According to the latest report by IMARC Group, titled “Dark Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global dark chocolate market reached a value of more than US$ 43.4 Billion in 2017. Dark chocolate, also known as black chocolate, constitutes of more cocoa solids than milk solids. Some of the other ingredients used in the production of the bitter chocolate include flavorings, sugar, and an emulsifier such as lecithin. Dark chocolate is a rich source of flavonoids and antioxidants owing to which it has been identified as a potential superfood. It also offers various other nutrients like phosphorus, manganese, iron, zinc, copper, selenium, potassium and magnesium. The high nutritional value of dark chocolate makes it a preferred ingredient for the production of a wide variety of products including baked goods, candies, bars, beverages, etc.
The consumption of dark chocolate is known to be beneficial for vascular diseases as it helps in improving blood flow to the brain and heart, making blood platelets less sticky and lowering blood pressure. This is one of the primary factors which is acting in favor of the rising sales of dark chocolate. Additionally, the food and beverage industry has been experiencing a positive growth which has influenced the increasing demand for dark chocolate for the production of confectionary items and beverages. Apart from this, emerging economies, such as China and India, are also registering a rise in the overall consumption of dark chocolate on account of changing food habits and rising awareness about the health benefits offered by it. However, dark chocolate is more expensive as compared to other types of chocolate which makes it difficult for consumers belonging to lower income groups to afford it. Despite this hindrance, the global dark chocolate market value is projected to reach nearly US$ of 69.6 Billion by 2023, registering a CAGR of more than 8% during 2018-2023.
- At present, there are numerous means through which the consumers can obtain the desired type of dark chocolate including supermarkets and hypermarkets, convenience stores, and non-grocery retailers. Amongst these, supermarkets and hypermarkets represent the most popular distribution channel as they provide an array of affordable to premium brands for the consumers to choose from.
- On a geographical front, Western Europe is the largest market for dark chocolate, holding the majority of the share. It is followed by North America, Asia, Eastern Europe, Latin America, Middle East and Africa, and Australia. The growth in Western Europe can be attributed to the rising preference of organic dark chocolate which has prompted the manufacturers to include natural and organic ingredients for producing dark chocolate.
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