November 21, 2024 – In Asia Pacific, indulgence is a key driver in food choices, leading consumers to seek satisfying treats like chocolates that offer rich flavors and a comforting experience that satisfies diverse cravings. Innova’s 360 research into chocolate market trends highlights consumer preferences, the latest market insights, and what may develop in the future.
Chocolate Market Size Trends
The Asia Pacific chocolate market displays steady growth, with sales and volume rising at 5% and 4% CAGR, respectively, over the past five years. Chocolate market trends research predicts a projected growth rate of 6% CAGR in sales and 4% CAGR in volume in the next five years. While Australasia’s chocolate market is set to grow at nearly 3% CAGR in both sales and volume, the growth rate in Asia is faster than in Australia.
Within the APAC region, Singapore leads in per capita chocolate consumption, ranking sixth globally. Although consumption across APAC countries is below many European countries, Australia and New Zealand remain notable, ranking within the top 20 of 70 countries. This highlights the region’s evolving appetite for chocolate and its growing market potential.
Chocolate Consumer Preferences
In Asia Pacific, 58% of consumers purchased chocolate over the past year. Australia, New Zealand, and Japan lead penetration levels each above 70%. One-third of consumers enjoy chocolate candy at least once a week. In APAC, 20% have increased consumption over the past year, driven by changing tastes, lifestyle shifts, and the growing variety of options. Most consumers have maintained the same consumption level year to year.
Beyond taste, many consumers eat chocolate for happiness, to relax, and as a treat or reward. About a quarter of consumers prioritize product safety and made with real ingredient claims when purchasing chocolate. Flavor most influences chocolate purchasing, with milk chocolate as the preferred type.
Chocolate Product Launch Trends
Chocolate confectionery launches in Asia Pacific align closely with the global average, growing at 2% CAGR over the past five years. Asia contributed 17% of global chocolate launches in 2023. Chocolate confectionery launches are almost equally divided among blocks, unwrapped pieces, and wrapped pieces in the region, reflecting a diverse range of consumer preferences.
Ethical claims grew more than other types of claims in APAC over the past five years. Human welfare claims display 23% of launches, and environment-friendly claims show 15% of launches over the past year. Vegetarian, vegan, and plant-based claims are steadily emerging, while clean-label trends such as organic, palm oil-free, and gluten-free options continue to gain attention. Seasonal and limited-edition offerings are also expanding, catering to consumers seeking novelty and exclusivity.
Top Chocolate Base and Flavors
The product base for most chocolate confectionery is milk chocolate, which has been featured in 70% of launches over the past year. Dark and white chocolate are also growing in product bases.
Almond is the top flavor, followed by hazelnut, caramel, strawberry, and peanut. Other small but growing flavors include coconut, orange, red raspberry, salted caramel, pistachio, and vanilla.
What’s Next in APAC Chocolate Market Trends?
In Asia Pacific, chocolate is consumed as a source of happiness, a reward, and a way to relax, with indulgence and delicious flavor. Brands can enhance appeal by aligning advertising, packaging, and product attributes to emphasize these emotional connections, encouraging more frequent consumption.
Variety drives increased consumption. Brands can focus on innovation in flavors, textures, and shapes, including seasonal and limited-edition products, which adds variety and keeps the chocolate category exciting.
Consumers increasingly value sustainability, seeking assurance that the chocolate they consume does not harm the planet. Brands can address this by emphasizing sustainably sourced cocoa and sharing stories about ingredient origins, production methods, and environmental restoration efforts. As awareness of planetary concerns grows, incorporating regenerative practices into the supply chain could become a key differentiator in the industry.
This article is based on Innova’s Now & Next in Chocolate Confectionery in Asia Pacific report. This report is available to purchase or with an Innova Reports subscription. Reach out to find out more
