Global Chocolate Market is expected to surpass US$ 134 Billion by 2028 to create high revenue opportunity for manufacturers and suppliers, finds Bekryl Market Analysts.
Growth in the industry is primarily attributed to increasing demand for organic chocolates (US$ 790 Million) along with rise in target consumer base (15-30 age group). As such, potential opportunity will continue to rise during the forecast period.
In the last few years, various numerous small scale players have emerged in Asia Pacific and Europe resulting in cut-throat competition. Product personification to meet consumer taste and lower price capping has been the key focus of the regional players. Few leading companies outsources their production to contract manufacturers to ensure higher ROI while actively focusing on product R&D to ensure larger market share.
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Bekryl’s market research report, Global Chocolate Market Size Analysis and Industry Opportunity, finds Western Europe to account for 39% of global share in 2018. This is closely followed by North America. Despite the increase in chocolate prices, volume has increased considerably in last two years. UK and Germany are key leading destination that accounted for over half of chocolate consumption in the region.
Browse Key Insights on Chocolates Market: https://bekryl.com/industry-trends/chocolate-market-share-analysis
Some key trends from the Global Chocolates market:
Trend#1: Asia Pacific to Register Fastest Growth during the Forecast Period
Asia Pacific is expected to register 5.8% CAGR which is higher than global CAGR (2.5%). The region will create high revenue opportunity for not only leading players but also regional players. China followed by India accounted for highest share in Asia Pacific. While China is bit fragmented, India is highly consolidated with Mondelez India and Nestle accounting for over 87% of country share.
Japan is also lucrative destination for industry players. In 2017, Meijo accounted for 23% of country share.
Trend#2: R&D and Sales Distribution Pattern are the Key Focus of Chocolate Players
Cumulative R&D spending has increased by 7.3% in last ten years. Few companies are already focusing on organic chocolates market to strengthen their global brand. Social Media has also emerged as key marketing channel for companies. This has significantly reduced the overall marketing expenditure.
Some key global chocolates market market players are Mars Inc, Nestle SA, Arcor, Meiji Co Ltd, Hershey Foods Corporation, August Storck KG, Fererro Group, Mondelez International (Cadbury), Ezaki Glico Co. Ltd.
Similar Other Report: Organic Chocolate Industry: https://bekryl.com/industry-trends/organic-chocolate-market-share-analysis
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