New York, U.S., Oct. 17, 2022 (GLOBE NEWSWIRE) — Market overview
The Market Research Future (MRFR) report points out, “chocolate market Information by Product, Form, Category, Distribution Channel and Region – Forecast to 2028The market will reach $1,96,523.34 million by 2028, at a CAGR of 4.79%.
One of the most popular sweets with customers is chocolate. It is made from cocoa beans, milk, sugar, cocoa liquor and cocoa butter. High carb chocolate is a fantastic way to get energy fast. Due to the increasing obesity rate of the American population in recent years, the high sugar content of chocolate is driving the demand for low sugar chocolate. The three types of chocolate offered on the market are milk, dark and white. Consuming chocolate also inhibits cortisol, the stress hormone. Instead of relying on drugs, consumers would rather incorporate health-enhancing ingredients into their regular diet.
It is predicted that chocolate sales will continue to increase in the coming years as it helps to calm the mind and promote happiness. When given as gifts during the holiday season, chocolates are also seen as a symbol of appreciation, love and happiness, which increases the demand for the product. Depending on the situation, they are produced in different shapes, sizes, shades and product materials.
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|Market size 2028||1 $96,523.34 million|
|Year of reference||2019|
|Forecast units||Value (USD million)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||by product, form, category, distribution channel and region|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Use of premium or healthy ingredients in chocolate products|
|Potential demand for chocolate from various industries|
Market Competitive Landscape:
The main companies in the chocolate market are:
- Mondelez International, Inc. (USA)
- Nestlé SA (Switzerland)
- Blommer Chocolate Company (USA)
- Ezaki Glico Co., Ltd. (Japan)
- Pladis Global (London)
- Orion Corp. (South Korea)
- Meiji Holding Co.Ltd. (Japan)
- Barry Callebaut (Switzerland)
- Puratos Group (Belgium)
- Lindt & Sprüngli AG (Switzerland)
- Ferrero Group (Luxembourg)
- Mars Incorporated (USA)
- General Mills Inc. (USA)
- Guitart Chocolate Company (USA)
- The Hershey Company (USA)
Covered USP market:
Leading producers are investing in new product creation and launching a variety of product variations including fruit, macadamia nuts, creative rice snacks and chocolate truffles. Multinationals have invested in several surveys and case studies to create a unique product line. One of the most popular products in North America and Europe is premium fruit wrapped in chocolate. These fruits include many others, such as pomegranate, blueberry, and cranberry. Many convenience stores and some international supermarkets have easy access to fine chocolates. Another category in high demand by customers who do not like sweets is dark and sugar-free chocolate.
Chocolate manufacturers are driven by growing consumer demand for low fat and healthy food options to add healthy ingredients to their products instead of traditional cocoa as the main component. Since trans fats are associated with cardiovascular problems, food products containing them are losing market share to low-calorie, low-fat alternatives. In light of the evidence, leading chocolate producers are responding to increased consumer interest in health and wellness by improving the nutritional profile of their chocolate assortment. The expansion of the studied industry is accelerated by the premium cocoa market, which offers single-origin and certified sustainable products. Manufacturers are launching their ranges of origin and luxury chocolates to meet growing demand. In addition, they help regional economies.
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Growing consumer concerns about their health and the need for healthy eating have led customers to consume less chocolate, negatively impacting sales in North America. Other health problems linked to chocolate consumption are blood pressure, diabetes and heart disease. Dental problems can result from excessive sugar consumption. In America, untreated tooth decay affects approximately 16 million children.
COVID 19 Analysis
Low sales volumes caused by the COVID-19 outbreak and supply issues related to certification and quality affected the chocolate business. In the Dominican Republic, the harsh lockdown has been said to prevent farmers and other farm workers from visiting plantations for several weeks until the government approves exceptions. For example, a disruption in the raw material supply chain followed by a lockdown led to an increase in the number of specialty stores closed for an extended period and a drop in the volume of premium chocolates consumed.
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Based on product type, the chocolate market has been segmented into milk chocolate, white chocolate, dark chocolate, and cocoa powder.
On the basis of form, the global chocolate market has been segmented into liquid chocolate, truffle chocolate, chocolate bars and others.
The global chocolate market has been segmented on the basis of category into lactose-free, conventional, organic, gluten-free, reduced-sugar, sugar-free, and multi-claim.
The global chocolate market has been segmented based on distribution channels into catering, production and retail.
The majority of chocolate produced in the world is produced in Europe. Several global companies have confectionery production facilities in this region. These leading confectionery companies are mainly driving chocolate consumption on the European continent. Another factor driving chocolate sales is the popularity of natural ingredients with consumers. During the forecast period, the growing popularity of specialty chocolate among Europeans is expected to drive the demand in the European market. Additionally, producers operating in the European chocolate market stand to benefit greatly from innovation in new flavors and combinations of various nuts in chocolate.
Considering the rapid expansion of the region’s growing economies and innovations replacing application industries, Asia-Pacific is the most attractive market for chocolate producers. With the largest market share throughout the review period, China is one of the major markets in the region. India, however, is expected to grow at a remarkable rate during the forecast period.
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