The global chocolate market size is expected to reach USD 159.49 billion by 2028 according to a new study by Polaris Market Research. The report “Chocolate Market Share, Size, Trends, Industry Analysis Report, By Product (Countlines, Molded, Softline’s/Selflines); By Type (Milk, Dark, White); By Distribution Channel; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing disposable income, growing awareness regarding benefits of dark type products, and relation of the product with celebrations have supported the growth of the industry. Attractive marketing and positioning strategies and innovative product launches by market players have fueled the demand for premium products. Growing demand from emerging economies and increasing consumption of cocoa-based confectionery are factors expected to provide growth opportunities in the global industry during the coming years.
Dark-type contains magnesium, iron, manganese, copper, and other minerals. It also possesses a high amount of fiber and a variety of powerful antioxidants. It is known to offer health benefits such as improved blood flow, reduced blood pressure, manage cholesterol, enhanced insulin sensitivity, and decreased risk of heart diseases.
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The different products available in the industry include count lines, molded, soft lines/selflines, and others. The demand for molded segment is expected to be high during the forecast period. There has been increasing use of this product for events, festivals, gifts, and tokens, encouraging industry players to launch premium molded products with attractive packaging. The growing trend towards artisan premium products, an increasing number of specialty stores, and the growth of e-commerce platforms are factors expected to provide growth opportunities during the forecast period.
The online sales segment is expected to grow at a significant rate during the forecast period owing to, busy lifestyles of consumers increasing disposable income, rising penetration of mobile devices, and improved internet penetration. Industry leaders are gradually taking the initiative to set up their own online portals for sales. The emerging trend of e-commerce and easy availability of products on e-commerce portals have boosted the sales of these products.
Asia Pacific industry is expected to grow at a significant rate during the forecast period. Population growth, rising disposable incomes, and modifying food preferences drive the industry growth in this region. Increasing adoption of western culture, raising awareness about health benefits of dark type products, and a growing number of artisan type stores have increased the demand from this region.
Some major industry participants include Hershey CoNestle SA, Mars Incorporated, Van Houten Chocolates, Mondalez International Barry Callebaut AG, Y?ld?z Holding, Meiji Holdings Co., Ltd., The Kraft Heinz Company, Grupo Arcor, Ferrero Group, Chocoladefabriken Lindt & Sprüngli AG, Brookside Chocolates, Moonstruck Chocolate, and Ghirardelli Chocolate Company.
Polaris Market Research has segmented the chocolate market report on the basis of type, product, distribution channel, and region:
Chocolate, Type Outlook (Revenue, USD Billion, 2016 - 2028)
Chocolate, Product Outlook (Revenue, USD Billion, 2016 - 2028)
Chocolate, Distribution Channel Outlook (Revenue, USD Billion, 2016 - 2028)
Chocolate, Regional Outlook (Revenue, USD Billion, 2016 - 2028)