Asia Pacific Chocolate - An Emerging Regional Powerhouse
Asia Pacific Chocolate The Asia Pacific region has emerged as one of the fastest growing s for chocolate globally over the past decade. While Western s for chocolate have matured or even declined in recent years due to changing consumer preferences, the Asia Pacific represents significant headroom for growth. Countries like China, India, Indonesia and Vietnam in particular have seen double digit annual growth in chocolate consumption on the back of rising incomes, urbanization and exposure to Western brands and tastes. This is reflected in data from industry analysts like Euromonitor which projects Asia Pacific excluding Japan to become the second largest chocolate globally by 2023, displacing Western Europe. China Drives Regional Growth Within the Asia Pacific Chocolate , China has been the primary growth driver for the chocolate industry. Despite having a relatively low per capita consumption of just over 1kg currently, China's massive...