including more affluent ones. This is due to the widespread adoption of the urban lifestyle in emerging countries. Asia Pacific is crucial for the global chocolate market because, according to UN statistics, it 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.
  • The potential for advertising chocolate products has also increased thanks to the rising use of digital media, including television and other forms of digital media. Given that consumers in the region are evolving into a crucial demographic for viewing digital media, helped by the booming local smartphone industry, this is likely to continue to be a key driver for the Asia Pacific chocolate market. The Asia Pacific chocolate market's distribution network has expanded quickly over the past few years, helped by the region's extensive urbanization initiatives. Regional chocolate producers have benefited from the accessibility of extensive distribution networks and may in the future play a significant role in the Asia Pacific chocolate market.

Asia Pacific Cocoa And Chocolate Market Restraint

High Cost Associated with Raw Material and Production to Hinder Market Growth

  • The high cost of the raw materials used to make chocolate drives up the price of the finished product. The production of cocoa is being hampered by harsh weather. The market expansion for chocolates is anticipated to be hampered by this. Uncertain rules and regulations throughout the Asia-Pacific region have a negative impact on the supply of cocoa to manufacturers. This factor has a detrimental impact on the expansion of the chocolate market.

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Asia Pacific Cocoa And Chocolate Market Competitive Landscape

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

  • Barry Callebaut
  • Blommer Chocolate Company
  • Cargill, Inc.
  • Ecom Agroindustrial Corp. Ltd.
  • Ferrero Group
  • Guittard Chocolate Company
  • Hershey's
  • Lindt & Sprüngli AG
  • Mars, Inc.
  • Mondelez International
  • Nestlé S.A.
  • Olam International Ltd.
  • Petra Foods Limited
  • Puratos Group
  • Sun-Maid Growers of California
  • The Kraft Heinz Company
  • The Wilmar Group
  • Touton S.A.
  • United Cocoa Processor, Inc.
  • Yıldız Holding A.Ş.

Asia Pacific Cocoa And Chocolate Market Recent Developments

  • In July 2022, Lindt Vegan Classic Awarded Best Vegan Chocolate in PETA Vegan Food Awards. Decisive factors for the award of the coveted prize include clear vegan labelling, innovation, expansion of the product range, and above all – taste.
  • In Feb 2022, Nestle Health Science, a business unit of Nestle SA, completed its acquisition of Vital Proteins, a Chicago-based manufacturer of collagen-based foods, beverages and supplements. Financial terms of the transaction were not disclosed.

Asia Pacific Cocoa And Chocolate Key Market Trends

Healthy Consumption of Cocoa and Chocolates to Drive Market Growth

  • As major brands try to influence the course of new product development over the next five years, there will likely be a growing presence of healthy alternatives within chocolate confectionery over the forecast period given the rising concerns about eating healthily. For instance, Nestlé is rumoured to have created a vegan variation of its well-known Kit Kat candy line, dubbed Kit Kat V, which is slated to be released in a number of nations.
  • Low-power and high-power ends of the propulsion spectrum for vessels have been made available by Hybrid Marine in the UK and the Diesel Center in Italy. Both of them use dual electric machines, with Diesel Center using a system with two propeller shafts and Hybrid Marine using one propeller shaft. It is predicted that the implementation of these systems will significantly alter marine hybrid propulsion market growth.

Asia Pacific Cocoa And Chocolate Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2019 USD 6.08 billion
Market size value in 2031 USD 10.03 billion
Growth Rate 6.03%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Ingredients
    • Dark Chocolate, Milk Chocolate, White Chocolate, Filled Chocolate, Cocoa Butter, Cocoa Liquor, Cocoa Powder
  • Application
    • Food, Beverage, Cosmetics, Pharmaceuticals, Others
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)
Companies covered
  • Barry Callebaut
  • Blommer Chocolate Company
  • Cargill, Inc.
  • Ecom Agroindustrial Corp. Ltd.
  • Ferrero Group
  • Guittard Chocolate Company
  • Hershey's
  • Lindt & Sprüngli AG
  • Mars, Inc.
  • Mondelez International
  • Nestlé S.A.
  • Olam International Ltd.
  • Petra Foods Limited
  • Puratos Group
  • Sun-Maid Growers of California
  • The Kraft Heinz Company
  • The Wilmar Group
  • Touton S.A.
  • United Cocoa Processor, Inc.
  • Yıldız Holding A.Ş.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Asia Pacific Cocoa And Chocolate Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Asia Pacific Cocoa And Chocolate Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Asia Pacific Cocoa And Chocolate Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Asia Pacific Cocoa And Chocolate Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Asia Pacific Cocoa And Chocolate Market size was valued at USD 6.08 billion in 2019 and is poised to grow from USD 6.46 billion in 2023 to USD 10.03 billion by 2031, growing at a CAGR of 6.03% in the forecast period (2024-2031).

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. 'Barry Callebaut', 'Blommer Chocolate Company', 'Cargill, Inc.', 'Ecom Agroindustrial Corp. Ltd.', 'Ferrero Group', 'Guittard Chocolate Company', 'Hershey's', 'Lindt & Sprüngli AG', 'Mars, Inc.', 'Mondelez International', 'Nestlé S.A.', 'Olam International Ltd.', 'Petra Foods Limited', 'Puratos Group', 'Sun-Maid Growers of California', 'The Kraft Heinz Company', 'The Wilmar Group', 'Touton S.A.', 'United Cocoa Processor, Inc.', 'Yıldız Holding A.Ş.'

The growing urban population with increasing disposable income, and in particular the steady expansion of a young demographic with increasing disposable income, is one of the key factors driving the Asia Pacific chocolate market. The youth demographic is significant for the Asia Pacific chocolate market because their demand for chocolate is higher than that of other demographics, including more affluent ones. This is due to the widespread adoption of the urban lifestyle in emerging countries. Asia Pacific is crucial for the chocolate market because, according to UN statistics, it 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.

As major brands try to influence the course of new product development over the next five years, there will likely be a growing presence of healthy alternatives within chocolate confectionery over the forecast period given the rising concerns about eating healthily. For instance, Nestlé is rumoured to have created a vegan variation of its well-known Kit Kat candy line, dubbed Kit Kat V, which is slated to be released in a number of nations.

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.  

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