Global Chocolate Market
The GMI Research forecasts that the Chocolate Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the various benefits of smart cities like better transportation and enhanced infrastructure and the rising strategies by the government.
Introduction of the Chocolate Market
Chocolate is a preparation of roasted and ground cacao seeds made in the form of a liquid, paste, or block, which may also be used as a flavoring ingredient in other foods.
Key Players of the Global Chocolate Market:
- Mars, Incorporated
- The Hershey Company
- Arcor Group
- The Kraft Heinz Company
- Nestle SA
- Ghirardelli Chocolate Company
- Mondelez International
- Moonstruck Chocolate
- Ferrero
- Ezaki Glico Co Ltd.
Chocolate Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The multiplying disposable income primarily in the emerging economies and the switch in the consumer’s demand in favor of healthy and nutritious food are the prominent drivers responsible for the growth of the global chocolate market. In addition, the easy accessibility of an extensive range of chocolates, along with the propagating tendency to gift them on seasonal and festive occasions, further stimulates the market demand. The leading players are introducing strategic initiatives and innovative packaging solutions to serve the market demand. Several multinational giants, including Ferrero and Hershey’s, are increasingly emphasizing product innovation, such as different delicious flavors, which will allure many customers towards the market. Furthermore, the aggravating consciousness concerned with the health benefits such as reducing blood pressure, cholesterol and improves blood circulation is a major factor bolstering the market growth. The chocolate contains milk, protein, and other nutrients, promoting good health and lowering the risk of heart diseases.
Type Segment Drivers
Based on the Type, the market is segmented into dark, milk, and white chocolate. Among these, dark chocolate will expand at a higher rate shortly. They are rich in nutrition, powerful source of antioxidants, and enhance blood flow while decreasing the chances of heart diseases. It also includes a bioactive compound that promotes healthy and glowing skin. Moreover, the intensifying consumer awareness concerned with all these benefits will supplement the market share.
Product Segment Drivers
Based on the Product, moulded chocolate is contemplated to account for the largest share over the forecast period due to the swift expansion in demand for premium chocolates, primarily in the U.S. Moreover, the increasing inclination to gift these chocolates on special occasions such as festivals, birthdays, and anniversaries fuels market demand. They consist of various milk, dark, and dry-fruit-based chocolates with allusive attractive packaging.
Regional Drivers
Based on the regional coverage, Asia-Pacific is expected to grow at a higher CAGR over the forecast period. This is because of the increasing impact of western culture and food habits, accompanied by the mounting population rate. Moreover, various prominent players are extending their footprints in Asian countries to serve the market’s growing demand. The intensifying disposable income and the large population of millennials further bolster the chocolate market share.
Chocolate Market Segmentation:
Segmentation by Type
- Dark Chocolate
- Milk & White Chocolate
Segmentation by Product
- Softlines/ Selflines
- Countlines
- Moulded Chocolates
- Others
Segmentation by Distribution Channel
- Supermarkets/ Hypermarkets
- Specialist Retailers
- Convenience Stores
- Online Channel
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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