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According to the latest report by IMARC Group, titled "Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global chocolate market size reached US$ 151.9 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 2.6% during the forecast period (2022-2027).
Market Summary:
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