Summary

The Chinese chocolate market is projected to register a CAGR of 3.28% over the forecast period 2021-2026.

The Chinese chocolate market was impacted by low sales volumes due to the COVID-19 pandemic, including supply-side issues linked to quality and certification. Accordingly, the disruption in the supply chain of raw materials, followed by lockdown, resulted in an increasing number of specialty stores remaining closed for a long time and the decreased volume consumption of chocolates in the country.

Chocolate sales in China have more than doubled over the past decade. China’s chocolate market is still largely untapped. The Asia-Pacific region houses more than half of the world’s population but currently accounts for more than 15% of global chocolate consumption, thus further increasing the market potential for the Chinese market.

However, in spite of China being blessed with the divine consumer market, a significant chocolate market space remains untapped, owing to the country’s culinary history, which does not favor saccharine desserts and traditional Chinese medicines, which suggests the intake of limited sugar. Thus, the country is expected to hold an exceptional potential for new product launches and development during the forecast period.

Moreover, the escalating obesity rates and growing government concerns have left the chocolate market under serious scrutinization. As a result, many manufacturers are coming up with health-oriented chocolate products labeled with health claims, such as low-calorie, no-added-sugar, and other characteristics. For instance, the European company Bayn Europe AB launched the Bayn No-added Sugar Chocolate in the Chinese market.

Key Market Trends

Increased Disposable Income and Impulse Buying are Driving the Demand for Premium Chocolates

Consumers across China consider chocolate as an exotic delicacy, which is also brought as a luxury gift during Lunar New Year or an extravagant treat. In recent decades, it has become increasingly popular among young Chinese consumers to include chocolates in their gift packages. Moreover, Belgian premium chocolate maker, Godiva, designed its retail stores, which are reminiscent of a luxurious style jeweler's shop, and this factor is expected to fuel the premium chocolate market in China. Thereby, this led to the expansion of the premium chocolate market in the country, supported by continuous innovation in the sector. For instance, the Godiva brand collaborates with designers for the creation of its chocolate boxes. The purchase price can vary from CNY 150 for small boxes up to CNY 1800 for special ones. Godiva is also promoting its “Summer of love” collection for the Chinese Valentine’s Day. Besides, with the growing purchasing power and an increase in willingness to go premium, the local players in the Chinese chocolate market are constantly making innovative products of better quality to gain a competitive advantage. Ferrero Rocher is perceived as a premium brand of chocolates in China. This has led Ferrero to adopt a premium pricing strategy by setting high prices targeted to the most affluent consumers.

Boxed Chocolates Lead the Chocolate Sales in China

Boxed Assortments led the chocolate market in China with almost 50% share. On a per-capita basis, the level of chocolate consumption in China still has plenty of room to grow in comparison to the global level. With more top international chocolate makers tapping into the Chinese market, their growth engines rely heavily on the high-end and super high-end segments, where sales have soared as a result of the rapid overall consumption upgrade in China. Boxed assortments remain a holiday gift staple and are sold in high volume during holidays and festival season. When buying boxed chocolates, there are many factors which drive consumers choices like brand equity, preference of the recipient, the person making the gift, occasion, price point, and packaging. Manufacturers are increasingly launching boxed chocolates with attractive packaging and chocolates for special occasions.

Competitive Landscape

The Chinese chocolate market is highly competitive. Key players compete to increase their market shares, whereas small, regional players cater to smaller regions to expand their shares. ​To maintain a competitive edge over the market, major strategies adopted by the players are mergers, acquisitions, expansions, and innovations. Giant companies are taking over small firms in order to increase their market penetration. ​Mars Incorporated leads the sales, followed by other companies such as Ferrero Group and Nestle SA. China has very limited local production of chocolate, and most of the chocolate is imported from western nations, such as Switzerland and the United States.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Boxed Assortments
5.1.2 Softlines/Selflines
5.1.3 Molded Chocolates
5.1.4 Countlines
5.1.5 Other Chocolates
5.2 By Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Specialist Retailers
5.2.4 Other Distribution Channels

6 COMPETITIVE LANDSCAPE
6.1 Strategies Adopted by Leading Players
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Mondelez International Inc.
6.3.2 Ferrero International SA
6.3.3 Mars Incorporated
6.3.4 Fujian Yake Food Co. Ltd
6.3.5 The Hershey Company
6.3.6 Beijing Yi Li Food Co.
6.3.7 Perfetti Van Melle (China) Co. Ltd
6.3.8 Yildiz Holding
6.3.9 Nestle SA
6.3.10 Nu Company

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 IMPACT OF COVID-19 ON THE MARKET