Global $171+ Billion Chocolate Market Size is Expected to Grow at a CAGR of over 4.50% During 2022-2028 | Vantage Market Research
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WASHINGTON, April 18, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Chocolate Market finds that the increase in awareness regarding dark chocolate is expediting market growth. Primarily driven by rising demand for organic, vegan, sugar-free, and gluten-free chocolates, the total Global Chocolate Market is estimated to reach USD 171.7 Million by the year 2028.
The Global Market valued at a revenue of USD 131.9 Million in the year 2021, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.50%.
Furthermore, the growing consumer preferences towards confectionery items is also anticipated to augment the growth of the Global Chocolate Market, states Vantage Market Research, in a report, titled “Chocolate Market Size, Share & Trends Analysis Report by Product Form (Molded, Countlines, Others), by Application (Food Products, Bakery Products, Sugar Confectionery, Desserts), by Pricing (Everyday Chocolate, Premium Chocolate, Seasonal Chocolate), by Distribution (Direct Sales (B2B), Supermarkets/ Hypermarkets, Convenience Stores, Online Stores), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Increase in Awareness Regarding Dark Chocolate to Fuel Global Chocolate Markets
The increasing awareness regarding benefits of dark chocolate is expected to fuel the growth of the Chocolate Market during the forecast period. Dark chocolate is considered to be a healthier confectionery product. Dark chocolate consists of several compounds that have antioxidant properties, like flavanols and polyphenols. Antioxidants help to neutralize free radicals and further prevent oxidative stress. Oxidative stress means the damages caused due to the extreme amounts of free radicals which inflict on cells and tissues in the body. Over time, the effects of oxidative stress may also contribute to the development of a variety of diseases, such as heart disease, diabetes, Alzheimer’s disease and cancer, among others. Dark chocolate may help reduce in developing of heart disease. The compounds in dark chocolate, precisely flavanols, affect two factors for heart disease that are high blood pressure and high cholesterol. Further, the compounds, such as polyphenols and theobromine present in dark chocolate may lower levels of low-density lipoprotein (LDL) cholesterol in the body and as well increase levels of high-density lipoprotein (HDL) cholesterol. Thus, owing to the benefits of consumption of dark chocolate, the market is expected to grow in the years to come.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Chocolate market is predicted to grow at a CAGR of roughly 4.50% during the forecast period.
The Chocolate market was estimated to be worth roughly USD 131.9 Million in 2021 and is expected to reach USD 171.7 Million by 2028; based on primary research.
On the basis of region, Europe is projected to dominate the worldwide Chocolate market.
Growing Consumer Preferences towards Confectionery Items to Stimulate Market Growth
The increase in consumer preferences towards confectionery items is anticipated to augment the growth of the Chocolate Market within the estimated period. Consumer tastes, habits, and preferences are been continuously evolving which has resulted in innovation in the field of confectionery products such as chocolates which drives the growth of the market. Most of the manufacturers are also constantly focussing and working towards increasing their product range by including organic touch, tropical fruit, and nut-based & exotic flavors in product formulations in order to meet the changing consumer demands. Furthermore, manufacturers are constantly establishing unique engaging techniques so as to seek consumer attention and consumer base as these products are significantly purchased as a result of impulse buying. However, the continuous fluctuations in prices of cocoa are expected to hamper the growth of the market in near future. Moreover, the increasing demand for chocolate- based products such as shakes, drinks, and gourmet products is further anticipated to support the growth in the years to come.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the food & beverage industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
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The report on Chocolate Market highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Regional Analysis:
Europe to Dominate the Global Chocolate Market
Europe has dominated the Global Chocolate Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing popularity of dark chocolate among consumers in the region. Furthermore, the increasing per capita consumption along with consumer’s shift towards high-quality chocolate products is also anticipated to support the regional growth of the market.
List of Prominent Players in the Chocolate Market:
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.
The Hershey Company
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Chocolate Market Size, Share & Trends Analysis Report by Product Form (Molded, Countlines, Others), by Application (Food Products, Bakery Products, Sugar Confectionery, Desserts), by Pricing (Everyday Chocolate, Premium Chocolate, Seasonal Chocolate), by Distribution (Direct Sales (B2B), Supermarkets/Hypermarkets, Convenience Stores, Online Stores), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/chocolate-market-023897
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Chocolate Market?
How will the Chocolate Market change in the upcoming six years?
Which application and product will take a lion’s share of the Chocolate Market?
What is the Chocolate market drivers and restrictions?
What will be the CAGR and size of the Chocolate Market throughout the forecast period?
Recent Developments:
November, 2020: Mars, Incorporated, a family-owned global pet food, veterinary care, confectionery, snacking and food business, and KIND, a healthy snacking leader, announced the next step in their strategic partnership, with Mars acquiring KIND North America.
This market titled “Chocolate Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
Product Form
Molded
Countlines
Others
Application
Food Products
Bakery Products
Sugar Confectionery
Desserts
Others
Beverages
Others
Pricing
Everyday Chocolate
Premium Chocolate
Seasonal Chocolate
Distribution
Direct Sales (B2B)
Supermarkets/Hypermarkets
Convenience Stores
Online Stores
Others
Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Region & Counties Covered
North America
U.S.
Canada
Mexico
Europe
U.K
France
Germany
Italy
Spain
Rest Of Europe
Asia Pacific
China
Japan
India
South Korea
South East Asia
Rest Of Asia Pacific
Latin America
Brazil
Argentina
Rest Of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest Of Middle East & Africa
Companies Covered
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.
The Hershey Company
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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