New York, USA, March 01, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global wine chocolate market is anticipated to rise at a stable CAGR of 8.1%, thereby garnering a revenue of $1,621.4 million in the 2022-2031 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the wine chocolate market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: In recent years, there has been a general increase in awareness regarding the health benefits of wine chocolates which is expected to become the primary growth driver of the wine chocolate market in the forecast period. Additionally, growing demand for wine chocolates especially from the young generation is anticipated to push the market forward.
Opportunities: Launch of new products and development of product portfolio by major market participants is predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, rising demand for nutrient-dense and tasty wine chocolates is expected to help the market register substantial growth in the coming period.
Restraints: However, according to market analysts, the high cost of wine chocolates might become a restraint in the growth of the wine chocolate market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The wine chocolate market, too, was negatively impacted by the pandemic. Disruptions in global supply chains resulted in shortage of raw materials like grapes, cocoa, etc., which reduced the manufacturing rate of wine chocolates. This ultimately brought down the growth rate if the market in the pandemic period.
Segments of the Market
The Research Dive report has fragmented the wine chocolate market across different segments such as product form, wine type, sales channel, and region.
Product Form: Solid Wine Chocolate Sub-segment to Have a Significant Market Share
By product form, the solid wine chocolate sub-segment is expected to garner a huge revenue by 2031. Growing demand for solid wine chocolates as they can be easily gifted on special occasions like weddings and festivals is predicted to help in the growth of this sub-segment.
Wine Type: Red Wine Chocolate Sub-segment to be Highly Dominant
By wine type, the red wine chocolate is expected to flourish immensely by 2031. High preference for red wine in western countries like Germany and UK is predicted to help in the growth of this sub-segment.
Sales Channel: Supermarkets/Hypermarket Sub-segment to Grow Rapidly
By sales channel, the supermarkets/hypermarket sub-segment is predicted to witness rapid growth by 2031. The increasing preference of customers to buy wine chocolates from supermarkets owing to the availability of a wide range of choice is predicted to boost the growth of this sub-segment.
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Europe Region to Witness Huge Growth
By regional analysis, the wine chocolate market in Europe region is anticipated to garner huge market share in the forecast period. Presence of major wine and chocolate consuming nations like France and Germany is predicted to be the main growth driver of the market in this region.
Prominent Market Players
Some prominent players of the wine chocolate market are
- Underberg AG
- Raaka
- Yildiz Holdings
- Duc d’O
- Toms International
- Amedei Tuscany
- Alfred Ritter
- Ferrero S.p.a.
- Halloren
- NEUHAUS
These players are introducing and coming up with new technological advancements and innovations to gain primacy in the market.
For instance, in July 2022, Chocolate Works, a leading manufacturer of specialty chocolates and confectionery items, announced the acquisition of Moonstruck Chocolate LLC, a handcrafted gourmet chocolate manufacturer. This acquisition is predicted to help Chocolate Works to expand its product portfolio in the near future.
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Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Wine Chocolate Market:
- Wine Chocolate: Is this Gourmet Food Good for Your Health?
- 5 Rarely Known Health Benefits of Wine Chocolates
- Wine Chocolate Market to Observe Significant Growth by 2031 Due to Strategic Partnerships and Business Expansion by Market Players, such as Raaka, Cargill, and Others
