The confectionary industry is majorly driven by the increase in demand for chocolates. The types of chocolates such as dark, milk, and white have gained traction over the years owing to the increase in their consumption rate. Moreover, wide spread availability of chocolate products coupled with the increase in consumer preferences towards confectionery items have fueled the demand for chocolates in the recent years.
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The demand for cocoa in chocolate products has increased which has led manufacturers to blend superior quality products to meet the growing preferences of the consumers. Moreover, chocolates have been sourced as one of the excellent pressure suppressants and anti-aging confectionery items, which are likely to boost the demand for chocolate-based items. Furthermore, growing acceptance of milk flavored chocolate items and confectionery products are expected to increase the consumers preference to such novelty products. In addition, growing affordability of such confectionery products is driving the market, which is likely to create lucrative growth opportunities.
The health benefits associated with dark chocolates have catapulted its demand owing to its anti-oxidant capacity. The demand for milk chocolates is expected to increase owing to its benefits associated in reducing cardiovascular diseases. However, volatility in prices associated with cocoa is expected to hinder the market growth, but increase in the demand for chocolate based niche products such as drinks, shakes, and gourmet products are expected to create lucrative potential opportunities for the chocolate market.
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North America and Europe are the leading markets owing to the increase in manufacturing setups coupled with the robust supply chain of products. In addition, increase in per capita income has fueled the demand for chocolates in emerging economies such as China and India. The leading market players have focused on consumer preferences, which are likely to generate growth in regions of Latin America, Middle East, and Africa.
The report on the global chocolate market is segmented based on type of chocolate, sales category, and geography. Based on type of chocolate, it includes dark, milk, and white chocolate. Based on sales category, the market is bifurcated into every day, premium, and seasonal chocolate. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top market players in the global chocolate market include Nestle SA, Mars Inc, Cadbury, Moonstruck Chocolatier Co, Ghirardelli Chocolate Co, Ferrero Group, Hershey Foods Corp, Barry Callebaut, and Amul (GCMMF).
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Chocolate Market Key Segmentation
- Dark Chocolate
- Milk Chocolate
- White Chocolate