The global chocolate market is expected to grow at a CAGR of around 5% during the forecast period (2021-2026). Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Chocolate is an edible product that is prepared by roasting cacao seeds obtained from the pods of the Theobroma cacao trees. The cacao beans are harvested, fermented, dried and ground to form a paste. The paste is then put under high pressure for separating the chocolate liquor and cocoa butter. These two ingredients are further mixed in varying proportions to manufacture couverture, dark, milk, white and baking chocolate and cocoa powder. Chocolates are a rich source of various alkaloids, such as phenethylamine, caffeine, theobromine and flavonoids and are majorly used in the production of bakery goods and confectionery products, such as cakes, cookies, puddings and brownies.
Significant growth in the food and beverage industry is one of the key factors driving the growth of the market. Furthermore, increasing consumer preference for molded chocolates, which typically include the solid shaped or segmented bar/block variants infused with various additional flavors or stuffed with nuts, raisins and other fillings, is also providing a boost to the market growth. Additionally, rising awareness regarding the health benefits of consuming dark chocolate is acting as another growth-inducing factor. Regular consumption of dark chocolate in moderate quantities is known to improve blood circulation in the body, enhance brain function, lower blood pressure and minimize the risks of heart diseases. Other factors, such as the premiumization of chocolate-based products, utilization of aesthetically appealing packaging to attract consumers’ attention, along with the production of organic, vegan and sugar- and gluten-free chocolates, are projected to drive the market further. Looking forward, IMARC Group expects the global chocolate market to grow at a CAGR of around 5% during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the global chocolate market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product type, product form, application, pricing and distribution channel.
Breakup by Product Type:
Breakup by Product Form:
Breakup by Application:
Breakup by Pricing:
Breakup by Distribution:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being 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, etc.
We expect the global chocolate market to exhibit a CAGR of around 5% during 2021-2026.
The increasing consumer preference towards chocolate-based baked goods, confectioneries, western desserts, etc., represents one of the factors catalyzing the global chocolate market.
Sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of chocolates.
Based on the product type, the global chocolate market can be segmented into white chocolate, milk chocolate, dark chocolate, and others. Currently, milk chocolate accounts for the highest market share in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global chocolate market.
Some of the major players in the global chocolate market include 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, etc.
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