Press release
Chocolate Market Trends and Future Growth Overview 2024 - 2031 | Brambles Limited, Rehrig Pacific Company
Chocolate Market
The chocolate market is estimated to be valued at USD 124.76 Bn in 2024 and is expected to reach USD 169.78 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.
Market Dynamics:
The chocolate market is expected to witness significant growth over the forecast period owing to increased demand for premium chocolate varieties. The growing preference for darker varieties of chocolate containing higher cocoa content is expected to drive the market growth during the forecast period. Consumers are increasingly opting for premium chocolate that offers enhanced taste along with nutrition. Further, rising disposable incomes and changing consumer lifestyles are also fueling the adoption of premium chocolate among consumers globally. However, fluctuating cocoa prices remain a key challenge for chocolate manufacturers and this could hamper market growth during the forecast period.
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Rising Disposable Incomes Worldwide will Boost Chocolate Demand
One of the key drivers for growth in the global chocolate market is the rising disposable incomes of people worldwide. As incomes rise, people are able to spend more on luxury and indulgence foods like chocolates. This is particularly noticeable in emerging economies like India, China, Brazil, Indonesia and others where economic growth over the last decade has lifted millions out of poverty and given them higher spending power. Chocolate was previously seen as an occasional treat but rising incomes mean it can be consumed more regularly. Regions like Asia Pacific and Latin America are expected to see the fastest growth in chocolate consumption due to increasing affluence of populations. The growing middle and affluent classes in these regions represent a huge untapped market for chocolate companies. Their growing purchasing power will act as a driver to significantly boost demand for chocolate products over the forecast period.
Growing Demand for Premium and Ethically Sourced Chocolate Presents an Opportunity
An important opportunity for chocolate manufacturers lies in the growing demand for premium, artisanal and ethically sourced chocolate products. There is a consumer shift towards premium indulgence with people willing to pay more for higher quality ingredients and unique flavors. This allows chocolate companies to charge premium prices which boost profitability. It also provides a point of differentiation versus regular confectionery. The market for premium chocolate has been growing at almost twice the rate of the overall chocolate category. Additionally, a large portion of consumers especially millennials and Gen Z are now actively seeking brands that can demonstrate socially responsible and sustainable practices. They are willing to pay more for chocolate sourced directly from farmers offering fair wages and following environmental and labor standards. Chocolate brands that put emphasis on ethical sourcing, transparency in supply chains and supporting cocoa-growing communities will be well-positioned to leverage this opportunity.
Demand for Dark and Healthier Chocolate Variants to Shape Future Market Trends
One of the key trends emerging in the chocolate market is the rising popularity of dark chocolate variants. Over the past few years, dark chocolate consumption has grown at a much faster pace compared to milk or white chocolate segments globally. Its perceived health benefits compared to regular confectionery items and more adult taste profile are appealing to many consumers. Dark chocolate contains more cocoa content which makes it higher in antioxidants and contains less fat and sugar than milk chocolate. Chocolate companies are innovating with new lines of premium dark chocolates launched in various flavors. They are also promoting dark chocolate as a healthier indulgence and snacking option. Besides this, the market trends indicate growing demand for plant-based, low sugar, organic and naturally sweetened chocolate varieties developed through product innovation. Chocolate brands catering to consumer preferences for various ethical, health and wellness trends shaping the market will be able to capitalize on the shifting demand patterns in future.
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Top Companies Included in This Report:
โข Brambles Limited
โข Rehrig Pacific Company
โข CABKA Group
โข PECO Pallet Inc
โข The Corrugated Pallet Company
โข Falkenhahn AG
โข Millwood Incorporation
โข Litco International Inc
โข Schoeller Allibert
Market Segmentation:
By Product Type:
โข By Product Type: Nestable, Rackable, Stackable
โข By Material: Wood, Plastic, Metal, Corrugated Paper, Others
โข By End-use Industries: Food and Beverage, Pharmaceuticals and Chemicals, Metal and Machinery, Construction, Others
Key Regions/Countries are Classified as Follows:
ยป North America (U.S., Canada, Mexico)
ยป Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
ยป Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
ยป South America (Brazil, Argentina, Rest of SA)
ยป Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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The report offers insights on the following topics:
Chapter 1: Study Coverage
Chapter 2: Executive Summary
Chapter 3: Competitor Landscape of the Chocolate Market by Players
Chapter 4: Market Size of the Chocolate Market by Type and Application
Chapter 5: Global and Regional Analysis
Chapter 6: Company Profiles, Recent Developments, and Investments
Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors
Chapter 8: Analysis of Value Chain and Sales Channels, including notable product developments
Chapter 9: Research Findings and Conclusion
Chapter 10: Methodology/Research Approach
Ultimately, the Chocolate Market report serves as a reliable source for acquiring market research to significantly enhance your business. It furnishes essential insights into regional economic conditions, product pricing, profitability, capacity, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility analysis, and return on investment analysis for new projects within the Chocolate industry.
Should the aforementioned report not meet your precise requirements, we offer customized research tailored to comprehensively address your specific business needs. Our customized research will encompass all the pertinent business information necessary to assist you in making strategic and profitable business decisions.
Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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