Case Study of Japan’s "Lotte Sweets Days Chocolate" Shows Positive Growth Riding on High Demand
Report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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According to the report, in 2015, market value in local currency had grown with a five-year CAGR of 2.23%. Chocolate confectionery recorded 6% current value growth in 2016 to reach ¥552 billion in retail sales, mainly boosted by constant demand for the health benefits of cacao. As Japanese consumers are getting increasingly discerning of product and ingredient attributes, makers of innovative confectionery products that are healthful, advantageous and at the premium end of the variety may be best suited to find success.
Furthermore, key findings of the report outline that Lotte Sweets Days Chocolate due to its probiotic chocolate format successfully appealed to its target consumers. It said that probiotic yogurts containing lactic acid bacteria had already enjoyed great success particularly among Japanese women who are keen on functional food and drinks. Additionally, the chocolate format is more appropriate for consuming and storing probiotics without a refrigerator i.e. ranging consumer enjoyment of probiotic products beyond yogurt. Developing functional chocolates will also contribute to chocolate market growth. Functional chocolates have the power of boosting growth, like by bringing in new customers into the category which includes adults and health-conscious customers.
Even though for a long time, eating chocolate has been supposed as unhealthy in the country, this positive growth is supported by rising awareness among Japanese consumers about the health benefits of chocolate, but still Japan’s chocolate consumption per capita is lower in comparison to European countries. This is also a major factor that indicates there are so many further opportunities for unique innovations and services in Japan’s chocolate market are awaited.
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Through this study, buyers will be able to understand the relevant consumer trends and attitudes that drive and support innovation success, so that they can tap into what is really impacting the industry.
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