New York, NY, Oct. 22, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Chocolate Market by Type of Chocolate (Dark, Milk, and White) and by Sales Category (Everyday Chocolate, Premium Chocolate, and Seasonal Chocolate): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global chocolate market was valued at around USD 103.28 billion in 2017 and is expected to reach approximately USD 161.56 billion in revenue by 2024, growing at a CAGR of around 7.0% between 2018 and 2024.
Chocolate is the most well-known, consumed, and profitable component of the confectionary industry across the world. Based on the quantity of cocoa, different ranges of chocolates are produced worldwide. The increasing preference of consumers is an imperative factor that eventually aids companies to focus on product development and marketing tactics to expand a wider consumer base and capture new markets is driving the growth of the global market for chocolate.
Browse through 37 Tables & 16 Figures spread over 110 Pages and in-depth TOC on “Global Chocolate Market Size & Share 2017: Industry Trends, Growth, Price, Analysis and Forecast, 2017 – 2024”.
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Increasing disposable income of the population in emerging countries of Asia Pacific is a major factor contributing to the overall growth of this market during the forecast period. Another factor contributing to the expansion of this market is the huge demand for chocolate on seasonal and festival occasions. However, the high cost of raw material might hamper the global chocolate market during the forecast period.
The global chocolate market is segmented based on type and sales category. On the basis of type, the global chocolate market can be divided into dark, milk, and white. The dark chocolate segment is expected to attain the largest market share during the forecast period. Dark chocolate has several health benefits, such as it protects skin from the sun, improves blood flow, enhances brain function, lowers blood pressure, and reduces the risk of heart diseases. This help in attracting more consumers. Furthermore, it is rich in antioxidants and contains soluble fibers, minerals, and bioactive compounds. Therefore, owing to its broad range of health benefits, the popularity of dark chocolate is expected to rise and aid to fuel the global chocolate market during the forecast period.
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Based on the sales category, the global chocolate market is divided into everyday chocolate, premium chocolate, and seasonal chocolate. The everyday chocolate segment is expected to gain more market share in terms of value as compared to others, due to its affordable pricing.
The global chocolate market finds its scope in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is anticipated to be the fastest growing region in the global market of chocolate. This growth can be attributed to the presence of leading market players in the region. Moreover, as per the National Institute of Mental Health, around 40 million people get affected by anxiety disorder in the U.S., which consist 18% of its total demographic population. Researchers also showed that chocolate consumption help to boost brain serotonin and function as an anti-depressant. In addition to this, it also activates endorphins in the body and aid to feel good. Therefore, above-mentioned factors will fuel the demand for chocolates and eventually contributes to the global market share during the forecast period.
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Europe is anticipated to hold a substantial share in the global chocolate market. The increasing acceptance of dairy-free, healthy, and organic recipes for desserts and the presence of numerous key market players, such as Ferrero Group, Nestlé SA, ChocoladefabrikenLindt & Sprüngli AG, and Pladis, in this region will key factors in driving the global chocolate market during the forecast period. As per the National Confectionary Association (NCA), Germany has one-fourth of the Western European market in terms of consumption and sales of chocolate in the year 2016.
The Asia Pacific region is projected to be the fastest growing during the forecast period. The is due to increased net income of people in emerging countries, such as China and India, and the growing demand for chocolates on special occasions and festivals are expected to fuel development of the global market of chocolate in this region. Furthermore, the influence of western culture and habits has amplified the growth of international brands in this region.
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The report also includes detailed profiles of key players, such as Nestle SA, Ghirardelli Chocolate Company, Mars Inc., Ferrero Group, Cadbury, Barry Callebaut, Moonstruck Chocolate Company, The Hershey Company, and Amul (GCMMF). The detailed description of players includes various parameters, such as company overview, financial overview, business strategies, and recent developments of the company.
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This report segments the global chocolate market as follows:
Global Chocolate Market: Type Segment Analysis
- Dark
- Milk
- White
Global Chocolate Market: Sale Segment Analysis
- Everyday Chocolate
- Premium Chocolate
- Seasonal Chocolate
Global Chocolate Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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