According to the latest report by IMARC Group, titled “Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on chocolate industry report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global chocolate market reached a value of US$ 151.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 177.8 Billion by 2027, exhibiting a CAGR of 2.6% during 2022-2027.
Chocolate refers to edible products that are prepared by roasting cacao seeds derived from the pods of the Theobroma cacao trees. They are of numerous types, including white chocolate, milk chocolate, dark chocolate, etc. These chocolate items are rich sources of caffeine, phenethylamine, theobromine, and flavonoids. They have antioxidant properties and aid in improving heart health, preventing skin dehydration, lowering blood pressure levels, enhancing brain functions., etc. As a result, chocolate products are extensively utilized in the food and beverage sector across the globe.
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The COVID-19 pandemic has significantly affected the chocolate market. During the onset of the pandemic, the lockdowns were responsible for the shutdowns of multiple supply chains and distribution destinations for chocolate companies, such as food service joints, restaurants and hotels, resulting in a largely reduced sales volume. While the prevalent restrictions caused loss in the cocoa farming, the augmenting consumption of chocolates due to the increased stress positively impacted the product sales during the latter half of the pandemic.
Global Chocolate Market Trends:
The expanding chocolate confectionary segment, especially in developing countries, and the escalating usage of milk chocolate in the production of cakes, cookies, puddings, etc., are primarily driving the chocolate market. Moreover, the shifting consumer preference toward molded chocolates, which typically include the segmented or solid-shaped bar and block variants, and the introduction of new products infused with several additional flavors and stuffed with nuts and raisins are also positively influencing the global market. In addition to this, the rising awareness about the health benefits of consuming dark chocolate regularly in moderate quantities is further stimulating the market growth. Besides this, the increasing premiumization of chocolate-based products and the launch of aesthetically appealing packaging to attract the attention of consumers are acting as significant growth-inducing factors. Furthermore, the development of organic, vegan, sugar-free, and gluten-free products by leading manufacturers that promote health and wellness, the emerging trend of gifting chocolates during festivities, and the growing product availability through online channels are anticipated to catalyze the chocolate market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Barry Callebaut
- Chocoladefabriken Lindt & Sprüngli AG
- Chocolaterie Guylian
- Ferrero International
- Mars Incorporated
- Meiji Co. Ltd.
- Mondelez International Inc. (Kraft Foods)
- Moonstruck Chocolate Company
- Nestlé S.A.
- The Hershey Company
Chocolate Market Segmentation:
Our report has categorized the market based on region, product type, product form, application, pricing and distribution.
Breakup by Product Type:
- White Chocolate
- Milk Chocolate
- Dark Chocolate
Breakup by Product Form:
Breakup by Application:
- Food Products
- Bakery Products
- Sugar Confectionery
Breakup by Pricing:
- Everyday Chocolate
- Premium Chocolate
- Seasonal Chocolate
Breakup by Distribution:
- Direct Sales (B2B)
- Convenience Stores
- Online Stores
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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