The Asia Pacific chocolate market has enjoyed rapid growth over the last few decades due to the urbanization drive in emerging economies in the region. Urbanization has created a sustainable consumer demographic for the Asia Pacific chocolate market and has also led to the development of adequate sales networks to make the most of the growing demand. Rising investment by foreign players in emerging markets in the region is also likely to remain a key driver for the Asia Pacific chocolate market in the coming years. The Asia Pacific chocolate market is thus likely to remain a leading contributor to the global chocolate industry in the coming years.
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According to Transparency Market Research (TMR), the Asia Pacific chocolate market is likely to reach a valuation of US$18.2 bn by 2019.
Growing Disposable Income of Youth Population Vital for Asia Pacific Chocolate Market
One of the prime drivers for the Asia Pacific chocolate market is the rising disposable income of the urban population, and particularly the steady growth of a youth demographic with rising disposable income. The widespread adoption of the urban lifestyle in emerging countries has made the youth demographic important for the Asia Pacific chocolate market, as their demand for chocolate is also higher than the demand from other demographics, including more affluent ones. According to UN statistics, Asia Pacific is home to nearly 60% of the world’s youth population, making the region crucial for the global chocolate market. The Asia Pacific chocolate market is thus likely to exhibit steady growth in the coming years.
Growing use of digital television as well as other digital media has also boosted the prospects for advertising of chocolate products. This is likely to remain a key driver for the Asia Pacific chocolate market, as consumers in the region are becoming a vital demographic for digital media viewing, aided by the booming regional smartphone industry.
Japan Likely to Dominate Asia Pacific Chocolate Market, Molded Bars Likely to Stay Popular Product Type
The report also profiles the competitive dynamics of the Asia Pacific chocolate market by analyzing the figures of the leading players in the market. Key players examined in the report include Ferrero S.p.A., The Hershey Company, Mars Inc., Nestle SA, and Lotte Co. Ltd.