The Asia Pacific cocoa and chocolate market size is expected to gain momentum by reaching USD 8,892.57 million by 2027. This is attributable to the growing purchase capacity of the consumers that propel the demand for exotic cocoa and chocolate products. Fortune Business Insights, in its latest report, titled, “Asia Pacific Cocoa and Chocolate Market Size, Share & COVID-19 Impact Analysis, By Type (Cocoa and Chocolate), Application (Food and Beverage, Cosmetics, Pharmaceuticals, and Others), and Country Forecast, 2020-2027.”, mentions that the market stood at USD 6,019.15 million in 2019 and is likely to exhibit a CAGR of 5.42% between 2020 and 2027.
Price Fluctuations amid COVID-19 to Hamper Growth Prospects
The global pandemic has resulted in a complete shutdown of supply chains across several industries. The chocolate and cocoa industry is further experiencing a remarkable reduction in the sales of products. Owing to lockdown, the restricted movement of people has led to a negative impact on the market. This is expected to hamper the market growth shortly.
Asia Pacific cocoa and chocolate products are gaining popularity owing to the growing indulgence in exotic flavors and fillings. In addition to this, the increasing consumption for low-fat and sugar-free chocolates is propelling the manufacturers to produce high-quality cocoa plantations in Asia Pacific.
What does the Report Include?
The market report includes a detailed assessment of various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market strongholds between 2020 and 2027.
DRIVING FACTORS
Increasing Consumer Spending Power to Augment Market Growth
According to the data by Forbes, there are around 778 billionaires in Asia Pacific as of 2020. In addition to this, about 38% of the global super-rich reside in the region, the most when compared to other regions. The presence of high net-worth individuals (HNWI), along with the increasing spending capacity of the consumers, is leading to the surging demand for Asia Pacific cocoa and chocolate confectionery. In addition to this, the growing consumption of chocolate products owing to its beneficial properties is expected to contribute to the growth of the Asia Pacific cocoa and chocolate market in the forthcoming years.
SEGMENTATION
Cocoa Segment Held 38.76% Market Share in 2019
The cocoa segment, based on type, held a market share of about 38.76% in 2019 and is projected to showcase an exponential growth owing to the surging demand for dark chocolates that have less sugar and fat content.
COUNTRY INSIGHTS
Increasing Demand for Exotic Chocolate Flavors in Southeast Asia to Aid Growth
Among all the countries, Southeast Asia is expected to remain at the forefront and hold the highest position in this market in the forthcoming years. This is attributable to the increasing demand for exotic flavors and filling of Asia Pacific cocoa and chocolate products. Southeast Asia stood at USD 1,763.65 in 2019.
Japan, on the other hand, is expected to hold the second position in the market during the forecast period. This is ascribable to the growing consumption of chocolates owing to its beneficial properties such as stress buster, anti-aging, and healthy content in the country between 2020 and 2027.
COMPETITIVE LANDSCAPE
Key Players Focus on Product Expansion by Acquiring Other Small Companies
The Asia Pacific cocoa and chocolate market is consolidated by the presence of key players that are focusing on acquiring other small companies to boost their cocoa & chocolate product line. Additionally, the major companies are adopting strategies such as partnership, the introduction of new products, and collaboration to maintain a stronghold in the fiercely competitive global marketplace during the forecast period
Industry Development:
February 2019 – Olam International announced the acquisition of the Indonesia-based, BT Cocoa. The acquisition is expected to strengthen its position backed by the growing consumption of Asia Pacific cocoa and chocolate products.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/asia-pacific-cocoa-and-chocolate-market-104205
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