Posted On: 2020-01-29
South Africa holds the largest market revenue share in the Africa chocolate market in 2018– 6Wresearch
Africa globally is the largest cocoa beans supplier due to which it holds a dominant position in the world’s cocoa production market. Moreover, a recent rise in the consumption of chocolate in Africa is also evolving Africa’s chocolate market. The growth rate of chocolate consumption in African countries is comparable with that of China and India, the two fastest growing chocolate markets in the world.
According to 6Wresearch, Africa chocolate market size is projected to grow at a CAGR of 4.6% during 2019–2025. Remarkable improvement in economic growth, rising population and rapid urbanisation are some of the major reasons catalysing the growth of chocolate market in Africa. Moreover, increasing investment by companies in attractive packaging would further propel the growth of chocolate market during the forecast period.
According to Akshay Thakur, Senior Research Analyst, 6Wresearch, “South Africa is the fastest growing chocolate market of Africa. South Africa’s per capita chocolate consumption is far lower than other countries due to which there are opportunities present in the South Africa chocolate market to enhance market growth. Furthermore, the country is gaining attention of global chocolate makers and receiving foreign investment in huge numbers owing to large number of consumer base in South Africa.”
According to Eshita Goel, Research Associate, 6Wresearch, “Moulded or Bar Chocolates are the most dominant form of chocolate type in Africa with largest market share in 2018, and are further expected to register highest growth. Bar chocolates do not melt easily even in the hot climates of Africa due to which consumers prefer it over any other type.”
“Milk chocolate segment captured majority of the market share in 2018; however, dark chocolate segment is likely to exhibit highest growth during the forecast period, owing to health benefits associated with it.” Eshita further added.
Some of the major companies in Africa chocolate market include Mondelez International, Mars, Nestle and Ferrero.
“Africa Chocolate Market (2019-2025)" Report provides an in-depth analysis with 7 figures, 3 tables, covered in 150pages. The report estimates and forecast the overall chocolate market by product type, by distribution channel, by chocolate type and by key countries including South Africa. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.