The Asia pacific Cocoa and Chocolate Market was worth $27.1 billion in 2022 and estimated to be growing at a CAGR of 2.26%, to reach $30.3 billion by 2028. The market is showing enormous potential in the mentioned period. The amount of cocoa defines the category of the chocolate. Milk chocolates have the highest share of about 50% of all chocolate consumption but they contain only about 10% cocoa. Conversely, chocolate is considered as “dark chocolate” if it has above 60% cocoa in it.
The cocoa and chocolate market has been growing at a decent pace. Strong demand is propelling the cocoa and chocolate market in the region. Cocoa provides colour, texture and flavour to products. Furthermore, it has anti-oxidative, anti-inflammatory, and anti-depressant properties. The market for these ingredients is growing in developing economies such as China and India. Dark chocolate especially contains high amounts of antioxidants, which are believed to prevent certain types of diseases like Cardiac arrest. Health benefits like these, perceived by certain people and doctors, have been the leading reason behind growth for products with high quantities of cocoa.
Powerful local and Asia-pacific growth in demand is unevenly matched against an unpredictable and unstable supply. But chocolate consumers happen to be quite price insensitive. Except in very rare circumstances consumers are willing to purchase cocoa product at any given prices. The huge demand for chocolate and cocoa in confectionery and food and beverage industries majorly drives the market. The health benefits of cocoa and chocolate in pharmaceuticals and cosmetics has enough evidence to back manufacturers to consider using such ingredients.
The Asia-pacific market for Chocolate and Cocoa is categorized on the basis of Chocolate Type (White Chocolate, Milk Chocolate, Dark Chocolate and Filled Chocolate), by Cocoa type (Cocoa Powder, Cocoa Liquor and Cocoa Butter). Based on Application, the market is segmented into Pharmaceuticals, Cosmetics, Food and Beverage and Confectionery. The milk and white chocolate segment is expected to grow at the highest rate from 2023 to 2028.
Geographically the Asia Pacific Cocoa and Chocolate Market is segmented into India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia. Japan has the fastest growth rate, and China has the largest market share in Asia-pacific. The cocoa liquor segment leads the cocoa market in 2018. Consumer awareness about health benefits of cocoa has led to some of the important innovations in the Asia-pacific cocoa and chocolate industry.
Key Players in the Market:
Major Key Players in the APAC Cocoa and Chocolate Market are
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