Asia Pacific Chocolate Market Expected To Witness High Growth Over The Forecast In Near Future - Coherent Market Insights
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The increasing population, especially the youth, in the region is driving the Asia Pacific chocolate market growth. For instance, more than 60% of the world’s youth (around 750 million men and women aged 15 to 24 years) live in the Asia Pacific, according to the United Nations World Population. Moreover, an increase in per capita income due to overall economic growth is also expected to propel the market growth. An increase in per capita income leads to an increase in sales of premium chocolate. Thus, increasing disposable income of the consumer is expected to drive the Asia Pacific chocolate market growth.
However, the high cost associated with the raw materials used to make chocolates and the harsh weather conditions affecting cocoa production are expected to hamper the overall growth of the market. Moreover, a poor economic scenario affects cocoa supply to manufacturers due to unstable rules and regulations across the Asia Pacific region, which is also expected to restrain the market growth. In terms of geography, the Asia Pacific chocolate market is segmented into several regions/countries, such as India, China, Australia, Japan, New Zealand, South Korea, Singapore, and the Rest of APAC.
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In 2019, Japan dominated the Asia Pacific chocolate market, accounting for around 26% share in terms of value, followed by China and Australia, respectively. The growing awareness among people about the health benefits of dark chocolate, as well as the growing consumption of dark chocolates, is expected to create significant growth opportunities for the market. For instance, in December 2019, Nestle launched the KitKat Chocolatory Cacao Fruit Chocolate, in Japan, made entirely from the cocoa fruit. It is coated with a 70% dark chocolate that uses cocoa beans and pulp as the only ingredients. Moreover, Mars (chocolate maker) announced that it is planning to develop more local products for the Indian market.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
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