Chocolate Market 2019-2025
New Study Reports “Chocolate 2019 Global Market Opportunities, Challenges, Strategies and Forecasts 2025”.
Introduction / Market Overview:
Chocolate is one of the most popular and profitable ingredients of the global confectionery industry. It is something that is relished by kids, youths, adults, and old-aged people alike. The global chocolate market has been a multi-billion-dollar industry since the last decade and is expected to continue its growth momentum in the forecast period 2015-2025. The growth of the chocolate market has been backed by its exponentially increasing consumption numbers.
As consumers move from consuming traditional sweets to chocolates, the global chocolate market will continue to rise. There is also an increase in the disposable incomes of people in the developing countries that have driven the demand for this sweetmeat. It is now the preferred gift for all types of occasions – festivals, birthdays, weddings, and any other kind of celebration, further fueling the global chocolate market. Chocolate is also being used as a functional food due to its nutritional value.
People across the world are also focusing on healthier chocolates such as sugar-free, organic, vegan, and dark chocolates. This is because of the growing awareness of healthy living and the negative impact of eating excessive regular chocolates. Many significant players like Mars and Nestle are also re-branding their chocolates to create a healthier image of their products, with lower sugar content and higher anti-oxidants. Many companies are also launching dark chocolate range, protein bars with chocolate, and single-origin chocolate to address the demand for healthy and high-quality chocolates.
Important Key Players Analysis: Mondelez International, Nestlé SA, Ferrero SpA, Mars, Incorporated, Gujarat Cooperative Milk Marketing Federation Ltd., The Hershey Company, Meiji Co Ltd, Lindt & Sprüngli, Surya Food & Agro Ltd., ITC Limited, August Storck KG, Barry Callebaut, Ezaki Glico Co., Ltd., and Lotus Chocolate Company Limited and more.
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The global chocolate market is dominated by milk chocolate segment during the stipulated period. Milk chocolate comprises a mix of sugar, milk powder or condensed milk and cocoa. It has a creamier texture, lighter color, and melts quickly as compared to its dark counterpart. There has been an increase in the consumption of milk chocolates due to its health benefits and the higher purchasing power of consumers. Not so far behind is the dark chocolate segment, which is expected to capture a significant market share in the forecast period. Dark chocolate is packed with many health benefits, including lowering blood pressure and reducing the risk of heart diseases.
North America is the biggest chocolate consumer, with the largest market size in the worldwide chocolate market. Chocolates are popular in the region due to growing product innovations along with high disposable income. People prefer gifting premium and foreign chocolates during celebrations such as birthdays and Valentine’s Day, propelling the global market. Meanwhile, the Asia Pacific is emerging as one of the fastest-growing chocolate markets due to the rising influence of the west and changing the food habits of people in the region. Many chocolate manufacturing multinationals are entering the market to tap into this region, powering the global chocolate market.
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There are several major players in the global chocolate market, including Mondelez International, Nestlé SA, Ferrero SpA, Mars, Incorporated, Gujarat Cooperative Milk Marketing Federation Ltd., The Hershey Company, Meiji Co Ltd, Lindt & Sprüngli, Surya Food & Agro Ltd., ITC Limited, August Storck KG, Barry Callebaut, Ezaki Glico Co., Ltd., and Lotus Chocolate Company Limited. The most preferred strategy of these companies to retain and expand their market share is a new product launch. The growth of the global chocolate market is also being driven by innovating the existing products and improving the product portfolio.
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