LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global chocolate market to grow at a CAGR close to 5% during the forecast period, according to their latest market research report.
The growing demand for healthier chocolates is one of the major trends being witnessed in the global chocolate market 2019-2023. The demand for healthier chocolates such as vegan, organic, and sugar-free chocolates has witnessed significant growth in recent years. This is due to the high preference for healthy living and awareness of the negative impacts of eating chocolates. Global firms such as Mars, Mondelēz International, and Nestlé are reformulating their mass-market chocolates to create a healthier image of their products in the market. The demand for healthier chocolates is leading vendors to offer new healthy chocolates with low-sugar content and increased fortification of nutrients. Vendors are introducing dark chocolate bars, protein bars with chocolate, sugar-free chocolates, and single-origin chocolate to cater to the high demand for healthy and high-quality chocolates.
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According to Technavio analysts, one of the key factors contributing to the growth of the global chocolate market is the increasing premiumization of chocolates:
Global chocolate market: Premiumization of Chocolates
The global demand for premium chocolates is growing, particularly in emerging economies such as China, India, and Brazil. Vendors such as Mars, Barry Callebaut, and Mondelez International are increasing efforts to improve differentiation. Premiumization, and personalization in their chocolate segments with new premium offerings. For example, in August 2018 Mondelez International launched premium single bars under its GREEN & BLACK'S portfolio to capture the growing premium single bar chocolate market. Premium chocolates offer vendors higher profit margins and have a better taste and quality. Thus, currently, many players are launching premium chocolates to attract consumers who are influenced by price, packaging, ingredients, exclusivity, and provenance. The practice of using premium chocolates as gifts due to their quality and taste is also high. Thus, vendors such as Chocoladefabriken Lindt & Sprungli, Ferraro, and Godiva Chocolatier (a brand under Pladis) offer premium chocolates as gifts.
According to a senior analyst at Technavio for research on food, “Apart from premiumization of chocolates, product launches is one other factor boosting the growth of the market. Product launches increase the versatility, awareness, and availability of new and innovative chocolate flavors. The players launch new products to cater to changing consumer demands. Successful product launches help in increasing the revenue flow and expanding consumer outreach. Hence, it is one of the primary factors for the growth of the market. Consequently, more players are launching new product lineups with improved taste and versatility to drive sales.,”
Global chocolate market: Segmentation analysis
The global chocolate market research report provides market segmentation by product (milk chocolate, dark chocolate, white chocolate), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The milk chocolate held the largest share of the market in 2018, accounting for over 45% share, followed by dark chocolate, and white chocolate respectively. However, during the forecast period, the white chocolate segment is expected to register the highest incremental growth, followed by the dark chocolate segment.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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