Global Chocolate Market - Forecasts from 2018 to 2023
Chocolate is one of the most consumed food product across the globe. Chocolates are typically sweet and are made from cocoa seeds, cocoa liquor, cocoa butter, milk and sugar and are often served with different varieties of flavors. Moreover, in order to survive with the intensifying competition in the market, the chocolate vendors use different flavors such as ginger, lavender, and hibiscus among others to tempt customers into buying their variety of chocolate products. Chocolates with organic ingredients are increasingly gaining traction in the market and are being offered at a premium price.
Chocolates have to be stored in an environment which is extremely sensitive to temperatures and humidity. Chocolates cannot be stored in high temperature as they can melt down and fluctuating temperatures can cause fat to bloom. Moreover, chocolates are stocked in a place away from other food items as these have the ability to absorb different aromas. Hence, chocolates should be wrapped and kept in a proper place which has correct humid and temperature conditions. The global market for chocolates is driven by extensive utilization of chocolates in confectionary items and flavored food products. Moreover, chocolates are being used as functional goods owing to their nutritional value and aid in relieving stress, leading to increasing consumption over the forecast period. However, fluctuations in raw material prices and excessive reliance on unstable economies for the supply of cocoa is restraining the market growth.
Asia Pacific region is expected to drive the global chocolate market owing to a huge population with large proportion of youth and children. Other than changing taste preferences, factors like growing purchasing power of middle class in the region which impacted the demand significantly along with rapid urbanization and better lifestyle of consumers are likely to propel the market growth of chocolates. Moreover, utilisation of chocolate products as confectionary and flavors drive the market too. North America and Europe is expected to drive the global market for chocolates majorly over forecasted period.
Firstly, the report provides a brief introduction of the market and deals with detailed research methodology for calculating market size and forecasts, secondary data sources used and the primary inputs which were taken for data validation. This section also outlines various segmentations which have been covered as part of the report.
Next, the section provides comprehensive market dynamics through an overview section along with growth drivers, challenges, and opportunities which exist in the current market. This section of the report also provides supplier and industry outlook as a whole; key industry, global and regional regulations which are determining the market growth and a brief technological aspect of chocolates. Complete industry analysis has also been covered by Porter’s five forces model as a part of this report section.
Thirdly, Chocolate Market has been segmented on the basis of the distribution channel, product, and geography as follows:
By Distribution Channel
Supermarkets and hypermarkets
Europe Middle East and Africa
The Middle East and Africa
Finally, competitive intelligence section deals with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry players profiled as part of this section are Lindt & Sprungli, Nestle, Mars, Incorporated, Ferrero and Meiji Holdings Co., among others.