LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the chocolate market in Europe to grow at a CAGR of over 3% during the period 2018-2022, according to their latest report.
Growing influence of online retailing is a key trend which is expected to impact the market. The advent of e-commerce has helped chocolate manufacturers expand their customer base and enhance their profit margins. Online and e-commerce channels facilitate business-to-consumer (B2C) and business-to-business (B2B) operations. The average amount of money spent per online transaction and the number of online transactions are increasing every day. The rise in the number of Internet users and the ready-to-buy attitude of customers are factors contributing to the popularity of the online channel.
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In this report, Technavio analysts highlight the increasing demand and popularity of dark chocolate and organic chocolate as a key factor contributing to the growth of the chocolate market in Europe:
Increasing demand and popularity of dark chocolate and organic chocolate
Owing to its perceived health benefits, dark chocolate is considered a healthier alternative to conventional milk chocolate. Therefore, the demand for dark chocolate has increased significantly in Europe in the last five years. Dark chocolate is rich in fiber, antioxidants, magnesium, and iron. The high concentration of cocoa flavonoids present in dark chocolate helps in improving cardiovascular health, blood flow, and cognitive functions. Besides, dark chocolate has a lower level of detrimental effect on human teeth in comparison to other chocolate varieties. Many consumers also prefer it as an appropriate gifting option.
Since 2010, the “dark chocolate revolution” has been gaining traction in the UK, France, Germany, Switzerland, Belgium, the Netherlands, and Italy. The rising number of new vendors venturing in the dark chocolate space and the increasing number of new product launches featuring dark chocolate will not only drive the dark chocolate market in Europe but will also drive the region’s chocolate market at large.
According to a senior analyst at Technavio for food research, “The popularity of organic chocolates is increasing in Europe with the rising consumer awareness on the negative health implications of consuming products containing synthetic ingredients. Additionally, increasing consumer concerns regarding the origin and quality of ingredients used in chocolates have led to the growth of the organic chocolate market in many European countries.”
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Chocolate market in Europe - segmentation analysis
This market research report segments the chocolate market in Europe by product such as milk chocolate, dark chocolate, and white chocolate. The milk chocolate segment accounted for close to 51% of the market share in 2017, followed by the dark chocolate and white chocolate segments. However, the market share of milk chocolate and white chocolate is expected to witness a significant drop over the forecast period which will be absorbed by the dark chocolate segment. The dark chocolate segment is expected to witness an increase of over 3% by 2022.
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