According to the latest report of the IMARC group, entitled “Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which includes information on chocolate market. The report also includes competitor and regional analysis, as well as contemporary advancements in the global market. The global chocolate market reached a value of US$151.9 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$177.8 billion by 2027, growing at a CAGR of 2.6% during 2022-2027.
Chocolate is a sweet food product extracted from the cocoa beans of Theobroma cocoa trees. It is extracted by roasting fermented cocoa beans and grinding them into a paste, where the cocoa butter and cocoa liquor are separated under high pressure. Usually sold in the form of solid bars, it is also an essential component of confectionery and baked goods. Chocolate bars are made from cocoa liquor, milk, cocoa butter and sugar and are often served with additional ingredients, such as dried fruits, nuts and caramel. Moderate consumption of chocolate increases serotonin levels which help calm the brain. It also releases endorphins in the body, thus acting as an antidepressant.
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The COVID-19 pandemic has significantly affected the chocolate market. At the start of the pandemic, the closures were responsible for the closure of several supply chains and distribution destinations for chocolate companies, such as catering establishments, restaurants and hotels, which led to a considerable reduction of sales volume. While the restrictions in force have caused losses in cocoa farming, the increase in the consumption of chocolates due to increased stress has had a positive impact on product sales during the second half of the pandemic.
Global Chocolate Market Trends:
The market is mainly driven by the widespread use of the products in the food and beverage (F&B) industry. This can be attributed to the growing demand for niche chocolate products, such as chocolate bars and chocolate flavored food products. The thriving e-commerce industry and associated benefits, such as discounted prices, cashback offers, and cash-on-delivery services, are resulting in a significant increase in product sales. In this light, the easy availability of products through offline organized retail channels also gives impetus to the growth of the market. Besides this, innovative marketing strategies adopted by manufacturers, increasing consumption of gourmet food products, inflation of income levels of the masses and rapid urbanization are some of the other factors that are creating more positive prospects for the market.
Competitive landscape with key players:
The report has also analyzed the competitive landscape of the market with some of the key players.
- Barry Callebaut
- Chocolate factory Lindt & Sprüngli AG
- Guylian Chocolate Factory
- Ferrero International
- Mars Incorporated
- Meiji Co.Ltd.
- Mondelez International Inc. (Kraft Foods)
- Moonstruck Chocolate Company
- Nestlé SA
- The Hershey Company
Chocolate Market Segmentation:
Our report has categorized the market based on region, product type, product form, application, price, and distribution.
Breakdown by product type:
Breakdown by product form:
Breakdown by application:
- Baked goods
- Sweet Confectionery
Breakdown by price:
- everyday chocolate
- Premium chocolate
- Seasonal chocolate
Distribution by distribution:
- Direct sales (B2B)
- convenience stores
- Online stores
Breakdown by region:
- North America (USA, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
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