Chocolate Market Analysis and Forecast to 2025 | 4.7% CAGR Projection over the Next Five Years
Published | March 2019
According to BlueWeave Consulting, the global Chocolate Market is anticipated to worth USD 138.19 billion by 2025, with a CAGR of 4.7% during 2019-2025.
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, and owing to raising awareness about the health benefits of consuming chocolate daily, shifting consumer preference and rising disposable income drive the demand for chocolate. With an increase in demand for healthy chocolates with a specific nutritional profile, 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.
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. There has been an increase in the consumption of milk chocolate, due to its benefits coupled with the rising purchasing power of the consumers, 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 in fueling 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 on occasions such as valentine's 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 regions 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.
Browse Detailed Analysis with TOC, “Global Chocolate Market, By Type (Milk Chocolate, Dark Chocolate, and White Chocolate), By Category (Molded, Countlines, Pouches & Bags, Boxed & Others), By Distribution Channel (Retail Stores, Specialty Retailers and Online Distributors), By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Growth Potential, Competitive Market Size and Forecast, 2015-2025”