Market Trends of asia pacific chocolate Industry
Consumer inclination toward chocolates over traditional sweets is one of the major factors that increase the sales of chocolates in Asian countries
- Chocolate consumption in Asia-Pacific is limited when compared to Western chocolate consumption practices. However, Asia Pacific, China, and India, in particular, are likely to be some of the fastest-growing countries in the market due to the increased influence of the Western lifestyle and rising awareness of the health benefits of chocolate.
- The demand for fair trade chocolates and innovations in flavor is expected to be the key trends that push the market forward over the years. Although milk chocolate is hugely popular in the market, there is also a significant growth in the sale of dark and compound chocolate because of its longer flavor release, making it the first choice for many nowadays.
- Traditionally, chocolates in some parts of the region are considered luxury and premium confectionery in the market. The high cost of the raw materials used in the production of chocolate increases the overall price of the chocolates in the region. An average chocolate bar in the market costs between USD 2 and USD 20.
- Due to the health benefits associated with chocolates, especially dark chocolates, consumers are seeking healthier alternatives even in confectionery products. India is one of the leading chocolate-consuming countries in the region. In 2022, nearly 44% of Indians are willing to pay a premium for healthier chocolates.
