Rising purchasing power, inclination towards the consumption of dark and milk chocolates and changing consumer taste and preferences are some of the factors propelling the global chocolate market.
According to TechSci Research report, “Global Chocolate Market By Product Type (Milk Chocolate, Dark Chocolate, and White Chocolate), By Category (Countline, Tablets, Boxed Chocolate, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Independent Grocery Stores, Non-Store Retailing, Departmental Store), By Region, By Country, Competition Forecast & Opportunities, 2016 – 2026”, the global chocolate market is projected to grow at a CAGR of over 4% to reach around USD172 billion by 2026 due to the increase in demand for chocolate as an ingredient for making other finished products such as biscuits, choco chips, chocolate cake, brownies, etc., in food processing industries, combined with rising disposable income in developing nations. Premium chocolates are witnessing a huge demand, coupled with different chocolate flavors to attract more customers and provide chocolate variety according to their tastes and preferences, which are driving chocolate sales around the globe.
The in-home consumption of chocolates by customers has seen a steep increase in which purchasing of such items in higher lots has led to higher volume sales through supermarkets and hypermarkets. Some of the other factors that drive the market are growing sales of chocolates through supermarkets and hypermarkets and the rising popularity of organic and sugar-free chocolates.
With low sales volume due to the COVID-19 pandemic, the market has faced supply-side issues, which severely affected the chocolate industry around the world, especially impacting the demand for premium chocolates. During lockdown, the world faced an economic slowdown, which significantly impacted all the manufacturing industries. Thus, the demand for chocolates significantly reduced in 2020, although the sales post lockdown gradually recovered.
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The global chocolate market is segmented based on type, category, distribution channel, company, and region. In terms of type, the market is segregated in milk chocolate, dark chocolate, and white chocolate, out of which milk chocolate has captured the majority share with more than 50% in 2020. However, the industry has experienced an inclination towards the consumption of dark chocolates, as consumers favor dark chocolates over milk and white chocolates due to the health benefits and fewer calories associated with dark chocolates and changing customer taste and preferences towards it.
High sugar content in chocolates, coupled with the increase in health problems such as diabetes and obesity, are some of the challenges that hinder the growth of the global chocolate market. To solve this issue, manufacturers are coming up with low-calorie, sugar-free chocolates.
In terms of regional analysis, Europe is the dominating region in the global chocolate market, having around 36% of the global market. Germany, Belgium, and France are the key accounting countries in the Europe region. The paradigm of the European consumers is moving towards the consumption of high-quality chocolate products such as single-origin chocolates, organic chocolates, handmade chocolates, craft chocolates and other chocolate products, as these chocolates have less sugar and more cocoa flavor in it, thus driving the European chocolate industry. There is a huge demand for dark chocolates in Europe because of their authenticity and low sugar characteristics. However, North America and Middle East & Africa are expected to grow at a rapid CAGR of over 5% and 6% during 2021E-2026F, respectively, and are expected to be the fastest-growing regions in the coming years.
Countries such as USA, Canada and Mexico, China, India, Saudi Arabia, UAE, Germany, Italy, Brazil, and Argentina, etc., have high per capita consumption of chocolates, combined with the development of food processing industries which drives the global chocolate industry.
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“The COVID-19 impacted the global chocolate industry majorly due to transportation, production halt and supply side issues. However, the global chocolate market has seen a faster recovery rate than the global confectionery market after the lockdown measures were lifted in different countries”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Chocolate Market By Product Type (Milk Chocolate, Dark Chocolate, and White Chocolate), By Category (Countline, Tablets, Boxed Chocolate, and Others), By Distribution Channel, By Country, Competition Forecast & Opportunities, 2016-2026”, has evaluated the future growth potential of the chocolate market globally and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take a sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global chocolate market.
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