A recent report published by Infinium Global Research on the chocolate market provides an in-depth analysis of segments and sub-segments in the global as well as the regional chocolate market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional chocolate market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global chocolate market. According to the report, the global chocolate market is projected to grow at a CAGR of 6.5% over the forecast period of 2018-2024.
Chocolate is a typically sweet, brown food preparation of roasted and ground cacao seeds. Chocolate is one of the most popular food types and flavors in the world, and many foodstuffs involving chocolate exist, particularly desserts, including cakes, pudding, mousse, chocolate brownies, and chocolate chip cookies. The benefits offered by chocolate are the bioactive compounds in cocoa may improve blood flow in the arteries and cause a small but statistically significant decrease in blood pressure. Consuming dark chocolate can improve several important risk factors for heart disease. In fact, cocoa and chocolate products have been used as medicine in many cultures for centuries.
Use of chocolate as functional foods owing to high nutritional value and stress relieving ability coupled with an increase in seasonal and festival drives the growth of the chocolate market. Consumer taste inclinations and rising spending on chocolate and other confectionery products are some of the other factors strengthening the growth of the chocolate market. Moreover, Antioxidants-enrichment, blood pressure-suppressing character, and supposedly anti-aging properties of chocolate are augmenting the market growth. Widespread approval of chocolate-flavored milk, drinks, bakery products, ice creams, functional foods, and liquor chocolates will withstand the demand over the upcoming years. However, the indeterminate economy of the cocoa supply is likely to increase chocolate prices, which is predicted to be a major challenge to market growth. Furthermore, gifting chocolate hampers and bouquets are among some popular consumer trends in the market. This, in turn, is anticipated to create several growth opportunities for the key players in the chocolate market. Presence of regional brands such as Ghirardelli, Mars, Ferrero, and Hershey’s have gained popularity due to the altering taste inclinations and increasing brand loyalty. This is having a positive impact on market growth over the years to come.
Among the geographies, North America dominated the chocolate market followed by Europe. The growth in the North American region is due to a large number of manufacturers in the U.S, U.K, and Germany. European productions generally maintained a high focus on the taste of chocolate rather than the business side and economy behind the chocolate industry. Milk chocolates have been always popular in India and contribute more than 70% of the total chocolate market. The Asia-Pacific is anticipated to be the fastest growing region from emerging nations such as India and China. Seasonal and festive deals are likely to hold a sturdy position in developing Asian economies, such as India. Moreover, convenience stores managed the sale with a share of more than 70% in the distribution channel. Mounting the retail chain in the country offers a potential growth opportunity to the market in India.
The report on the global chocolate market covers segments such as types and distribution channel. On the basis of types, the sub-markets include regular chocolate, dark chocolate, milk chocolate, white chocolate, couverture chocolate, handcrafted gourmet chocolates, and others. On the basis of the distribution channel, the sub-markets include convenience stores, departmental stores, supermarkets and hypermarkets, specialist retailers, and others.
The report provides profiles of the companies in the market such as Hershey Foods Corporation, Nestle SA, Fererro Group, Mondelez International (Cadbury), Meiji Co Ltd, Mars Inc, Ezaki Glico Co. Ltd, August Storck KG, Arcor, Kraft Foods, Moonstruck Chocolatier Co., and Ghirardelli Chocolate Co.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the chocolate market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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