Chocolate Market Overview by Business Growth, Challenges, Emerging Trends, Top Key Players (2022-2029)

In recent years, people have become more health conscious and highly inclined towards the consumption of dark chocolate over regular chocolates. This trend is mainly underpinned by the health benefits associated with the consumption of dark chocolates. Noticeably, dark chocolates are enriched with flavanols which helps lowering down the blood pressure. It releases nitric oxide that relaxes blood vessels and improves blood flow. Moreover, dark chocolate, being plant-based, have gained more popularity among the vegan consumers. Lesser usage of milk solids retains its bitterness, adding a delectable flavor and smooth texture to the chocolate. In addition, growing popularity of luxury chocolates have created its own space in retail space. Luxury brands are taking notes from this trend and coming up with more innovative ideas of packaging. Considering all these factors, the global chocolate market is set to benefit from this trend, opening fresh revenue streams.

Growing Confectionary Industry to Drive Chocolate Market to Sound Maturity

COVID-19 turned to be a facilitator of a new wave of home bakers. Growing demand for cakes, bars, toffees, and breads, the demand for chocolate accelerated at a record pace. To this end, the sales of cocoa powder, drinking chocolate, and chocolate bars witnessed a strong inflation. Rise in café culture further augmented the demand for chocolate across the globe. This is mainly because chocolate serves as a key ingredient in various products on added on restaurant and café menus such as coffees and croissants. The sales of confectionery chocolate products also spiked with the growing installation of vending machines at hospitals and offices. The confectionery industry is in turn heavily influencing the chocolate market.

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Soaring Demand for Milk Chocolate to Offer Sound Opportunities for Market Growth 

The demand for milk chocolate is likely to surge as compared to other chocolate variants. Its texture and taste make it an ideal ingredient to use in confectionery products such as wafers, cubes, bars, chips, and cookies. In addition to this, the preference for milk chocolate in making flavoured beverages has boosted its demand at a global level. Dark chocolates which are considered luxury chocolates attract adult consumers, while milk chocolate appeals to a wider range of consumers. This is mainly attributed to the fact that bittersweet or semisweet chocolate cannot substitute milk chocolate in recipes. Consumers across all age and income groups can easily access these milk chocolates. Growing inclination towards milk chocolate is, consequently, fuelling the holistic growth of the global chocolate market. 

Europe to Dominate Chocolate Market Owing to its Reputation of Belgian and Swiss Chocolates

One of the earliest civilizations in Latin America, the Olmec, was the first to make chocolate from the cacao plant. North America and Europe are filled with chocolate consumers and connoisseurs. Europe however has become an attractive chocolate market due to smoother, and richer tastes in European chocolates. Belgian and Swiss chocolates create a silky, exotic, and rich mouthfeel and have become the gold standard for many chocolatiers worldwide. Therefore, Europe acquires a lead over other countries in the chocolate market. 

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Prominent Market Players

Some of the major players in the global chocolate market are Nestle, Barry Callebaut, Ferrero Group, Moonstruck Chocolate, The Australian Carob Co., Mondelez International, Lindt & Sprüngli AG, Mars, Incorporated, Meiji Holdings Co., Ltd., Arcor, Cargill, Incorporated, and The Hershey Company.

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