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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.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Market value (USD Million) and volume (Kg Million) data for each segment and sub segment
• Distribution Channel sales Analysis by Value
• Competitive landscape involving the market share of major players, along with the new product launch and strategies adopted by players in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet in excel.
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs
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.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Market value (USD Million) and volume (Kg Million) data for each segment and sub segment
• Distribution Channel sales Analysis by Value
• Competitive landscape involving the market share of major players, along with the new product launch and strategies adopted by players in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet in excel.
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs
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