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The Chocolate Market to stand out in the automotive sector with its stunning innovative practices
Chocolate Market
The global chocolate market was valued at US$ 47 Bn in 2021 and is likely to reach US$ 80 Bn by 2032, expanding at a CAGR of 5% during the forecast period (2022-2032).
The global chocolate market is anticipated to grow as a result of the recent explosion in demand for premium chocolates, particularly in industrialised nations like France, the United States, Germany, and Belgium. In response to this increasing demand, chocolate manufacturers are developing luxury chocolate lines. Another important factor anticipated to drive the global chocolate industry is consumers' growing desire to know the origin of all ingredients used in chocolate. This is because to a number of factors, including sensitivities to particular substances, such lactose, and inclinations for veganism. In addition, it is anticipated that during the next few years, there will be a significant increase in demand for goods made from specialised cocoa beans.
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Market Drivers and Restraints
• While developed countries represent established and thriving markets for chocolate, a shift in consumer taste preferences and rising spending on chocolate and other confectionary products are identified to be the major drivers of market growth, prominently in developing countries.
• Increasing urbanization and widespread availability of chocolate and derived products will remain another key factor fueling the market for chocolate globally.
• Antioxidants-enrichment, blood pressure-suppressing character, and supposedly anti-aging properties of chocolate will remain the key factors propelling the adoption of chocolate and chocolate products. Dark chocolate that contains a larger proportion of cocoa is especially recommended to prevent or slow down aging and certain diseases, such as CVDs. These and more similar perceived benefits of chocolate will continue to drive demand for chocolate in the global market.
• A few recent research findings indicate that chocolate consumption aids in looking younger as well as relieving stress, which is expected to further push the demand for chocolate.
• A sweeping range of new applications of chocolate in food and confectionary products are anticipated to escalate the demand, whereas wide acceptance of chocolate-flavored milk, drinks, bakery products, ice creams, functional foods, and liquor chocolates will sustain the demand throughout the next four years.
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Market Trends and Opportunities
Seasonal and festive sales of chocolate are projected to surge in the next few years. Gifting chocolate hampers and bouquets are among some popular consumer trends in the market, which will strongly favor the market over the forecast period. In addition, lucrative growth opportunities lie in handmade chocolates and signature chocolate-based products.
Some niche products, such as chocolate drinks, fudge, mousse, rolls, and sandwich are identified to be attractive revenue generators. Moreover, a variety of gourmet chocolate is also expected to present significant opportunities in the global chocolate market. Development of organic and fair-trade chocolate may completely change the market dynamics over the decade.
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