Newark, NJ, May 25, 2021 (GLOBE NEWSWIRE) – According to the report published by Fior Markets, the global chocolate market is expected to increase from USD 138.5 billion in 2020 and reach USD 200.4 billion by 2028, with a CAGR of 4.8% over the period 2021-2028.
One of the most significant trends positively impacting the growth of the chocolate market is the impulsive behavior of consumers. Point-of-sale chocolate candies in department stores, supermarkets, etc., are the most likely to capture the attention of shoppers in line, and they make an impulsive decision to buy the chocolate even though it does. is high end. Manufacturers use attractive colors and packaging styles to attract consumers and persuade them to buy the chocolates. The ready meals segment, which includes cookies, cakes, ice cream and other similar products, uses chocolate as the main ingredient. The expansion of the ready meals sector has boosted sales of chocolate.
Chocolate and chocolate confectionery products are the most consumed foods in the world. Consuming chocolate in moderate amounts stimulates serotonin which calms the brain and helps as an antidepressant. It also lifts the mood by releasing endorphins in the body. Chocolates come in all shapes, sizes and packaging to best suit the occasion. Chocolates are a multi-billion dollar industry and continue 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 very popular ingredient in almost all confectionery products. In recent years, dark chocolate has been in high demand as consumer tastes and preferences continue to evolve.
The global chocolate market is expected to experience significant growth due to seasonal and festive sales of chocolates across the globe. Niche chocolate products such as fudge, buns, mousse, drinks, etc., will favorably impact the growth of the chocolate market and prove to be revenue generators. Factors limiting the development of the market are the growing concerns about dental health and obesity associated with the consumption of high sugar chocolates. Increased competition for raw materials and the uncertainty of their availability as they have applications in various other sectors is also a limiting factor. Creating a variety of gourmet chocolate and developing organic chocolates is a great opportunity to develop 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.
The 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 this, combined with the growing popularity of chocolate confectionery, which is growing. come in different sizes and shapes, contributes factor to hold the largest market share. Dark chocolate is also gaining a significant market share as it is lower in calories and has various health benefits when consumed.
Supermarket and hypermarket segment dominated the market and held the largest market share of 42% in 2020
On the basis of the distribution channel, the global chocolate market is segmented into convenience stores, supermarkets and hypermarkets and online sales. The supermarket and 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 these locations, and the in-house promotions of premium chocolates from brand have boosted sales of chocolates in supermarkets and hypermarkets. Online sales are growing at the fastest CAGR due to the millennial population’s reliance on e-commerce, and online retailers are also focusing on targeting consumers through online offers, which has significantly boosted marketers. online sales of chocolates.
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Regional segment of the chocolate market
- North America (United States, Canada, Mexico)
- Europe (Germany, France, United Kingdom, Italy, Spain, rest of Europe)
- Asia-Pacific (China, Japan, India, rest of APAC)
- South America (Brazil and rest of South America)
- Middle East and Africa (UAE, South Africa, rest of MEA)
On the basis of geography, the global chocolate market is categorized as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe held the largest market share of 45% in 2020 due to changing trends of indulging in sugar-free and fat-free chocolates due to health awareness. There is a great demand for premium chocolates made from ethically harvested cocoa from a single plantation. North America has also seen significant growth due to increased demand for chocolate confectionery products; it is also a substantial importer of cocoa to meet the demand for chocolate confectionery products. The Asia-Pacific market is developing rapidly owing to the increase in disposable income of consumers in 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 on the basis of its value (billion USD). All segments were analyzed globally, regionally and nationally. The study includes analysis of over 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges to gain critical insights into the market. The study includes the carrier’s five force model, attractiveness analysis, commodity analysis and competitor position grid analysis.
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Fior Markets is a futuristic business intelligence company, which helps clients develop their business strategies and make better decisions using actionable insights. With a transparent information pool, we meet client goals, high level engagements and targeting potential prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global business intelligence research reports, including sectors such as technology, pharmaceuticals, consumer goods, food and beverage, chemicals, media, materials and many others. Our strategic intelligence capabilities are purposefully planned to drive the expansion of your business and elucidate the strength of a diverse industry. We hold eminent units of highly expert analysts and consultants according to their respective fields. The global market research reports provided by us involve qualitative and quantitative analysis of the current market scenario according to the separate geographic regions and complete performance in different regions with a holistic approach. Plus, our subscribed research reports offer a comprehensive guide to keeping companies up to date with major changes coming in their fields. Fior Markets offers its clients personalized research analyzes based on their exact requirements, specifications and challenges, whether it is full documentary research, investigative work, composition of multiple methods, a detailed interview or a competitive watch. Our research experts have the experience of matching the exact people and methodology to your business needs.
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