January 29, 2015
Although demand for chocolate in Asia is the lowest in the world, it is forecast to grow at almost twice the global rate over the next five years. As Asian economies continue to grow and middle classes gain wealth and numbers, chocolate demand in Asia is set to increase by 20% this year according to the chairman of the Indonesian Cocoa Industry Association. Demand in Asia-Pacific markets, driven by confectionary and flavored drinks consumption by young people, may expand by 4.5% in 2015 compared to 2.6% globally states Euromonitor International. Indonesia, the world’s third biggest cocoa grower after Ivory Coast and Ghana, will maintain its standing as Asia’s leading supplier. Grinding in Indonesia climbed by approximately 70% in the three years leading to 2013/14 as a result of major global players including Olam International and Cargill establishing facilities in the country. Age and demographics are playing major roles in driving demand. Fifty percent of Indonesia’s population is below the age of 30, forming the upwardly mobile middle class that is shifting its tastes in food, including a taste for chocolate.
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