The “Global Chocolate Market” report analyzes the global chocolate market by product type, product form, application, pricing, sales channel, and region. The report is comprehensive and provides thorough historical and forecast market size, along with an analysis of trends.
Market share analysis, the production capabilities of the best companies, top chocolate processors, and the top grinders, an overview of the competition, total per person consumption of chocolate for each country, import-export statistics concerning key destinations and their origins market strategies, potential growth areas, and competition analysis of key players in the market are examined in-depth.
Marketing Overview and Dynamic: Demand for chocolates is growing due to their numerous health benefits
The chocolate market is expected to expand at a CAGR of 6% between 2022 and 2028. Chocolates are luxurious items for people to give to their loved ones. In addition, a variety of doctors all over the globe recommend moderate consumption of chocolate because it boosts serotonin, which aids in relaxing the brain and has antidepressant effects. All these reasons are expected to create a pool of opportunities for the global chocolate market.
Dark chocolate consumption is linked to a lower chance of cardiovascular disease because of flavonoids and healthy fats, which are thought to reduce blood pressure and bad cholesterol levels.
Using chocolates as a food item is likely to boost the consumption of chocolates.
In addition, people would prefer to add healthy ingredients to their daily diet instead of taking medication. Additionally, chocolate is anticipated to increase in popularity in the coming years because of its relaxing, calming, and positive effects. The rise of different chocolate brands in the retail sector shows the premium chocolate trend.
For instance, SMOOR, an Indian-origin premium chocolate brand, focuses on including immune-boosting components like turmeric, pumpkin seeds, amla, and ashwagandha, on providing a special element of distinction. Including local flavors that keep the chocolates true to their Indian taste will aid the company in establishing its market.
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.
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