Chocolate Market (Product Type - Dark Chocolate, Milk Chocolate, and White Chocolate) - Global Industry Analysis, Trends, And Forecast, 2016–2024
One of the most consumed and popular food product among consumers across the globe is chocolate. Based on the amount of cocoa employed during preparation, different varieties of chocolates are produced globally. As the global chocolate market is highly driven by the taste preferences of consumers, it is imperative that companies focus on product development and marketing strategies to gain a wider consumer base and capture new markets.
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The report presents an in-depth analysis of the growth trajectory of the global chocolate market along with the principal trends. The study also highlights the factors that are likely to affect the global chocolate market in a positive or negative manner. It also evaluates the prime elements at play in the market. To offer a clear outline of the market, the report utilizes Porter’s five forces analysis and examines the competitive landscape. It also presents an assessment of the products, key strategies, and shares of the companies operating in the global chocolate market. Information on the degree of entry and exit barriers present in the market has also been provided in the intelligence report.
Global Chocolate Market: Trends and Opportunities
The growth of the global chocolate market is primarily driven by the rising awareness among consumers regarding the health benefits associated with cocoa-rich dark chocolates. This trend is anticipated to boost the popularity of chocolate across the globe. The popularity of dark chocolate is expected to rise over the forthcoming years owing to the fact that it helps in preventing cardiac diseases, in addition to other benefits.
The growing disposable income of consumers in developing countries of Asia Pacific is one of the primary reasons behind the mounting demand for chocolates. In countries such as South Korea, Japan, India, and China, the presence of regional brands has stirred the sales of chocolates over the last couple of years. Multinational brands such as Ghirardelli, Mars, Ferrero, and Hershey’s have also gained popularity in these countries owing to the changing taste preferences and increasing brand loyalty.
The demand for chocolate is at its peak during seasonal and festive occasions. The expanding applications of chocolate is another factor that is likely to positively impact the growth of the global chocolate market. However, fluctuating prices of raw materials, especially cocoa, the instability of its supply, and the political instability in cocoa producing countries are likely to restrain the growth of the market over the next couple of years.
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Global Chocolate Market: Regional Outlook
Region-wise, the global chocolate market is categorized into Europe, North America, Asia Pacific, and the Rest of the World. Amidst these, Asia Pacific emerged as one of the leading consumers of chocolates due to the rising influence of Western culture and habits in countries in the region. The success of several international chocolate brands is expected to further intensify the demand for chocolate in the region.
Companies Mentioned in the Report
The leading companies operating in the global chocolate market are focusing on product differentiation in terms of taste, flavor, and price to gain a strong hold over the market. Some of the key players are Kraft Foods, Nestle SA, Moonstruck Chocolatier Co., Mars Inc., Ghirardelli Chocolate Co., Ferrero Group, and Hershey Foods Corp.
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