Chocolate market is growing at a CAGR of 5% during 2021-2026
According to the latest report by IMARC Group, titled “Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2021-2026”, the global chocolate market has reached a value of $ 125 billion in 2020. Chocolates refer to edible foods prepared using roasted and ground cocoa beans found in the pods of Theobroma cocoa trees. The chocolate liquor and cocoa butter obtained from the beans are then mixed in varying proportions to make dark, milk, white and couverture chocolates. These edibles are widely available in the market in many forms, such as blocks, cubes, and melt. They are rich in alkaloids, including phenethylamine, caffeine, theobromine and flavonoids. Therefore, they are commonly used as flavoring ingredients in the preparation of various drinks, bakery and confectionery products, such as cakes, cookies, brownies, pudding, milkshakes and ice cream.
As the novel coronavirus (COVID-19) crisis sweeps the world, we are continuously monitoring changes in the markets, as well as consumer buying behaviors around the world and our estimates on the latest market trends and forecasts are carried out after examining the impact of this pandemic.
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Global Chocolate Market Trends:
The global market is mainly driven by the considerable growth of the food and beverage industry. This can be attributed to the swelling levels of disposable income of the masses and their changing food preferences, which has contributed to an increase in the consumption of ready-to-eat baked goods and confectionery, in which chocolate is commonly used as a must-have ingredient. . The market is further driven by the growing awareness of the many health benefits associated with dark chocolates. These variations include soluble fiber and bioactive compounds as well as being a rich source of antioxidants. As a result, moderate consumption of chocolate rich in cocoa is known to lower blood pressure, improve brain function, and minimize the risk of developing heart disease. Supported by increasing sales of chocolates through organized retail channels both online and offline, this is expected to drive market growth. Other factors contributing to the market include the growing importance of sugar-free and gluten-free chocolates among health-conscious consumers, the widespread popularity of chocolates as party favors, and the growing valuation of chocolate products. Due to the aforementioned factors, the market is expected to grow at a CAGR of around 5% during the forecast period (2021-2026).
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Competitive landscape with key players:
The report also analyzed the competitive landscape of the market with some of the major players being.
Chocoladefabriken Lindt & Sprüngli AG
Guylian Chocolate Factory
Meiji Co. Ltd.
Mondelez International Inc. (Kraft Foods)
Moononstruck Chocolate Company
The Hershey Company
Segmentation of the chocolate market:
Our report has categorized the market based on region, product type, product form, application, price, and distribution.
Breakdown by product type:
Breakdown by product form:
Breakdown by application:
Breakdown by price:
Breakdown by distribution:
Direct sales (B2B)
Supermarkets / Hypermarkets
Breakdown by region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, others)
Latin America (Brazil, Mexico, others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, others)
Highlights of the report:
Market performance (2015-2020)
Market Outlook (2021-2026)
Porter’s Five Forces Analysis
Market drivers and success factors
Complete mapping of the competitive landscape
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