Press release
Chocolate Market to Witness Exponential Growth by 2024
Presence of a large number of leading international chocolate brands and higher chocolate consumption will continue to account for the top market position of North America, especially the U.S. Europe will be another major market, led by the U.K. and Germany.
APAC, predominantly China and India, is however expected to emerge at the fastest rate over 2016-2024. This growth is attributed to soaring influence of the Western lifestyle and awareness about health benefits of chocolate. Seasonal and festive sales are likely to hold a strong foothold in developing Asian economies, such as India.
The global chocolate market is segmented on the basis of type and sale frequency.
By chocolate type, the market is classified as milk chocolate, dark chocolate, and white chocolate. Milk chocolate segment registered the largest market share in 2013, followed by dark chocolate.
Based on frequency of sale, the market is categorized as daily chocolate, premium chocolate, and seasonal chocolate. Daily chocolate, attributed to affordable price, has been a major segment over the years.
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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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