China’s chocolate market expected to become huge
September 11, 2017 Category China News Round-up, Weekly
Up to now, chocolate consumption in China has been negligible, but a new generation of chocolate lovers is emerging, and with a population of 1.3 billion, that is likely to have a big impact on the industry globally, the South China Morning Post reports. The potential profits are also significant. The market for chocolate in China is expected to grow to CNY40 billion by 2020, as chocolate consumption nearly doubles, according to market research firm Ebrun. Sales of chocolate in China were valued at about CNY20 billion in 2015. On a per-capita basis, Chinese consumption of chocolate is still less than 1 kilogram a year, a mere tenth of the figure in Europe. That means there is plenty of room for growth. According to Ebrun, Ferrero Rocher and Dove have a combined 40% share of the Chinese market.
Zurich-based Barry Callebaut, is now firmly set on expanding its production in China. Ben De Schryver, President of Barry Callebaut Asia Pacific, said the company planned to build two new plants over the next five years. The company presently supplies chocolate to retail brands, bakeries and restaurants in China through its factory in Suzhou, and is planning to increase the plant’s annual capacity of 250,000 tons.
The top 20 global chocolate brands are all looking to expand in the Chinese market. Godiva had about 100 retail outlets at the end of last year, and plans to triple that number by 2020. Ferrero Rocher started to build a factory in Hangzhou, Zhejiang province, in 2014 with the first phase due to start operating next year. On top of that, local manufacturers are also revving up expansion plans to increase their market shares. Shanghai-based Ahme Food, for example, acquired Belgian chocolate brand Pralinor last year to help it explore the high-end segment of the country’s chocolate market.
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world