Press release
Thriving Chocolate Market Poised for Notable Growth: Key Trends and Driving Factors Impacting a CAGR of 4.3%
Chocolate Market Share
What Is The Projected Market Size Of The Global Chocolate Market And Its Growth Rate?
The global chocolate market has experienced a consistent upturn over the recent years, shaped by the following segments:
• By Type: Milk Chocolate, Dark Chocolate, White Chocolate
• By Category: Premium, Seasonal, Everyday
• By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Pharmaceutical And Drug Stores, Specialty Stores, Duty-Free Stores, E-commerce, Other Distribution Channels
The projections spotlight a bright future, expecting the market size to rise from $140.97 billion in 2024 to $147.09 billion in 2025, marking a compound annual growth rate (CAGR) of 4.3%.
What Is Driving The Growth In The Chocolate Market?
The thriving chocolate market is fueled by the heightened consumption of chocolate confectionery. As cultural traditions continue to evolve around chocolate, along with globalization and increased accessibility, chocolate consumption has witnessed an unsurprising surge. This trend is accentuated by the tactics of advertising and branding and the continual rise in disposable income. Another driving factor is the gift-giving tradition associated with chocolates, making them a staple at celebrations and festivities. The extensive product innovation and variety further promise robust growth in the chocolate confectionery market.
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Who Are the Key Players Driving Chocolate Market Growth?
The considerable expansion of e-commerce has ushered in new opportunities for the chocolate confectionery market. Prominent players are leveraging online sales and distribution platforms, offering consumers the comfort and convenience of purchasing from home. This growth is testified by the data from the United States Census Bureau, which attests to a 7.5% rise in e-commerce in the second quarter of 2023, with e-commerce accounting for 15.4% of all sales. Therefore, it's clear that the growth of e-commerce is powerfully driving the chocolate confectionery market.
What Are The Key Trends In The Chocolate Market?
The chocolate market is evolving, backed by several key trends:
• Rising cultural significance of chocolate
• Globalization and enhanced accessibility
• Escalated advertising and branding
• Influx of disposable income
• Product innovation and variety
• Entrenched gift-giving tradition
What Are The Segments Of The Global Chocolate Market?
The global chocolate market is categorized into several segments:
1) By Type: Milk Chocolate, Dark Chocolate, White Chocolate
2) By Category: Premium, Seasonal, Everyday
3) By Distribution Channel: Supermarkets and Hypermarkets, Convenience Stores, Pharmaceutical and Drug Stores, Specialty Stores, Duty-Free Stores, E-commerce, Others
Which Region Leads The Chocolate Market?
The strategic acquisition of Hotel Chocolat Group plc by Mars Inc in November 2023 exemplifies the formidable presence of the US in the luxury chocolate market. This acquisition, costing $651.48 million (£534 million), is aimed at expanding Mars Inc's portfolio and bolstering its foothold in the chocolate industry.
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What Is Covered In The Chocolate Market Global Market Report?
- Market Size Analysis: Analyze the Chocolate Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Chocolate Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Chocolate Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Chocolate Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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