Impulse purchasing, high population and increasing health benefit driving the demand of chocolate market across the globe.
Published Date | 2019 March 30
Chocolate, one of the mouthwatering foods which are relished by kids, young and middle-aged people. Consumers are now slowly shifting from traditional sweetmeats to the well-wrapped chocolates. Owing to raising awareness about the health benefits of consuming chocolate on a daily basis, shifting consumer preference and rising disposable income drive the demand for chocolate. An Increase in demand for healthy chocolates with a specific nutritional profile, in order to maintain a healthy diet, consumers are showing more interest in sugar- free chocolates. Nowadays chocolates are preferred at the most auspicious festivals like Diwali, Raksha Bandhan in countries India, Pakistan and Middle East Nations and also on occasions like birthdays, weddings and engagements. Additionally, the use of chocolate as functional foods due to high nutritional value and stress relieving ability coupled with an increase in seasonal and festival are likely to fuel market growth.
According to an upcoming report by BlueWeave Consulting, “Global Chocolate Market, by Type, by Category, by Distribution Channel, by Region, Growth Potential, Competitive Market Share and Forecast, 2015-2025” The Global chocolate market is projected to grow with a significant growth rate during the forecast period 2019-2025.
Milk Chocolate segment holds the largest market size of the entire chocolate market during the forecast period.
Milk chocolate is one of the most popular cocoa products made with a mixture of sugar, chocolate liquor and condensed milk or whole milk powder. As compared to the dark chocolate, milk chocolate melts easily and has a lighter color and a creamier texture. The chocolate helps in boosting memory, smoothening and hydrating the skin, reducing the risk of heart strokes and attacks, and improving the immune system. On account of these benefits, backed by the rising purchasing power of the consumers, there has been an increase in the consumption of milk chocolate. The dark chocolate segment is projected to attain a significant market share during the forecast period. Dark chocolate has several health benefits, like improves blood flow, enhances brain function, lowers blood pressure, and reduces the risk of heart diseases which aid to fuel the global chocolate market during the forecast period.
North America accounts for the largest market size in the global chocolate market during the forecast period.
North America accounts for the lion market share of the entire chocolate market due to the escalation in product innovations, and high disposable income. Changing consumer preferences has increased sales of foreign and premium chocolates in occasions such as valentine day, birthday will propel the market. The arrival of chocolate manufacturing multinationals, modern retail trade, changing urban lifestyles fuelled the growth of the chocolate industry. The Asia Pacific emerged as one of the fastest growing region owing to the rising influence of Western culture and habits in countries in the region. With increasing purchasing power, consumers are readily paying for taste and quality products.
Global Chocolate Market Competitive Landscape
Companies such as Mondelez International, Nestlé SA, Ferrero SpA, Mars, Incorporated, Gujarat Cooperative Milk Marketing Federation Ltd., The Hershey Company, Meiji Co Ltd, Lindt & Sprüngli, Surya Food & Agro Ltd., ITC Limited, August Storck KG, Barry Callebaut, Ezaki Glico Co., Ltd., and Lotus Chocolate Company Limited are the leading player in chocolate market.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Global Chocolate Market size & forecast. The report promises to provide state-of-the-art technology of chocolate and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
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