Chinese chocolate market would see a $4.3bn growth by 2019, a 60% increase from $2.7bn in 2014, says chocolate manufacturer Hershey.
Hershey president Bert Alfonso told Reuters that the growth will be driven by demand from the growing urban population and it shows the industry's bet on growing emerging market consumption.
He also noted that Hershey's sales in China during 2015 would witness a 35% increase to $450m. It is estimated that company's chocolate sales in the country represent 4.5% of its $7.4bn total revenue in 2014.
Alfonso was quoted by the news agency as saying: "Consumers are embracing our brands in China as we outpace category growth.
"We are excited about the potential for Shanghai Golden Monkey."
This forecasted growth in the industry is expected to push companies such as Cargill and Olam to expand their bean processing operations in Asia, which is claimed to be a fast-growing chocolate consuming region.
Recently, Hershey announced that it is planning to use ingredients that are simple and easy-to-understand such as fresh milk from local farms, roasted California almonds, cocoa beans and sugar.
