Top Emerging Trends Of Hot Chocolate Market Progress Forecast 2027Posted by Mrudula Anil Karmarkar on April 22nd, 2021 The global hot chocolate market size is anticipated to reach USD 4.44 billion by 2027, expanding at a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness among consumers regarding associated health benefits of chocolate is a key factor driving the market. Furthermore, growing middle class population and rapid urbanization at the global level are expected to promote the industry growth over the forecast period. Shifting consumer inclination towards nutritional products on account of rising incidence of cardiovascular disorders and surge in the number of weight management programs are expected to propel the demand for hot chocolate as a healthy option. Furthermore, increased number of health awareness videos on social media platforms, including YouTube and Facebook, by fitness enthusiasts is projected to upscale the requirements of hot chocolate. The offline distribution channel segment held a major share of exceeding 90.0% in 2020. High product availability at supermarkets and hypermarkets and convenience stores is expected to favor sales of hot chocolate through offline channel in coming years. While the popularity of online sales channel is steadily growing, around 83% of consumers prefer offline channel as it provides the leverage of feel, touch, and taste, thereby driving the sales of hot chocolate through offline channel. Online distribution channel is expected to expand at the highest CAGR of 7.5% from 2020 to 2027. Convenience of doorstep delivery, discounted price, and cash on delivery are the major factors influencing sale of hot chocolate through online channel. Moreover, entry of online retail giant Amazon in the online grocery industry is expected to boost hot chocolate sales through online channel in coming years. Asia Pacific emerged as the largest regional market with share of 30.2% in 2020. This growth is attributed to rising awareness related to the health benefits of chocolate and increasing disposable income of the middle-class population in countries, such as China and India. Furthermore, growing presence of cafés in the region is expected to contribute to the growth of the hot chocolate market in coming years. For instance, according to the Starbucks’ investor presentation, as of September 2020, the company’s total store count stood at 163 across 10 cities in India. Hot Chocolate Market Report Highlights
Hot chocolate, also known as drinking chocolate, consists of chopped chocolate, melted chocolate or cocoa powder stirred into milk or water with sugar. Cocoa is rich in polyphenols that are known for their various health benefits. Polyphenols are naturally occurring antioxidants, well known for improving blood flow, alleviating inflammation, and lowering blood pressure. Dark chocolate consumption is 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 Wellness Creative Co., in 2018, the U.S. gym industry market size was valued at USD 32.3 billion, increased from USD 30 billion in 2017. This is further expected to increase over the forecast period owing to rising health awareness among individuals. Therefore, improving lifestyle of people and increasing awareness among individuals about health benefits associated with hot chocolate consumption is expected to influence its demand over the forecast period. Major vendors operating in the market introduced nutrient-enriched chocolate products owing to rising awareness regarding adverse effects of sugar. Increasing number of cafés in emerging economies is expected to favor the growth of hot chocolate in coming years. For instance, coffee giant Starbucks is increasingly expanding in China owing to presence of a large tea drinking population. To tap this opportunity, the company is opening about 600 stores annually in the country. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450254/ibb Cocoa is considered a key ingredient in the manufacturing of hot chocolate that has no substitute in the market owing to which the manufacturers increasingly rely on these nations for their supply. Disturbances and irregular supply leads to volatility in the prices of cocoa in the market, thereby hampering the growth of hot chocolate market. The market is highly consolidated due to the presence of few major players. Consumers across the globe are increasingly adopting healthy eating habits owing to which they are reducing sugar intake. This trend has forced major vendors to introduce sugar-free products. Moreover, companies are focusing on expanding their geographical reach with the launch of nutrient-enriched products owing to rising disposable income in emerging economies. Some of the vendors operating in the market are Nestle; Mondelēz International; The Hershey Company; Mars; Incorporated; Chocoladefabriken Lindt & Sprüngli AG; Xucker GmbH; Cocosutra; HARIBO of America, Inc.; Twinings (Associated British Foods plc); and Valrhona Inc. Grand View Research has segmented the global hot chocolate market by distribution channel: Hot 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 |