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Chocolate Market Was Projected USD 132 billion in 2019 and is projected to grow at a CAGR of 4.3% | Size, Share & Industry Forecast Analysis

09-28-2022 03:24 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: GMI Research

Chocolate Market

Chocolate Market

Chocolate Market

The Chocolate Market was estimated around USD 132 billion in 2019 and is expected to grow at a CAGR of 4.3% during the forecast period (2020-2027).

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/global-chocolate-market/

The factors driving the growth of Chocolate Market includes growing popularity of dark chocolates, rising prevalence of cardiovascular diseases around the world, increasing demand for specialty chocolate products and improvements in the living standards. According to the report published by Statista, the market size of dark chocolates globally has risen from 34.25 billion in 2015 to 51.7 billion in 2019, which is expected to accelerate the Chocolate Market share in the approaching years. In addition, rise in the launch of innovative products, easy availability of different variety of chocolate products at online stores and offline retail outlets, growing trend of gifting chocolate, busy lifestyles and increasing influence of western culture worldwide, are some of the actional factors supplementing the Chocolate Market Growth. Moreover, growing adoption of advanced technologies by manufacturers, increasing investments by leading companies on research and development, strategic mergers and acquisitions between key industry players, rapid urbanization, and rising population growth rates, are further pushing the Chocolate Market size.

However, growth of the Chocolate Market is hindered attributed to disruptions in the global supply chain.

The prominent players operating in the market are Nestle SA, Arcor Group, The Kraft Heinz Company, Mars, Incorporated, Ferrero, Mondelez International, Ghirardelli Chocolate Company, Moonstruck Chocolate, Ezaki Glico Co Ltd., and The Hershey Company, among others.

Based on Type, the Dark Chocolate segment is predicted to expand at a significant CAGR over the forecast period

Dark chocolates are powerful source of antioxidants, improve blood flow and lower the blood pressure levels, protect skin from sun and may reduce the risk of heart related diseases, are some of the factors responsible for the segment's growth.

Based on Product, the Moulded Chocolates segment is projected to capture the largest market share during the forecast period

As per the Chocolate Market Trends, growing demand for premium chocolates and rising trend of gifting chocolates on birthdays and festivals, are propelling segment's growth.

Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR over the forecast period

According to the Chocolate Market Research, increasing availability of premium chocolates at distribution outlets, rise in the launch of innovative products, rapid urbanization, growing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

In 2020, Mondelez International acquired Give & Go, a North America in-stores bakery channel. This acquisition will help Give & Go., to expand its foothold in the snacks markets.
In 2019, Mars, Incorporated introduced its first vegan milk chocolate in United Kingdom. Through this product lunch, the company focus on capturing its target consumer of Galaxy brand by giving them a new variety.
In 2019, Ferrero introduced the Golden Gallery Signature, a premium assortment of finely designed chocolates. Through this product launch, company entered the category of assorted boxed chocolates

Market Segmentation

Segmentation by Type

Dark Chocolate
Milk & White Chocolate

Segmentation by Product

Softlines/ Selflines
Countlines
Moulded Chocolates
Others

Segmentation by Distribution Channel

Supermarkets/ Hypermarkets
Specialist Retailers
Convenience Stores
Online Channel
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland

GMI Research's leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our clients business problems and add significant value to long lasting relationship.

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