Press Release Description
Chocolate Market to Bloom Owing to the Growing Appetite for Premium & Artisanal Chocolates Globally
The Global Chocolate Market size is valued at USD 421 billion 2023 and is estimated to grow at a CAGR of around 4.7% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. A remarkable upsurge in demand for premium and specialized chocolates, notably witnessed in the US, France, Belgium, and Germany, serves as a driving force for market expansion. Key factors propelling this growth encompass the rising preference for organic, vegan, sugar-free, and gluten-free chocolate varieties. Seasonal shifts notably impact high-end chocolate sales, prompting companies to introduce diverse assortments during festive occasions like Easter, Christmas, and other celebrations.
A noticeable trend in the Chocolate Market is the burgeoning demand for artisanal chocolates, leading companies to establish boutique outlets to promote their brands. This trend underscores unique flavors derived from cocoa beans, emphasizing a shift toward quality and heightened demand. Another emerging trend bolstering demand is the inclination toward clean-label and organic products, spurred by a growing focus on overall health and wellness. This trend has significantly increased the appeal of dark and sugar-free chocolates.
The market for fine-flavored cocoa is experiencing substantial growth, particularly in regions such as Europe and North America. Besides, the rising premium cocoa demand, characterized by sustainability certifications and single-origin offerings, serves as a catalyst for overall market growth, further states the research report, “Global Chocolate Market Analysis, 2024.”
Global Chocolate Market Segmentation Analysis
Food & Beverage Sector to Lead the Chocolate Market
Based on application, the market is further segmented as Food & Beverage (Confectionery, Dairy, Bakery, and Others), Cosmetics, Pharmaceuticals, and Others. The Food & Beverage sector is anticipated to claim the biggest share of the Chocolate Market moving forward. Chocolate's integral role in confectionery and beverage production amplifies its demand in this industry. This trend is foreseen to bolster the requirement for cocoa butter and cocoa powder in the coming years. Furthermore, the growth of gourmet and specialty cocoa-based products in the global food service sector also notably contributes to the market's expansion.
Europe to Overpower Other Regions in the Global Market
In the near future, Europe is projected to maintain its dominance in the Global Chocolate Market. The cocoa market in this region thrives on diversity, sourcing an extensive range of cocoa beans to cater to industry demands. With a substantial 61% share in global cocoa bean imports, Europe tends to have a strong foothold across the global market. Dark chocolates are in high demand owing to their reduced sugar content and strong cocoa flavor.
The region serves as a central hub for industrial chocolate production, housing major global producers, primarily located in Belgium, the Netherlands, Germany, and Switzerland. Beyond its significant role as a producer, Europe stands at the forefront of chocolate consumption. Moreover, there's a rising appetite for premium variations, especially dark chocolates, across the region, signifying evolving consumer preferences. This shifting trend greatly impacts the growth trajectory of the European Chocolate Market during 2024-30.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Ghirardelli Chocolate Co, Ferrero Group, Mars Inc, Hershey Foods Corp, Moonstruck Chocolatier Co, Barry Callebaut, Nestle SA, Amul, Cadbury, and others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the Global Chocolate Market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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