Newark, NJ, May 25, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global chocolate market is expected to grow from USD 138.5 billion in 2020 and reach USD 200.4 billion by 2028, growing at a CAGR of 4.8% period 2021-2028.
One of the most significant trends that positively impact the growth of the chocolate market is the impulse behavior of the consumers. The chocolate confectionaries placed at the point of sale at department stores, supermarkets etc., are most likely to grasp the attention of the consumers waiting in line, and they make an impulse decision to purchase the chocolate even if it's high-end. Attractive colors and packaging styles are used by the manufacturers to attract the consumers and persuade them into buying the chocolates. The convenience foods sector, which includes cookies, cakes, ice creams and such products, uses chocolate as a primary ingredient. The expansion of the convenience food sector has driven the sales of chocolate.
Chocolate and chocolate confectionery products are the most consumed foods all around the world. Consumption of chocolate in moderate quantity is found to boost serotonin which calms the brain and helps as an anti-depressant. It also lifts up the mood by releasing endorphins in the body. Chocolates come in all shapes, sizes and packaging to best fit the occasion. Chocolates are a multi-billion dollar worth industry and are continuing to grow at a steady rate with new products developed and promoted in the market. It has a wide range of applications and is a widely popular ingredient in almost all confectionary products. In recent years, dark chocolate is in high demand as the taste and preferences of consumers keep evolving.
The global chocolate market is anticipated to grow significantly owing to the seasonal and festive sales of chocolates across the globe. Niche products of chocolate such as fudge, rolls, mousse, drinks etc., will bring a favorable impact on the growth of the chocolate market and are proving to be revenue makers. The factors restraining the development of the market are the rising concerns about dental health and obesity from the consumption of high sugar content in chocolates. The increased competition for the raw materials and the uncertainty of their availability as they have applications in various other sectors is also a restraining factor. Creating a variety in gourmet chocolate and developing organic chocolates is an excellent opportunity for growing the market.
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Some of the important players operating in the chocolate market are Nestle SA, The Australian Carob Co., Fererro Group, Hershey Foods Corporation, Barry Callebaut, Lindt & Sprüngli AG, Mondelez International (Cadbury), Mars Inc, Meiji Co Ltd, August Storck KG, Ezaki Glico Co. Ltd., Arcor, Kraft Foods, Moonstruck Chocolatier Co., and Ghirardelli Chocolate Co.
Milk chocolate segment dominated the market and held the largest market share of 54% in 2020
Based on type, the global chocolate market is segmented into white chocolate, milk chocolate and dark chocolate. The milk chocolate segment dominated the market and held the largest market share of 54% in 2020. White chocolate has the first-mover advantage, and that combined with the growing popularity of chocolate confectionaries, which come in various sizes and forms, is a contributing factor for holding the largest market share. Dark chocolate is also gaining a significant market share as it contains fewer calories and has various health benefits upon consumption.
Supermarket & Hypermarket segment dominated the market and held the largest market share of 42% in 2020
Based on the distribution channel, the global chocolate market is segmented into convenience stores, supermarkets & hypermarkets, and online sales. The supermarket & hypermarket segment dominated the market and held the largest market share of 42% in 2020. This growth can be attributed to the attractive and unique products offered in such places, and in-house promotions of branded premium chocolates have driven the sales of chocolates in supermarkets & hypermarkets. Online sales are growing with the fastest CAGR due to the dependency of the millennial population on e-commerce, and online retailers are also focusing on targeting the consumers through online offers, which has driven the online sales of chocolates significantly.
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Regional Segment of Chocolate Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global chocolate market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe held the largest market share of 45% in 2020 owing to the evolving trends of indulging sugar-less, fat-free chocolates as a result of health awareness. There is a high demand for premium chocolates manufactured using ethically harvest cocoa from a single plantation. North America has also observed a significant growth owing to the rise in demand for chocolate confectionery products; it is also a substantial importer for cocoa to meet the demands of chocolate confectionery products. The Asia-Pacific market is rapidly growing owing to the rise in the disposable income of the consumers in the emerging economies and the change in the lifestyle of the people, which is influenced by western culture.
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About the report:
The global chocolate market is analyzed based on value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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