Chocolate Market– Statistics And Analysis & Forecast To 2027Posted by Mrudula Anil Karmarkar on December 15th, 2020 The global chocolate market size is expected to reach USD 187.08 billion by 2027, expanding at a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness about health benefits of chocolate among consumers as a result of increased number of advertising campaigns on social websites and satellite television channels is expected to have a positive impact on the market growth. Chocolates are associated as the token of appreciation, love, happiness, and celebration owing to which increasing number of consumers are gifting such confectioneries on special occasions, including Thanksgiving, Easter, and Christmas. The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor. Fluctuating price of raw material is a key factor influencing the cost of production of the chocolate industry, thereby influencing the profitability of the manufacturers. The cocoa plantation requires specific weather conditions. Cocoa is a sensitive plant that grows in the tropical climate and needs proper vegetation shades to yield better quality seeds owing to which its planation is concentrated in West Africa. Traditional chocolate held the largest share of 99.4% in 2020. Artificial products are expected to expand at the highest CAGR of 11.9% from 2020 to 2027. Carob bars are similar to chocolate bars in terms of the number of calories, fat, cholesterol, and carbohydrates. The absence of caffeine is a factor that makes it different from cocoa, which makes it suitable for people sensitive or intolerant to caffeine. Carob is also naturally sweet and hence requires a low amount of sugar for preparing the final product. Europe held a leading share of 39.8% in 2020. Growing consumption of dark chocolate owing to associated health benefits is a main factor fueling the chocolate market growth in the region. Middle East and Africa is expected to witness the fastest growth owing to increasing number of specialty retail stores in countries, such as UAE and South Africa. Chocolate Market Report Highlights
Furthermore, impulse buying behavior among millennials and youngsters as a result of increased awareness from social websites and satellite television channels by confectionery companies, such as Nestle SA and Mars Incorporated, is projected to have a positive impact on the industry growth. As per the health experts, moderate consumption of chocolate boosts serotonin that calms the brain and acts as an anti-depressant. It also releases endorphins in the body, which instantly elevates mood. According to the World Health Organization, in 2016, 17% of Chile's population suffered from depression, which is the highest rate in the world. Consumption of chocolate also suppresses the release of cortisol, a stress hormone. It is preferable for the consumers to include elements in regular diet that alleviate a health issue rather than depending upon medication. As chocolate helps in relaxing the mind and inducing happiness, it is expected that sales of chocolate will continue to witness a boost during the coming years. Chocolates are also associated with a token of appreciation, love, and happiness, which are given as gifts during the festive season, thereby propelling the product demand. They are manufactured in different shapes, sizes, colors, and product materials as per the occasion. As per the National Confectioners Association, 150 million Santa-shaped chocolates were manufactured in North America during Christmas. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1202/ibb Dark chocolate consumption is also associated with reducing the risk of cardiovascular diseases owing to the presence of good fats and flavonoids that are considered to lower blood pressure and bad cholesterol level. According to the WHO data published in 2017, coronary heart disease deaths in Mexico reached 94,712 or 17.46% of the total deaths. Several observational studies have shown that consumption of chocolate reduces the risk of cardiovascular diseases. The industry participants are expected to increase their spending on new product launches in order to expand their market size. For instance, in March 2020, The Hershey Company launched a new product under the brand name, Hershey's Cookies 'N' Chocolate Bar. The product consists of a milk chocolate bar and cookie crunchies. Some of the prominent players in the chocolate market include:
Grand View Research has segmented the global chocolate market on the basis of product, distribution channel: Chocolate Product Outlook (Revenue, USD Million, 2016 - 2027)
o Dark o Milk o White
Chocolate Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |