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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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Asia Pacific Cocoa and Chocolate Market

Product ID: SQMIR30C2149