Posted On: 2020-01-29
Russia acquires the largest market share in Europe’s chocolate market in 2018- 6Wresearch
Europe dominates and acquired the largest market share in the global chocolate market with the highest per capita chocolate consumption per year. Europe chocolate market is expected to grow at a steady rate in future on account of growing popularity of variety of chocolates such as vegan chocolates, natural or organic chocolates. Additionally, companies have started investing in the new taste and flavours and are incurring lot of expenses in advertising its product in order to proliferate the European Chocolate market.
According to 6Wresearch, Europe Chocolate market size is projected to grow at a CAGR of 1.9% during 2019–2025. Increasing substitutes for chocolates such as chocolate flavoured ice creams, biscuits or wafers are projected to slow down the chocolate market growth and this would act as a restraint and hinder the growth of the market over the coming years as well. However, growing trend of gifting chocolates is expected to lead to a steady growth of Europe chocolate market.
According to Akshay Thakur, Senior Research Analyst, 6Wresearch, “Russia acquires the largest market share in Europe’s chocolate market and is Europe’s fastest growing chocolate market as well. Russia chocolate market is expected to grow exponentially over the coming years due to its fast-growing appetite for chocolate which is further boosting global cocoa demand. Rise in demand for premium products and increasing awareness among the people regarding the health benefits accrued with consumption of chocolates such as lower blood pressure and reduction in stress are augmenting the growth of Russia’s Chocolate market.”
According to Eshita Goel, Research Associate, 6Wresearch, “Expanding distribution channels are also boosting the growth of chocolate market in Europe. Supermarkets and hypermarkets acquired dominant share among all the distribution channels in 2018. In Europe, increasing retail sector is promoting the expansion of various supermarkets and hypermarkets. Further, proliferation of online distribution channel is propelling the growth of chocolate market, as people can easily buy chocolates sitting at their home. Online distribution channels has registered the highest growth due to which buying chocolates is just a click away.”
Some of the major companies in Europe chocolate market include Mondelez International, Mars, Nestle, and Ferrero.
“Europe Chocolate Market (2019-2025)" report provides an in-depth analysis with 19 figures with 12 tables, covered in 200pages. The report estimates and forecast the overall Europe Chocolate market by product type, by distribution channels, by chocolate type and key countries including Russia, Germany, United Kingdom, France and Rest of Europe. 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.