Posted On: 2020-01-30
Brazil would be the dominant country in the Latin America chocolate market during the forecast period - 6Wresearch
Expanding demand for a variety of flavours with a recent shift towards the premium and healthy chocolates is propelling the growth of Latin America chocolate market. Latin America is attracting foreign investment from global chocolate makers due to saturating markets of Europe and North America. Latin America has vast opportunities for chocolate manufacturers to expand in the region and is soon going to be the dominant region with huge chocolate consumption.
According to 6Wresearch, Latin America chocolate market size is projected to grow at a CAGR of 3.8% during 2019–2025. Shifting consumer perception towards premium products, increasing independent outlets as well as growing online retail market are the key factors catalysing the growth of chocolate market in Latin America. Rapid rise in chocolate conventions or events and sale of chocolates at the time of festivals are providing a boost to the market. However, increasing cost of raw materials of chocolates such as dairy, sugar or cocoa are expected to act as a restraint in the growth of the chocolate market over the coming years.
According to Akshay Thakur, Senior Research Analyst, 6Wresearch, “Mexico has huge potential for the growth of chocolate market as its per capita chocolate consumption is only 750 grams. However, Brazil would be the dominant country in the Latin America chocolate market during the forecast period witnessing exponential growth of chocolate market on account of large amount of agricultural production of raw materials in the region.”
According to Eshita Goel, Research Associate, 6Wresearch, “Chocolate industry is projected to witness substantial growth over the coming years, due to the spike in demand for “health conscious” goods. This is making people shift to dark chocolates or less sugary chocolates creating promising opportunities for investors in the chocolate market.”
“Based on products, moulded chocolates are expected to capture majority of the market revenues during the forecast period owing to growing demand for custom and premium range of chocolates,” Eshita further concluded.
Some of the major companies in Latin America chocolate market include Mondelez International, Garoto, Nestle, and Mars.
“Latin America Chocolate Market (2019-2025)" report provides an in-depth analysis with 11 figures with 6 tables, covered in 200 pages. The report estimates and forecast the overall Latin America chocolate market by product type, by distribution channels, by chocolate type and by key countries including Brazil, Mexico and Rest of Latin America. 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.