Asia Pacific Chocolate - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2030)

Asia Pacific Chocolate - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2030)

The Asia Pacific Chocolate Market size is estimated at 18.30 billion USD in 2024, and is expected to reach 24.48 billion USD by 2030, growing at a CAGR of 4.97% during the forecast period (2024-2030).

Growing inclination toward convenience shopping inclined the segmental value with supermarket/ hypermarkets and convenience stores holding 70% share in 2023

• In the Asia-Pacific region, the overall retailing segment maintained a growth of 4.59% by volume in 2023 as compared to 2022. The growth is anticipated with the consumers' growing inclination for convenience shopping facilities. Under the overall retailing segment, the convenience store segment was considered the largest retailing unit by volume in 2023. Some of the famous stores in China are Easy Joy, uSmile, MYJ, and others. By 2025, the convenience store segment in Asia-Pacific is estimated to register a growth of 4.48% by volume.
• Supermarkets and hypermarkets are the second-largest retailers in the Asia-Pacific chocolate market. These stores tend to offer their customers a wide range of chocolate products with innovative offers. It is reported that the sales volume of chocolate products in supermarkets and hypermarkets grew by 4.22% in 2022 compared to 2021. A CAGR of 19.7% is anticipated to be registered in Asia-Pacific during 2023-2029. Chocolate holds the largest share of 58.8% among all the confectionery products sold through supermarkets and hypermarkets in 2023, anticipated with growing demand for premiumization.
• Online retailing or e-commerce retailing is considered the fastest-growing retailing segment in Asia-Pacific. The e-commerce business was holding a CAGR of 5.92% in 2023. The growing number of internet users across the region is the major factor influencing the acceleration of the growth of e-commerce websites.
• During the forecast period, it is estimated that these retailing units in Asia-Pacific will mark growth of 8.21% by volume share. The rising availability of ethenic flavors for confectionery products and demand for discount offers will likely drive the retail industry.

Japan and India drove the chocolate consumption in the region with the share of almost 50% by value with increasing focus on innovative premium chocolates

• Over the review period, the premium and super-premium segments of the market have been growing due to trends such as transparent sourcing and the incorporation of rare ingredients that offer a sense of exclusivity. Additionally, the growth of this segment of the market is being driven by the growing number of chocolate producers that have been focused on innovating unique premium chocolate products, coupled with increased consumer desire to try new products. By value, the Asia-Pacific chocolate market observed a growth of 4.16% in 2022 as compared to 2021.
• Japan and China are identified as the major markets in the region, followed by India and Australia. Japan and China collectively accounted for 52.02% of the chocolate value sales in 2022. Consumers across these countries consider chocolate an exotic delicacy, which is also brought as a luxury gift during the Lunar New Year as a luxurious treat. Thus, the consumption of chocolate has increased. China imported approximately USD 673.3 million worth of chocolate confectionery in 2021, while it was USD 485.77 million in 2020.
• Malaysia is identified as the fastest-growing chocolate market in Asia-Pacific. The market is anticipated to grow at a rate of 8.53% from 2024-2030 in terms of value. The country has a traditional approach toward the consumption of confectionery, where the recipes combine ingredients such as honey, sugar, almonds, walnuts, or crystallized fruits. Chocolates that appeal to health-oriented consumers, such as sugar-free or gluten-free chocolates, are becoming popular across the country due to the consistently increasing diabetic population. In 2021, diabetes prevalence in the country reached 19.2% (% of the population ages 20 to 79) in Malaysia.

Asia Pacific Chocolate Market Trends

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.

Asia Pacific Chocolate Industry Overview

The Asia Pacific Chocolate Market is fragmented, with the top five companies occupying 37.31%. The major players in this market are Chocoladefabriken Lindt & Sprüngli AG, Ferrero International SA, Mars Incorporated, Mondelēz International Inc. and Nestlé SA (sorted alphabetically).

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