The global chocolate market is gaining traction due to increasing awareness with regards to health benefits of chocolates. Chocolate is obtained from tropical Theobroma cacao tree seeds. The different products used to make chocolates include chocolate liquor, cocoa butter, and cocoa solids. Chocolate is a prominent product used in confectionary and desserts for taste, texture, and flavour. Cocoa contains antioxidants, which offer health benefits such as reduced blood pressure, enhanced blood vessel health and improved cholesterol levels. The demand for dark chocolate has increased significantly over the few years owing to its higher percentage of cocoa and health benefits owing to its high content of alkaloids, and flavonoids. Association of chocolates with festivals and gifts has also increased its popularity. North America and Europe are major consumers of chocolates in the world.
The growing awareness regarding the health benefits of chocolates primarily drives the market. There has been an increased awareness among consumers regarding health benefits offered by chocolates such as improved heart functioning, anti-inflammation properties, anti-oxidant properties, and maintenance blood pressure among others. The consumption of chocolates has also increased owing to increasing disposable income of consumers, especially in the developing regions. Other factors driving the growth of this market include declining cost of cocoa beans, increasing standards of livings, increasing urbanization, changing consumer preferences and wide variety of options available in the global market. The use of chocolates as for festivals and gifts further promotes its adoption.
However, stringent trade regulations, and high prices of raw materials are some of the factors hampering the global market.
The global Chocolate market is segmented on the basis of product type, sales, distribution channel, and geography.
By Product Type
By Distribution Channel
Geographically, the global Chocolate market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
On the basis of geography, Europe is expected to dominate the global market over forecast period. There has been an increased awareness regarding health benefits of chocolates, which has resulted in an increased demand. The increase in demand for speciality chocolates in countries such as France, Belgium, Italy, Switzerland, and Germany supports the growth of the market in the region. Consumers are opting for premium chocolates owing to high disposable income and changing consumer preferences. Increasing health concerns and increasing initiatives by market players to promote health and wellness has increased the consumption of chocolates in the region.