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Chocolate Market Rugged Expansion Foreseen by 2024
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Antioxidants-enrichment, blood pressure-suppressing character, and supposedly anti-aging properties of chocolate will remain the key factors propelling 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.
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A few recent research findings indicate that chocolate consumption aids in looking younger as well as relieving stress, which are 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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Chocolates are still largely considered as an affordable luxury in some regions of the globe. Price-sensitivity may detain the penetration of chocolate market in some of the underdeveloped parts of the world. Moreover, the uncertain economy of the cocoa supply is likely to raise chocolate prices, which is foreseen to be a major challenge to market growth.
Some of the key players participating in the global chocolate market, include Nestle SA, Fererro Group, Hershey Foods Corporation, Mondelez International (Cadbury), Mars Inc, Meiji Co Ltd, August Storck KG, Ezaki Glico Co. Ltd. and Arcor. A few other notable companies are Kraft Foods, Moonstruck Chocolatier Co., and Ghirardelli Chocolate Co.
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