Posted On: 2020-01-30
Dark Chocolate would account for the highest growth rate over the coming years in the Global chocolate market -6Wresearch
Global chocolate market witnessed exponential growth in the past few years due to shifting taste preferences of consumers from traditional sweets to confectionery products. However, the market is expected to witness steady growth over the coming years owing to change in lifestyle and increasing disposable income of the middle-class consumers.
According to 6Wresearch, Global Chocolate Market size is projected to grow at a CAGR of 3.5% during 2019–2025. Usage of chocolates in wide range of confectionary items and flavoured food items would further propel the global chocolate market. Additionally, due to rise in stress among the people, chocolate consumption is also rising as it is used as a functional food with stress relieving capabilities. However, spike in the prices of raw materials such as cocoa beans, butter, milk and sugar would turn out to be a hinderance in the chocolate market.
According to Akshay Thakur, Senior Research Analyst, 6Wresearch, “Based on chocolate types, Milk chocolate captured majority of the market revenue share in 2018. Additionally, milk chocolate is expected to be the largest revenue generator among all the types during the forecast period as well owing to easy availability of the product and growing consumer preference towards sweeter chocolates.”
“Dark chocolate is projected to witness substantial growth over the next few years due to growing awareness regarding health benefits of the product as dark chocolates are a powerful source of antioxidants and help in maintaining blood pressure as well”, Akshay further added.
According to Eshita Goel, Research Associate, 6Wresearch, “Europe dominates the global chocolate market as it has the highest per capita consumption and largest consumer base demanding chocolates as compared to other regions. Moreover, increasing consumer demand for dark chocolate in the region might lead to steady growth of chocolate market in Europe. However, in the Asia Pacific region, especially emerging economies such as India, China and Japan are projected to witness substantial revenue growth over the coming years due to growing young population in the region.”
Some of the major companies in global chocolate market include Mars, Mondelez International, Nestle, and Hershey.
“Global Chocolate Market (2019-2025)" report provides an in-depth analysis with 73 figures with 48 tables, covered in 300 pages. The report estimates and forecast the overall global chocolate market by product type, by distribution channels, by chocolate type and by regions including North America, Latin America, Europe, Asia Pacific, Middle East and 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.