Chocolate Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Food & Beverage
Report Code - OMR-FB-101
Format: PDF, PPT, and Excel
Chocolate Market to Grow at a CAGR of 3.9% During the Forecast, Studies Indicating Widening Health Benefits of Chocolates to Propel Market Growth
Chocolate, a delicacy derived from roasted and powdered cacao seed kernels, can be ingested alone or as a liquid, solid, or paste additive to other foods. Since the Olmec culture, most Mesoamerican people, including the Maya and the Aztecs, have produced and consumed chocolate beverages. (19th-11th century BCE).
The COVID-19 epidemic has significantly impacted the food and beverage processing industry. Due to the present economic climate, some individuals' expenditure patterns have worsened. Farmers in small but significant cocoa-producing nations lost money due to COVID-19 restrictions, despite their nations' initial supply exceeding demand.
Key Takeaways of the Chocolate Market
By Product
During the forecast period, the segment of traditional chocolates will dominate the market. Because of these circumstances, carob, the primary constituent in fake chocolate, is not nearly as well-known or extensively distributed as cocoa.
By Application
It is anticipated that food products will dominate the global market during the forecast period. The burgeoning global demand for food products presents numerous opportunities for the manufacturing industry. Chocolate remains popular in many newly introduced beverages, baked products, and confections.
By Distribution Channel
European consumers place a greater emphasis on chocolate quality due to increasing health concerns regarding cheaper chocolates in the region and a rise in the prevalence of fine cocoa. Consequently, European consumers are willing to pay a premium for chocolate of superior quality.
By Region
European consumers place a greater emphasis on chocolate quality due to increasing health concerns regarding cheaper chocolates in the region and a rise in the prevalence of fine cocoa. Consequently, European consumers are willing to pay a premium for chocolate of superior quality.
Widening Approach of Chocolate By-Products to Augment Market Growth
The rising demand for chocolate confectionery primarily drives the global cocoa and chocolate industry. In recent years, rising consumer expenditure on hefty confectionery items, particularly chocolate confections, has contributed to an upward trend in demand for chocolate confections in emerging nations. In developed nations, the demand for molded and countline chocolates is expected to increase, benefiting the chocolate confectionery sector.
In addition, the demand for "functional chocolates" with added health benefits has increased. In March 2022, for instance, the "Functional Chocolate Company" introduced vegan dark chocolate infused with condition-specific nutraceuticals, such as vitamins, minerals, botanicals, and amino acids, to aid in various prevalent health concerns.
Rising Demand for Organic Chocolate to Propel Market Demand
Demand for dark and sugar-free chocolates has increased concurrently with the prevalence of clean-label and organic products to preserve general health and wellness. In the future, the rising concern for employee rights will likely increase demand for traded chocolate. There has been a recent increase in chocolate stores whose sole purpose is to advertise their brands by selling handcrafted chocolates.
Dark chocolate consumption is associated with lower cholesterol levels, fewer cardiovascular hazards, and protection against cognitive decline. This substance is linked to the hormone endorphin, which protects against depression and other mental disorders. Studies have found that dark chocolate may enhance athletic performance and increase oxygen availability during fitness training.
Global Chocolate Market Prominent Players
• Barry Callebaut, AG (Switzerland)
• Cocoa Processing Co. Ltd (Ghana)
• The Hershey Company (U.S.)
• BD Associates Ghana Ltd (Ghana)
• The Hershey Company (Luxembourg)
• Chocoladefabriken Lindt & Sprüngli AG (Switzerland)
• Cargill Inc. (Japan)
• Olam International (Japan)
• Niche Cocoa Industry Ltd (Ghana)
• Touton SA (France)
• ECOM Agroindustrial Corporation Ltd (Switzerland)
• Nestlé (Switzerland)
Report Scope for Chocolate Market
Product
• Traditional
o Dark Chocolate
o Milk Chocolate
o White Chocolate
• Artificial
Application
• Food Products
o Bakery
o Confectionary
o Dairy
o Others
• Cosmetics
• Pharmaceuticals
• Others
Frequency of Sales
• Daily
o Inexpensive
o Premium
• Seasonal
Distribution Channel
•Supermarkets/Hypermarkets
• Convenience Stores
• Online Stores
• Other Distribution Stores
Chocolate Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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