Chocolate Market to be Valued Over USD172.15 Billion by 2026
Rising
purchasing power, inclination towards the consumption of dark and milk
chocolates and changing consumer taste and preferences are some of the factors
propelling the global chocolate market.
According to TechSci Research report, “Global Chocolate Market By Product Type (Milk Chocolate, Dark Chocolate, and White
Chocolate), By Category (Countline, Tablets, Boxed Chocolate, and Others), By
Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores,
Independent Grocery Stores, Non-Store Retailing, Departmental Store), By
Region, By Country, Competition Forecast & Opportunities, 2016 – 2026”, the global chocolate market is projected to
grow at a CAGR of over 4% to reach around USD172 billion by 2026 due to the increase
in demand for chocolate as an ingredient for making other finished products such
as biscuits, choco chips, chocolate cake, brownies, etc., in food processing
industries, combined with rising disposable income in developing nations. Premium
chocolates are witnessing a huge demand, coupled with different chocolate
flavors to attract more customers and provide chocolate variety according to
their tastes and preferences, which are driving chocolate sales around the globe.
The in-home consumption of chocolates by
customers has seen a steep increase in which purchasing of such items in higher
lots has led to higher volume sales through supermarkets and hypermarkets. Some
of the other factors that drive the market are growing sales of chocolates
through supermarkets and hypermarkets and the rising popularity of organic and
sugar-free chocolates.
With low sales volume due to the COVID-19 pandemic, the market
has faced supply-side issues, which severely affected the chocolate industry
around the world, especially impacting the demand for premium chocolates. During
lockdown, the world faced an economic slowdown, which significantly impacted all
the manufacturing industries. Thus, the demand for chocolates significantly
reduced in 2020, although the sales post lockdown gradually recovered.
Browse 132 market Figures spread through 110 Pages
and an in-depth TOC on " Global Chocolate Market “
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The
global chocolate market is segmented based on type, category, distribution
channel, company, and region. In terms of type, the market is segregated in
milk chocolate, dark chocolate, and white chocolate, out of which milk
chocolate has captured the majority share with more than 50% in 2020. However, the industry has experienced an inclination
towards the consumption of dark chocolates, as consumers favor dark chocolates over
milk and white chocolates due to the health benefits and fewer calories associated
with dark chocolates and changing customer taste and preferences towards it.
High
sugar content in chocolates, coupled with the increase in health problems such
as diabetes and obesity, are some of the challenges that hinder the growth of the
global chocolate market. To solve this issue, manufacturers are coming up with
low-calorie, sugar-free chocolates.
In terms of regional analysis, Europe is the dominating
region in the global chocolate market, having around
36% of the global market. Germany, Belgium, and France are the key accounting
countries in the Europe region. The paradigm of the
European consumers is moving towards the consumption of high-quality chocolate
products such as single-origin chocolates, organic chocolates, handmade chocolates,
craft chocolates and other chocolate products, as these chocolates have less
sugar and more cocoa flavor in it, thus driving the European chocolate industry.
There is a huge demand for dark chocolates in Europe because of their authenticity
and low sugar characteristics. However, North America and Middle East
& Africa are expected to grow at a rapid CAGR of over 5% and 6% during
2021E-2026F, respectively, and are expected to be the fastest-growing regions in
the coming years.
Countries such as USA, Canada and Mexico, China, India, Saudi
Arabia, UAE, Germany, Italy, Brazil, and Argentina, etc., have high per capita
consumption of chocolates, combined with the development of food processing industries
which drives the global chocolate industry.
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“The COVID-19 impacted the global chocolate industry majorly due
to transportation, production halt and supply side issues. However, the global chocolate
market has seen a faster recovery rate than the global confectionery market
after the lockdown measures were lifted in different countries”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Chocolate Market By Product Type (Milk Chocolate, Dark
Chocolate, and White Chocolate), By Category (Countline, Tablets, Boxed
Chocolate, and Others), By Distribution Channel, By Country, Competition
Forecast & Opportunities, 2016-2026”, has evaluated the future growth potential of the chocolate
market globally and provides statistics and information on market structure,
size, share, and future growth. The report is intended to provide cutting-edge
market intelligence and help decision makers take a sound investment decision.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the global
chocolate market.
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