The recent report by IMARC Group titled, “Dark Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global dark chocolate market reached a value of around US$ 40 Billion in 2016, growing at a CAGR of around 8% during 2009-2016. Dark chocolate, also known as bittersweet or semi-sweet chocolate, is a form of chocolate which is made from cocoa butter instead of other fats such as palm and coconut oil.
The basic ingredients used in the production of dark chocolate are sugar, cacao beans, emulsifiers and flavourings. It contains a very high percentage of cocoa solids, antioxidants and is relatively low in sugar. Dark chocolate carries an intense and rich flavour, and is an excellent source of flavonoids which contribute to its pigment. It is also a healthier alternative to other types of chocolates, such as milk chocolate. Dark chocolate is used in the manufacturing of a number of products such as candies, chocolate bars and baking chocolate.
Highlights of the global dark chocolate market:
- The changes in consumer preferences, increasing urbanization and easy availability are some of the demand driving factors.
- The market is segmented on the basis of distribution channels such as super and hyper markets, convenience stores and non-grocery retailers.
- Western Europe accounts for the largest share of the total global dark chocolate.
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Dark chocolate is high in vitamins and minerals, and is an antioxidant rich super-food. Studies also show that dark chocolate provides various health benefits such as it protects from disease-causing free radicals, lowers the risk of heart diseases, and prevents cancer. It also raises good cholesterol and lowers blood pressure, sugar and body mass index. Dark chocolate protects the brain from age-related stress and inflammation
Owing to the health benefits and the consequent changes in consumer preferences, there has been a shift from other confectionary products to dark chocolate over the last couple of decades. Furthermore, an increase in the purchasing power of consumers along with the rising urbanization rate and easy availability are some of the other factors that are driving the dark chocolate market. However, the high prices of raw materials and unstable economies in the cocoa producing markets are the major restraints for the chocolate market. According to the report, the global dark chocolate market is further expected to grow, reaching a value of more than US$ 56 Billion by 2022.
The report has analysed the global dark chocolate market on the basis of distribution channels covering super and hyper markets, convenience stores and non-grocery retailers. On the basis of region, Western Europe accounts for the largest share of the total global dark chocolate, with Switzerland being the largest consumer in the region. Other major regions include North America, Eastern Europe, Asia, Latin America, Middle East and Africa, and Australasia.
The report has examined the global dark chocolate market on the basis of:
- Super and hyper markets
- Convenience stores
- Non-grocery retailers
- Western Europe
- North America
- Eastern Europe
- Latin America
- Middle East and Africa
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