Report Buyer, the online destination for business intelligence for major industry sectors, has added a new report which reveals that chocolatiers are eyeing huge potential markets in China and India.
Chocolate Challenges - Emerging Markets and Fair Trade Opportunities for Manufacturers finds that the fastest growth in the estimated $62,874 million (1) global confectionery market is taking place in countries where chocolate competes with traditional sweets for a market share. Manufacturers are pulling out the stops to entice these markets using new strategies to introduce their products and strategic tie-ups to tap local expertise.
Both China and India are markets that are dominated by local sweets - but there is a growing demand for Western goods. The study says chocolate consumption may be rising at the rate of 25% a year in the Asia-Pacific region, and by 30% in China. Factors driving growth are rising affluence and westernisation as well as a large young consumer population.
At present, leading chocolate manufacturers often resort to imaginative new ways of luring the markets. For instance, in India, chocolatiers endorsed the release of the film, Charlie and the Chocolate Factory, and saw enhanced short-term sales, while in China manufacturers promote Valentine’s Day to see peaking sales, as on that day, everyone wants to buy chocolate.
The study identifies the leading world chocolate manufacturers and interesting joint ventures appearing in the emerging markets. It singles out chocolate manufacturers such as Cadbury, Nestle, Dove and Golden Monkey which are already key players in the regions, and outlines the tie-ups to look out for. U.S-based Hershey have up a Joint venture with India’s Godrej Beverages and Foods, and has a similar deal with South Korean company Lotte to manufacture Hershey’s products for the Chinese markets.
Chocolate Challenges - Emerging Markets and Fair Trade Opportunities for Manufacturers is available free from Report Buyer.
Report Buyer ID: RBY00009
Report Buyer Category: Food & Drink
