The new report by Expert Market Research titled, ‘Global Chocolate Market Growth, Size, Share, Industry, Analysis, Report and Forecast 2020-2025’, gives an in-depth analysis of the global chocolate market, assessing the market based on its segments like types, packaging, distribution channels, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2015-2025)
1. Historical Market Size (2019): USD 106.6 billion
2. Forecast CAGR (2020-2025): 5.5%
3. Forecast Market Size (2025): USD 147 billion
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The global chocolate market is driven by the rising demand from consumers throughout the world. The purchase of chocolates by children and adults are linked to impulsive purchases regardless of their economic situation. Thus, the rise in impulse purchases, driven by inflating incomes and changing customer lifestyles, are expected to aid the growth of the market.
The dynamic and innovative packaging of chocolates is further strengthening the chocolate industry. The industry is also expected to be strengthened by the increased urbanisation and the rising proliferation of available chocolate and goods. The rising awareness of the product’s anti-ageing, antioxidant enrichment, and hypertension suppressing characteristics are further promoting the growth of the chocolate market.
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Industry Definition and Major Segments
Chocolate is a snack, typically sweetened, that available as a paste or a solid block and is derived from roasted and ground cacao seeds. The product can either be consumed on its own or can be added as an ingredient in beverages, baked goods, and other food products.
Based on type, the market can be divided into:
1. Milk Chocolate
2. White Chocolate
3. Dark Chocolate
4. Others
By packaging, the industry is bifurcated into:
1. Rigid
2. Flexible
Based on the distribution channel, the industry is segmented into:
1. Supermarkets/ Hypermarkets
2. Specialist Retailers
3. Convenience Stores
4. Online
5. Others
The major regional markets for chocolate are:
1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East and Africa
Market Trends
Dark chocolate contains a significant amount of cocoa and is being used for the prevention of ageing and diseases, such as CVD. Recent research has shown that chocolate intake can contribute to stress relief. These factors are expected to contribute to the growth of the market.
The wide range of new consumer applications of chocolate in foodstuffs and pastries is also expected to fuel competition in the market. The chocolate market has the potential to expand more, and in the last decade has proven to be a multi-billion-dollar industry. Chocolate has built prosperous markets in developed countries. Within the developing economies, younger people are the key buyers and are fuelling the growth of the chocolate industry. The foodservice industry growth and the introduction of value-added products are expected to further help the chocolate market growth. The chocolate market is highly competitive, is witnessing a rising demand as a replacement for conventional sweets in developing countries. Such countries, with their evolving consumer habits as well as increased brand loyalty, are also becoming increasingly popular among multinational brands, who are expanding their investments in these regions.
Key Market Players
The major players in the market are Mars, Incorporated, Ferrero Group, Barry Callebaut AG, Mondelez International, Hershey Co., and Nestlé SA, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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