The global chocolate market size is expected to reach USD 187.08 billion by 2027, expanding at a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness about health benefits of chocolate among consumers as a result of increased number of advertising campaigns on social websites and satellite television channels is expected to have a positive impact on the market growth. Chocolates are associated as the token of appreciation, love, happiness, and celebration owing to which increasing number of consumers are gifting such confectioneries on special occasions, including Thanksgiving, Easter, and Christmas.
Fluctuating
price of raw material is a key factor influencing the cost of production of the
chocolate industry, thereby influencing the profitability of the manufacturers.
The cocoa plantation requires specific weather conditions. Cocoa is a sensitive
plant that grows in the tropical climate and needs proper vegetation shades to
yield better quality seeds owing to which its planation is concentrated in West
Africa.
Traditional
chocolate held the largest share of 99.4% in 2019. Artificial products are
expected to expand at the highest CAGR of 11.9% from 2020 to 2027. Carob bars
are similar to chocolate bars in terms of the number of calories, fat,
cholesterol, and carbohydrates. The absence of caffeine is a factor that makes
it different from cocoa, which makes it suitable for people sensitive or
intolerant to caffeine. Carob is also naturally sweet and hence requires a low
amount of sugar for preparing the final product.
Europe
held a leading share of 39.8% in 2019. Growing consumption of dark chocolate
owing to associated health benefits is a main factor fueling the chocolate
market growth in the region. Middle East and Africa is expected to witness the
fastest growth owing to increasing number of specialty retail stores in
countries, such as UAE and South Africa.
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Chocolate Market
Report Highlights
- By product,
the artificial segment is expected to expand at the highest CAGR of 11.9%
from 2020 to 2027. Growing importance of carob as a healthy alternative to
cocoa-based chocolate is expected to remain a key factor for the segment
growth over the next few years
- In terms of
distribution channel, the supermarket and hypermarket segment accounted
for the largest share of more than 65% in 2019. This is attributed to high
product visibility, coupled with, increasing number of department and
specialty stores in emerging economies, such as China and India
- Online
distribution channel is expected to register the fastest CAGR of 5.6% from
2020 to 2027. This is attributed to increased importance of such channels
for providing extra-convenience features, including doorstep delivery and
coupon benefits
- Europe held
the largest share of 39.8% in 2019. Growing popularity of dark chocolate
among consumers in developed countries, including Germany, U.K., and
France, is expected to be a major factor contributing to the regional
market growth.
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Chocolate Market
Segmentation
Grand View Research has
segmented the global chocolate market on the basis of product, distribution
channel, and region:
Chocolate Product
Outlook (Revenue, USD Million, 2016 - 2027)
- Traditional
- Dark
- Milk
- White
- Artificial
Chocolate
Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- Supermarket & Hypermarket
- Convenience Store
- Online
Chocolate Regional
Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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