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Aussie chocolate mkt to surpass $4.3 bn by 2023, says TechSci Research
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Friday, 04 January, 2019, 15 : 00 PM [IST]
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Sydney
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It is forecast that the Australian chocolate market will reach $4.3 billion by 2023. These were the findings of research-based global management consulting firm TechSci Research’s report, titled Australia Chocolate Market By Product Type, By Category, By Distribution Channel, Competition, Forecast and Opportunities, 2013–2023.
Rising premiumisation of chocolates coupled with growing inclination of leading players towards offering healthy chocolate products targeted towards increasingly health-conscious millennial and Gen-Z population, are the major factors expected to boost sales of chocolates in the country over the course of the next five years.
Moreover, the demand for boxed assortments and artisanal chocolates is growing across Australia, as people find gifting boxed chocolates like Ferrero Rocher highly convenient.
As the demand for premium chocolates is growing across the country, the number of exclusive chocolate stores is also increasing. Moreover, more and more people are getting attracted towards high-end offerings such as premium chocolates.
New South Wales and Victoria are the largest demand-generating regions for chocolates in Australia, owing to the huge population base in these regions. Moreover, cities like Sydney, Newcastle and Wollongong are located in these regions, which account for a major share of urban population of Australia, thereby further driving the country’s chocolate market.
“Over the coming years, the chocolate market in Australia is anticipated to grow at a healthy rate, backed by a rising health-conscious population, the growing demand for organic chocolates, the rapid expansion of e-commerce industry and the launch of innovative products by manufacturers. Additionally, the changing taste preferences of people are resulting in the popularity of chocolates, as they are being made available in different flavours, thus providing lucrative opportunities to companies operating in Australia chocolate market during the forecast period,” said Karan Chechi, research director, TechSci Research.
The report evaluated the future growth potential of the chocolate market and provided statistics and information on market structure, size, share and future growth. It was intended to provide cutting-edge market intelligence and help decision-makers to make sound investment decisions.
Moreover, the report also identified and analysed the emerging trends, along with the essential drivers, challenges and opportunities present in the Australian chocolate market.
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