The report titled “Global Chocolate Market” assesses the worldwide chocolate market based on product type, product form, application, pricing, sales channel, and region. A comprehensive report provides a detailed historical and future market size with a market trend analysis.
The market share analysis, production capabilities of the top companies, leading cocoa processors, and key cocoa grinders, an overview of the competition, per capita chocolate consumption by country, import-export data by key destinations and origins, market strategies, potential growth areas, and competition analysis for the market players are evaluated in the detailed market study.
Market Overview and Dynamics: Growing demand for Chocolates due to numerous health benefits
The global chocolate market is expected to grow at a CAGR of around 6% during the forecast period of 2022-2028. Premium chocolates are an easy-to-get luxury for consumers to gift to their dear ones. Moreover, moderate chocolate consumption is advised by numerous medical professionals around the world as it increases serotonin which helps in relaxing the brain and had antidepressant effects. All these factors are expected to create a pool of opportunities for the global chocolate market.
Dark chocolate consumption is also associated with a reduced risk of cardiovascular disease due to the presence of healthy fats and flavonoids, which are considered to lower blood pressure and bad cholesterol levels.
The use of chocolates as a culinary item is expected to increase the demand for chocolates
Furthermore, consumers would prefer to add health-promoting components to their regular diet instead of relying on medication. Besides, chocolate is expected to expand in sales in the next years due to its calming, relaxing, and joyful effects.
The development of various chocolate brands in the retail arena is visible proof of the shift toward luxury chocolate.
- For example, SMOOR, an Indian-origin premium chocolate company, focuses on the incorporation of immunity-boosting components such as turmeric, pumpkin seeds, amla, and ashwagandha to add a unique element of differentiation. The use of indigenous flavors to keep the chocolates genuine to their Indian flavor is likely to help the company develop a niche.
Global Chocolate Market Analysis: Segmental Overview
- Based on product type, chocolates hold a prominent share of the market as the demand for various chocolates like white chocolate, dark chocolate, milk chocolate, etc. among others will continue to dominate the global chocolate market in the upcoming years.
- Based on the Application, the food products segment is expected to hold a dominant share in the market as the maximum use of chocolates is done in bakery products, sugar confectionary, and desserts, which is expected to fuel the market demand for chocolates.
- In terms of distribution channel, the supermarket and hypermarket segment had more than 65% of the market in 2019. This is due to increased product visibility, as well as an increase in the number of department and specialty stores in growing economies such as China and India.
Competition Analysis: Top 10 chocolate manufacturing companies account for the majority of the market share
There is fierce competition in the global chocolate market due to the presence of numerous well-established brands. The global chocolate market is expected to witness numerous growth opportunities as chocolates with higher content of cocoa extracts are merging as a popular and preferable indulgence.
Acquisitions, product launches, and partnerships are the identified industry trend in the global chocolate market. Significant consolidation is expected in the global chocolate market during the forecasting period 2022-2028.
- In March 2022, Barry Callebaut announced the expansion of its factory in Campbellfield, Melbourne, Australia. The new factory expands the company’s geographical footprint in the Asia Pacific by creating safe, high-quality products.
- In January 2022, Blommer Chocolate Company, a subsidiary of Fuji Oil Co Ltd announced the opening of an R&D applications lab in downtown Chicago. The new space represents an expansion of R&D capabilities, with new and improved ways to support the business.
Some of the prominent players that contribute significantly to the global chocolate are Nestle SA, Barry Callebaut, The Hershey Company, Lindt & Sprungli AG, The Australian Carob Co, Ferrero Group, Mars Incorporated, Meiji Holdings Co Ltd., Arcor, Cadbury (Mondelez International), August Storck KG, Ezaki Glico Co Ltd., Kraft Foods, Moonstruck Chocolatier Co., and Ghirardelli Chocolate Co. among others.
RationalStat has segmented the global chocolate market based on product type, product form, application, pricing, sales channel, and region.
- By Product Type
- Cocoa Ingredients
- Cocoa Butter
- Cocoa Liquor
- Cocoa Powder
- White Chocolate
- Dark Chocolate
- Milk Chocolate
- Filled Chocolate
- Artificial Chocolate
- Cocoa Ingredients
- By Product Form
- By Application
- Food Products
- Bakery Products
- Sugar Confectionary
- Food Products
- By Pricing
- Everyday Chocolate
- Premium Chocolate
- Seasonal Chocolate
- By Sales Channel
- Retail Stores
- Supermarkets and Hypermarkets
- Convenience Stores
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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