Published on : Jan 29, 2016
The global chocolate industry has been tasting the sweet success in the past few decades. Research suggests, the growing popularity of chocolate along with a wide range of varieties available in the market is boosting the revenue earnings of this industry. The innovations in marketing, packaging, branding, and offerings by some of the top leaders in the global chocolate industry such as Hershey Foods Corp., Ghirardelli Chocolate Co., Ferrero Group, Mars Inc., Nestle SA, Moonstruck Chocolatier Co., and Kraft Foods has truly taken the world by the storm. Furthermore the growing awareness about benefits of consuming dark chocolate is also spurring the demand for these kinds of chocolates.
Western Habits Influence Sale of Chocolates in Asia Pacific
Analysts predict, Asia Pacific will emerge as a leader in the global chocolate industry as the region embraces Western habits. The growing influence of cereal-eating culture is also creating a huge demand chocolate flavored cereals for breakfasts and snack-time. Additionally, entry of international brands in the Asia Pacific region is also expected to propel the chocolate industry in this region.
Rising Disposable Incomes Complements Market Growth in Asia Pacific
In the coming years, the global chocolate market is expected to witness a huge surge, especially in Asia Pacific due to rising disposable incomes. The improving GDPs, stabilizing economies, and the ability to afford the luxury of chocolates is expected to promote the growth of this market. This trend will be accentuated by countries such as South Korea, Japan, India, and China.
Political Instability to Hinder Growth of Global Chocolate Market Scenario
Despite the unwavering growth drivers, the global chocolate market is expected to experience certain restraints. The unstable supply of cocoa due to political volatility and instability is one of the main factors likely to hinder the growth of this market.
Given the dynamic nature of this market, players must look at diversification of cocoa production in other countries to improve supply and to overcome their main restraint. Furthermore, improving political scenario, especially in countries such as Ghana, is also bring in a new hope for positivity in the global chocolate market scenario.