Chocolate Market is anticipated to grow at a CAGR of about 6 % in a forecast period.
Chocolate is a healthy food with high nutritional value and stress relieving ability. Demand for chocolate is more during seasonal and festive occasions. Variety applications of chocolate is another factor that is likely to positively impact the growth of the global chocolate market. The popularity of dark chocolate is expected to rise over the coming years owing to the fact that it helps in preventing cardiac diseases, in addition to another usage like chocolate cake and chocolate milk is gaining opportunities in the global market for chocolate. Fluctuating prices of raw materials of cocoa beans and cocoa butter, instability of cocoa supply and political instability in cocoa producing countries are likely to restrain the growth of the market.
By product type, the chocolate market can be segmented into white chocolate, milk chocolate, dark chocolate. Milk chocolate segment has the largest market share followed by dark chocolate. Dark chocolate consists of more than 60% cocoa content and is known to have health benefits like reducing the risk of cardiovascular diseases and improving blood flow is about to impel its demand in a forecast period but the bitter taste of dark chocolate is about to restrain the chocolate market.
In terms of price range, the chocolate market can be segmented into premium chocolate, economic chocolate, and mid-range chocolate. Demand for an economy and mid-range chocolate is high due to the large population of a low-income economy. Demand rises especially during Christmas, Easter, and Diwali. Premium chocolate market is rising at a steady pattern.
Based on the distribution channel chocolate market can be segmented into an online channel, departmental store, supermarket, hypermarket, and others. Among this online shopping is gaining popularity and market owing to exciting offers and brands is attracting Indians. Rising new internet user population in developing countries offers a promising growth. Convenience, ease of searching, billing, wide selection of products, discounts, and promotion have boosted the online chocolate sale.
Regionally chocolate market can be segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America holds the largest market share followed by Europe due to large number of manufacturers in U.S, U.K, and Germany. The Asia Pacific is anticipated to be the fastest growing market due to high demand from emerging nations that includes China and India.
Mars Inc, Mondelez International (Cadbury), Fererro Group, Nestle, Hershey Foods Corporation, Meiji Co Ltd, Arcor, Ezaki Glico Co Ltd, August Storck KG., Nestle SA, Mars Inc, Cadbury, Moonstruck Chocolatier Co, Ghirardelli Chocolate Co, Ferrero Group, Hershey Foods Corp, Barry Callebaut, and Amul (GCMMF) are some of the keyplayers of chocolate market.
Chocolate Market By Product Type:
• Milk Chocolate
• Dark Chocolate
• White Chocolate
Chocolate Market By Price Range Type:
• Mid-Range Chocolate
• Premium Chocolate
• Economic Chocolate
Chocolate Market By Distribution Channel Type:
• Online Channel
• Departmental Store
Chocolate Market By Region:
• Asia Pacific
• North America
• Middle East & Africa
• Latin America
Key Players Analysed in the Chocolate Market:
• Kraft Foods
• Moonstruck Chocolatier Co.
• Mars Inc.
• Ghirardelli Chocolate Co.
• Ferrero Group
• Hershey Foods Corp.
• Fererro Group
• Meiji Co Ltd
• Ezaki Glico Co Ltd
• August Storck KG.
• Barry Callebaut
• Lindt & Sprüngli Ag.
• Chocoladefabriken Lindt & Sprungli
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