Everyone loves chocolate. However, with large demand and limited supply, chocolates are becoming expensive. In addition, as people are becoming more and more aware about health and fitness, chocolate industry is seeing a decline in overall demand for chocolates. In Malaysia, consumers are concerned with the increasing prices of chocolates. Since most of chocolates are sold for children, people are becoming more and more reluctant to spend that much amount of money for chocolate. Concerned with dip in sales because of this, chocolate manufacturers and retailers in Malaysia are offering various price discount offers to attract more customers. Various brands are using various techniques to expand their customer base. For example, KitKat is offering a cash discount of upto 30% on its few of its products, like green tea and milk chocolate flavours, while brands like Snickers and Van Houten are offering value packs and extra product at reduced prices. Some are even offering free plastic packaging with chocolates.
According to the market research report “Chocolate Confectionery in Malaysia”, the chocolate market can be segmented into boxed assortments, chocolate pouches and bags, chocolates with toys, chocolate confectionary, seasonal chocolates and tablets. It can also be segmented into milk chocolates, moulded chocolate bars, chocolate covered bars and dark chocolates. Market can also be segmented in terms of size, small single bar chocolates, large chocolates, family packs, etc. Major distribution channels include Hypermarkets and Supermarkets, Convenience stores, Department stores, Dollar stores, Variety stores, eRetailers, Food & Drinks specialists, etc. Malaysia not only consumes chocolates but also exports it. There are over 50 chocolate manufactures in Malaysia. In terms of market share, Malaysia holds the majority share in Southeast Asia, and this is expected to increase considering the demand for chocolate is increasing. The Malaysian Chocolate and Confectionary market is growing and now the Malaysian industry is eyeing new markets like Russia, Ukraine and expands its hold on some existing markets like Middle East.
Like the sweet, mouth-watering taste of chocolate, Malaysian chocolate industries is also very lucrative and offers some very attractive returns. A good chocolate manufactured take a very precise process and Malaysian chocolate industry has seemed to excel in it.
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Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com