Chocolate Market size was valued at US$ 138.07 Bn in 2022 and the total revenue is expected to grow at 5.1% through 2023 to 2029, reaching nearly US$ 195.58 Bn.
Chocolate Market Overview:
The Chocolate Market study is based on thorough research, qualitative and quantitative assessment by industry experts, and inputs from professionals in the field and supply chain players. The research examines parent market trends, macroeconomic data, and controlling variables in-depth, as well as market attractiveness by segment. The qualitative influence of key market variables on market segments and regions is also mapped out in the study.
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Chocolate Market Scope:
This Chocolate market review examines the latest developments, regulatory frameworks, trade analysis, business model, supply chain utilization, market dominance, the impact of residential and localized market participants, assessments possibilities in terms of evolving revenue spots, shifts in market regulations, tactical industry growth analysis, sales volume, categorical market growth, implementation niches and dominance, product releases, global coverage, and, product launches. Contact Stellar Market Research for an Analyst Brief to learn more about the Chocolate market. Our staff will assist you in making an educated market decision to achieve market growth.
Chocolate Market Segmentation
The global chocolate market is divided into three segments based on products: milk chocolate, dark chocolate, and white chocolate. With a market share of 70.7% in 2022, the Dark Chocolate category had the biggest share. The health benefits of dark chocolate, which include a lower risk of cardiovascular disease and improved blood flow, are expected to drive demand for the product during the projection period. Dark chocolate contains more than 60% cocoa content. Dark chocolate absorption has several health advantages, such as reducing anxiety and enhancing symptoms of clinical depression. The category is anticipated to grow throughout the anticipated period as more consumers become aware of dark chocolate’s health benefits.
The global chocolate market is divided into three segments based on sales categories: premium, everyday, and seasonal chocolate. In 2020, the category with the biggest market share, 82%, was everyday chocolate. due to its reasonable price. On the other hand, chocolate that is in season is more popular during holidays. Additionally, the enormous population in a low-income economy contributes to the high demand for economy and mid-range chocolate. Particularly during Christmas, Easter, and Diwali, demand increases. The market for luxury chocolate is growing steadily.
The online channel, department store, supermarket, hypermarket, and others make up the segments of the global chocolate market based on distribution channel. Over the course of the forecast period, the global chocolate market is anticipated to rise at a higher CAGR of 5.6% for the Online Channel segment. Indian consumers are drawn to the online channel by its alluring brands and thrilling deals. Growing numbers of people in underdeveloped nations are becoming internet users, which is a promising trend. The online chocolate sale has increased due to factors like billing, simplicity of finding, billing convenience, a large product selection, discounts, and promotions.
Chocolate Market Size and Forecast, by Product (2022-2029)
1. Milk Chocolate
2. Dark Chocolate
3. White Chocolate
Chocolate Market Size and Forecast, by Sales Category (2022-2029)
1. Everyday Chocolate
2. Premium Chocolate
3. Seasonal Chocolate
Chocolate Market Size and Forecast, by Distribution Channel (2022-2029)
3. Online Channel
3. Departmental Store
3. Supermarket
4. Hypermarket
5. Others
Chocolate Market Size and Forecast, by Region (2022-2029)
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. South America
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Chocolate Market Key Players:
To extend their presence in emerging nations and eventually broaden their client base, the key players in the market are embracing different growth tactics such as agreements and strategic alliances, as well as new product debuts. The following are some of the major participants in the Chocolate market:
1. Kraft Foods
2. Nestle
3. Moonstruck Chocolatier Co.
4. Mars Inc.
5. Ghirardelli Chocolate Co.
6. Ferrero Group
7. Hershey Foods Corp.
8. Cadbury
9. Meiji Co Ltd
10.Arcor
11.Ezaki Glico Co Ltd
12.August Storck KG.
13.Barry Callebaut
14.Amul
15.Lindt & Sprüngli Ag.
16.Chocoladefabriken Lindt & Sprungli
17.Cargill
18.Olam International
19.Fuji Oil Company Ltd.
20.ECOM Agroindustrial Corporation Ltd.
21.Cocoa Processing Co. Ltd.
22.Touton S. A.
23.BD Associates Ghana Ltd.
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Regional Analysis:
Individual market affecting elements and changes in market legislation that affect present and future marketing strategies are also discussed in the country-focused discussion of the Chocolate market study. Some of the primary elements utilized to anticipate the market situation for particular nations are consumer volumes, processing facilities, and inventories, shipping analysis, price predictive modeling, price of raw materials, and upstream and downstream value chain analysis. While offering forecast analysis of the national data, the existence and affordability of global brands, as well as the obstacles they face due to significant or limited rivalry from local and domestic manufacturers, the influence of local tariffs, and shipping lanes are all taken into account.
COVID-19 Impact Analysis on Chocolate Market:
The COVID-19 outbreak resulted in a severe and prolonged decline in production efficiency, while travel bans and factory closures kept people away from their businesses, leading the Chocolate market to slow in 2020. The new research features pandemic’s impact on the Chocolate# market, as well as observations, research, estimations, and projections. The Stellar Chocolate Market Research study contains an in-depth examination of customer behavior in the aftermath of the virus, as well as its influence on the Chocolate market’s outlook, classification, trends, and economic constraints.
Key Questions Answered in the Chocolate Market Report are:
- What are the drivers motivating overall Chocolate market advancement in the upcoming period?
- What revenue potential is estimated from the Chocolate market’s transactions in the years ahead?
- What CAGR potential is forecasted for the Chocolate market in the approaching period?
- Who are the significant contenders functioning in the Chocolate market?
- Which region is leading the global Chocolate market share at the end of the forecast period?
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