New York, US , Oct. 17, 2022 (GLOBE NEWSWIRE) -- Market Overview
Market Research Future (MRFR) 's report highlights, "Chocolate Market Information By Product, Form, Category, Distribution Channel, and Region - Forecast till 2028"; the market will reach USD 1,96,523.34 million by 2028, at 4.79% CAGR.
Market Synopsis
One of the most popular sweets among customers is chocolate. It is made from cocoa seeds, milk, sugar, cocoa liquor, and cocoa butter. Carbohydrate-rich chocolate is a fantastic way to get quick energy. Because of the US population's rising rate of obesity over the past few years, the high sugar content of chocolate is boosting the demand for low-sugar chocolate. The three types of chocolate offered on the market are milk, dark, and white. Consuming chocolate also inhibits the stress hormone cortisol. Instead of relying on medication, consumers would prefer to incorporate ingredients that improve their health into their normal diet.
It is anticipated that chocolate sales will continue to increase in the coming years since it helps to calm the mind and promote happiness. When given as gifts over the holiday season, chocolates are also seen as a symbol of appreciation, love, and happiness, which increases demand for the product. Depending on the situation, they are produced in various shapes, sizes, hues, and product materials.
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Report Scope:
| Report Attribute | Details |
| 2028 Market Size | USD 1,96,523.34 Million |
| CAGR | 4.79% (2020–2028) |
| Base Year | 2019 |
| Forecast Period | 2020-2028 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Product, Form, Category, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Use of premium or healthy ingredients in chocolate products |
| Potential demand of chocolate from various industries |
Market Competitive Landscape:
The prominent companies in the chocolate market are:
- Mondelez International, Inc. (US)
- Nestlé S.A. (Switzerland)
- Blommer Chocolate Company (US)
- Ezaki Glico Co., Ltd. (Japan)
- Pladis Global (London)
- Orion Corp. (South Korea)
- Meiji Holding Co. Ltd. (Japan)
- Barry Callebaut (Switzerland)
- Puratos Group (Belgium)
- Lindt & Sprüngli AG (Switzerland)
- Ferrero Group (Luxembourg)
- Mars Incorporated (US)
- General Mills Inc. (US)
- Guittard Chocolate Company (US)
- The Hershey Company (US)
Market U.S.P. Covered:
Market Drivers:
Major producers are investing in creating new products and releasing a variety of product variants, including fruit, macadamia nuts, creative rice-based snacks, and chocolate truffles. Multinational corporations invested in several surveys and case studies to create a unique product line. One of the most popular goods in North America and Europe is premium fruits wrapped in chocolate. These fruits include many more, such as pomegranate, blueberry, and cranberry. Many convenience stores and some international supermarkets have easy access to fine chocolates. Another category with high demand from customers who don't have a sweet tooth is sugar-free and dark chocolate.
Chocolate manufacturers are being prompted by rising consumer demand for low-fat and healthy food options to add healthy ingredients to their goods instead of traditional cocoa as the major component. Since trans-fat is associated with cardiovascular problems, food products containing it are losing market share to low-calorie and low-fat alternatives. In light of the evidence, the main chocolate producers are responding to consumers' increased interest in health and well-being by enhancing the nutritional profile of their assortment of chocolates. The expansion of the industry under study is accelerated by the premium cocoa market, which offers single-origin and sustainability-certified products. Manufacturers are launching their single-origin and luxury chocolate lines in response to the soaring demand. Additionally, they help the regional economies.
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Market Restraints:
Growing consumer concern about their health and the need for a healthy diet has caused customers to consume less chocolate, which negatively influences sales in North America. Other health issues linked to chocolate eating are blood pressure, diabetes, and heart disease. Dental issues might result from excessive sugar intake. In America, untreated dental decay affects approximately 16 million kids.
COVID 19 Analysis
Low sales volumes brought on by the COVID-19 epidemic and supply-side problems related to certification and quality affected the chocolate business. In the Dominican Republic, it was stated that the harsh lockdown prevented farmers and other agricultural employees from visiting the plantations for several weeks until the government approved exceptions. Thus, a disruption in the raw material supply chain followed by a lockdown led to an increase in the number of specialty stores that were closed for an extended period and a drop in the volume of premium chocolates consumed.
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Market Segmentation
Based on product type, the chocolate market has been segmented into milk chocolate, white chocolate, dark chocolate, and cocoa powder.
Based on form, the global chocolate market has been segmented into liquid chocolate, truffles chocolate, chocolate bars, and others.
The global chocolate market has been segmented based on category into lactose-free, conventional, organic, gluten-free, reduced sugar, zero sugar, and multi-claim.
The global chocolate market has been segmented based on distribution channels into food service, production, and retail.
Regional Insights
The majority of chocolate produced worldwide is produced in Europe. Several global corporations have production facilities for confectionery in this region. These prominent confectionery enterprises mostly drive the consumption of chocolate in the continent of Europe. The popularity of natural ingredients among consumers is another factor driving chocolate sales. During the forecast period, it is anticipated that the growing popularity of specialty chocolate among Europeans will drive demand for the European market. Furthermore, producers who operate in the European chocolate market are anticipated to benefit greatly from innovation in new flavors and combinations of various nuts in chocolate.
Given the region's growing economies' quick expansions and innovations replacing the application industries, Asia-Pacific is the most alluring market for chocolate producers. With the biggest market share throughout the review period, China is one of the top markets in the area. India, however, is anticipated to rise at a remarkable rate during the review period.
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