According to the latest report by IMARC Group, titled “Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global chocolate market reached a value of US$ 125 Billion in 2020. Chocolate refers to a food product made from roasted cocoa beans, consumed as candy. It is utilized to make beverages and flavor or coat various confections and bakery products, such as cakes, muffins, biscuits, brownies, shakes, etc. Chocolate comprises of small amounts of the stimulating alkaloids, theobromine and caffeine that are rich in carbohydrates and an excellent source of quick energy. Apart from this, regular consumption of premium chocolate in moderate quantities assist in improving blood circulation in the body, improving brain function, minimizing blood pressure, reducing the risks of heart diseases, etc.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Global Chocolate Market Trends:
The expanding food and beverage industry across the globe is one of the primary factors augmenting the chocolate market growth. In addition to this, the wide availability of chocolates in various forms, such as dark chocolate, sprinkles, chocolate syrup, white chocolate, etc., is also catalyzing the product demand. Furthermore, the growing popularity of moulded chocolates in innovative solid shapes and sizes is acting as another significant growth-inducing factor. Besides this, the changing consumer preferences towards newer chocolate variants infused with additional flavours is propelling the market growth. Additionally, the increasing awareness towards several health benefits associated with dark chocolate is further bolstering the global market. Apart from this, the premiumization of chocolate-based products, along with the expanding penetration of innovative packaging, is anticipated to bolster the chocolate market over the forecasted period. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 5% during the forecast period (2021-2026).
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Barry Callebaut
- Chocoladefabriken Lindt & Sprüngli AG
- Chocolaterie Guylian
- Ferrero International
- Mars Incorporated
- Meiji Co. Ltd.
- Mondelez International Inc. (Kraft Foods)
- Moonstruck Chocolate Company
- Nestlé S.A.
- The Hershey Company
Chocolate Market Segmentation:
Our report has categorized the market based on region, product type, product form, application, pricing and distribution.
Breakup by Product Type:
- White Chocolate
- Milk Chocolate
- Dark Chocolate
Breakup by Product Form:
Breakup by Application:
- Food Products
- Bakery Products
- Sugar Confectionery
Breakup by Pricing:
- Everyday Chocolate
- Premium Chocolate
- Seasonal Chocolate
Breakup by Distribution:
- Direct Sales (B2B)
- Convenience Stores
- Online Stores
Breakup by Region:
- North America (United States, 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, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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