Published on : May 02, 2016
The purchasing power of consumers is rising owing to the improved economic conditions within Asia Pacific. In addition, the demographics of Asia Pacific feature large number of youth population who are the biggest consumers of chocolate. Furthermore, the increasing retail industry has resulted in the rising product presence within the region of Asia Pacific, hence boosting the growth of the market.
The prime trends in the region of Asia Pacific have been elaborated by elaborating the condition of the market in the top countries of Asia Pacific.
- New Zealand: Cadbury Confectionary Ltd. within New Zealand constituted for approximately 50% of the share in the market in 2014. Cadbury mini eggs, in particular are amongst the most popular kinds of chocolates, especially popular in the Easter period. In February 2014, the first Cadbury Café was launched in New Zealand and has come up as to be the best interactive experience for consumers for making their own individual creations.
- Japan: In Japan, in 2014, Meiji Co. Ltd. emerged as the top chocolate company and is predicted to maintain its dominance in forthcoming years. This company has been launching premium-quality chocolates to elderly consumers by carrying on various different product introductions. The increasing awareness on the health benefit of chocolates will overcome the slight contraction seen in the market.
- Malaysia: The demand for economy packs and value pack chocolates presenting value for money within Malaysia is one the rise. This is due to the low to medium consumer income and the increasing inflation rate within this country which are inhibiting consumers to buy premium chocolate products. However, this trend is predicted to change in the coming years owing to the emerging economy of Malaysia.
Other dominant countries in the chocolate market in Asia Pacific are Singapore, Australia, Hong Kong, South Korea, the Philippines, Indonesia, and China.