An emotive product, chocolate is truly a feel-good food, related with combating bad moods, relieving sadness, and makes people happier too. But regardless of this constant, the chocolate world is highly compelled by the sense of taste preferences of customers, it is imperative that chocolate companies are focusing more on development of product and various marketing strategies for gaining wider customer base as well as for capturing newer markets.
An upcoming report on the global chocolate market by Research Report Insights, titled “Chocolate Market by 2024,” will illustrates the description of various recent developments influencing the growth of chocolate market globally. In order to analyze the growth in chocolate market, the report will be segmented on the basis of milk chocolate, dark chocolate, and white chocolate. Based on sale frequency, the global market for chocolate can be sub-segmented into premium chocolate, daily chocolate, seasonal chocolate. Some of global key players in the chocolate market include Barry Callebaut, Ghirardelli Chocolate Co, Kraft Foods, Mars Inc., Mondelez International Inc., Nestle SA, August Storck KG, Ferrero Group, Hershey Foods Corp, Lotus Chocolate Ltd, Meiji Co Ltd, Moonstruck Chocolatier Co., and Russell Stover Candies Inc., among others building new ways for improving their technology so that they can retain their market competitiveness.
Globally, the growth of chocolate market is mainly fueled by the growing consumer awareness regarding health benefits of dark chocolates which are cocoa-rich. This trend is predicted to impede the chocolate popularity worldwide. The dark chocolate popularity is anticipated to grow in the coming years as it helps to preventing certain cardiac diseases along with other benefits. The market demand for chocolate is more on festive and seasonal. Also, the budding applications of chocolate because of its versatile nature is another boosting growth factor in the global market for chocolate. Moreover, the rising usage of chocolate in various functional food & beverages like chocolate cake and chocolate milk is proffering newer opportunities in global market for chocolate. However, cost-fluctuation of raw materials, especially cocoa, the instable supply of cocoa as well as political instability in its production are restraining the market growth of chocolate in the coming years.
A regional overview of the global chocolate market mentioned in the report has classified the growth of the market into North America, APAC, Europe, and rest of the world. Among these, Europe region is the largest chocolate market in the world followed by APAC and North America region due to the habit of consuming chocolate as regular diet. In the North America and Europe region, the market for chocolate is heading in the direction of maturity and the market growth is primarily projected from emerging countries such as India, China, and Brazil. Also, The US is the market leader for chocolate in the North America region while the Germany and the UK region is leading in the Europe region of chocolate market. And, the Japan region is the highest chocolate consumption market in APAC region