The China Chocolate market is expected to reach USD 5.39 billion by 2023, witnessing a healthy CAGR during the forecast period. Chocolate consumption volume in the region surpassed 214 million Kg in 2017; with molded chocolate registered the largest volume sale. Increased demand for foreign chocolate brands mainly from urban population is the key driver for the market. Expanding e-commerce platform and growing economy has further driven the market. The lack of supply chain infrastructure in the country is the biggest challenge for manufacturers.

Foreign Brands Gaining Popularity

About 32% of the Chinese prefer foreign chocolate whereas only 22% go for local brands. Top five companies Mars Inc., Ferrero, Kraft Foods, Nestle and Hershey, occupied dominant share in the market owing to its high quality and consumer trust for the foreign brand. Increased purchasing power in China has further fueled the demand for premium chocolate products. Chinese consumes only 70 grams of chocolate annually which is very less as compared to western countries and even from Japan and Korea. However, the growing chocolate consumption in the massively populated country provides an excellent opportunity for companies to tap the potential chocolate market.

Molded Chocolate Dominates Volume Sale

Molded Chocolate is the most consumed chocolate in the country with a volume share of around 40%. Molded Chocolate is expected to maintain its dominance during the forecast period. The demand for countline sales is largely driven by on-the-go and comfortable pack style of products. Countline includes chocolate bars which are consumed as snacks and treat. Standard Boxed Assortments sale follows the Molded chocolate. The domestic consumer has strong demand for boxed assortments owing to low cost and seasonal effect as demand is high especially during winter.

Key Developments

• July 2016 - Mondelez launched its Milka brand chocolate in China focus to tap growing chocolate demand in China. The company already sells biscuit and gum category in China before to the launch of Milka chocolate

The China Chocolate market is competitive with top five multinational players accounting for major share. New product innovation focused on premium category are the main strategy adopted by the key player. Mars and Hershey, the massive chocolate brands are facing competition from premium and imported chocolate brands in the market.

Major players include - MONDELEZ INTERNATIONAL, INC , MARS INC., FERRERO, NESTLE SA, HERSHEY CO., MEIJI CO. LTD., amongst others.

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• Market value (USD Million) and volume (Kg Million) data for each segment and sub segment
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