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 exhibited moderate growth during 2021-2026. Chocolates refer to consumable food items that are prepared by using roasted and ground cacao seeds that are found in the pods of the Theobroma cacao trees. The chocolate liquor and cocoa butter obtained from the beans are further mixed in varying proportions in order to manufacture dark, milk, white, and couverture chocolates. These edibles are widely available in the market in numerous forms, such as blocks, cubes and molten. They are rich in alkaloids, including phenethylamine, caffeine, theobromine and flavonoids. Consequently, they are commonly used as flavoring ingredients in the preparation of diverse beverages, bakery goods and confectionery products, such as cake, cookies, brownies, pudding, milkshakes, and ice creams.
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Global Chocolate Market Trends:
The global market is primarily driven by considerable growth in the food and beverages sector. This can be accredited to the inflating disposable income levels of the masses and their shifting dietary preferences, which has contributed to a rise in the consumption of ready-to-eat bakery and confectionery products, wherein chocolate is commonly utilized as an indispensable ingredient. The market is further driven by the increasing awareness regarding the numerous health benefits associated with dark chocolates. These variants comprise soluble fibers and bioactive compounds while being a rich source of antioxidants. As a result, moderate consumption of cocoa-rich chocolates is known to lower blood pressure levels, improve brain functions and minimize the chances of developing cardiac diseases. Supported by the rising sales of chocolates through organized online and offline retail channels, this is expected to provide a thrust to the market growth. Some of the other factors contributing to the market include the growing prominence of sugar- and gluten-free chocolates among health-conscious consumers, the widespread popularity of chocolates as festive gifts and the increasing premiumization of chocolate-based products. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 5% during the forecast period (2021-2026).
Market Breakup:
- On the basis of the product type, the market has been divided into white, milk, dark and other chocolates.
- Based on the product form, the market has been bifurcated into molded, countlines and others.
- On the basis of the application, the market has been classified into food products (bakery products, sugar confectionery, desserts and others), beverages and others.
- Based on the pricing, the market has been segmented into everyday, premium and seasonal chocolates.
- On the basis of the distribution, the market has been categorized into direct sales (b2b), supermarkets/hypermarkets, convenience stores, online stores, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Arcor, 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., and The Hershey Company.
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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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