Meiji Expands Cocoa Market With Generous Investment
Oh how sweet it is! Japanese confectioner Meiji is expanding its high-cocoa chocolate products, an investment of 27 billion yen, or $245 million USD. Part of the investment includes upgrading their factories.
Euromonitor International, a global market research agency, reports that health and wellness trends and the Japan’s ageing population have been the inspiration for the increased demand.
In a statement released from the company, Meiji says they “will continue to invest heavily in research and development in the forecast period, as it seeks to tailor its range of products in line with changing consumer needs.The company is likely to focus on health and wellness products within packaged food, particularly those that appeal to Japan’s increasing number of elderly consumers.”
The company says they also recognize the challenges that population ageing and decline pose to Japan and will focus on boosting packaged food profits by adding value.
And chocolate isn’t their only focus. Meiji will also invest in expanding its production capacity in key growth areas such as yogurt, as well.
Meiji projects that this investment will bolster sales for this fiscal year, and projects an increase from $935 million USD in 2017, to $956 million by March of 2018.
