(I-BusinessNews.Com, September 23, 2022 ) The global chocolate market size was valued at USD 120.4 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 6.5% over the forecast period. One of the most lucrative segments of the global confectionery market is chocolate. For the previous ten years, the chocolate sector has represented a multibillion-dollar market, and within the next few years, new heights of expansion are anticipated. Over the coming years, increasing consumer awareness of the health advantages of daily chocolate consumption will continue to be a major driver of the global chocolate industry.
The market for chocolate is expanding as consumers become more aware of the advantages of ingesting foods that are high in cocoa. Other health benefits of cocoa include protection against radiation, a reduction in hypertension, and assistance with chronic fatigue syndrome. Additionally, cocoa includes polyphenols, which shield the body's tissues against oxidative stress and its associated conditions including cancer and inflammation. The chocolate markets are also growing as a result of these considerations.
• A shift in consumer tastes and preferences and increased expenditure on chocolate and other confectionery goods are cited as the main drivers of industry expansion, despite developed countries being established as well as thriving markets for chocolate.
• The presence of antioxidants, chocolate's ability to lower blood pressure, and its purported anti-aging benefits will continue to be the main drivers of demand for chocolate and chocolate-related products.
The Restraining Factors of the Chocolate Market
The primary reasons that will continue to pose challenges to the chocolate market throughout the forecast period include high raw material costs, unpredictability in the weather, and a growing market for chocolate substitutes.
The global Chocolate Market on the basis of Type, market is categorized into Milk/White Chocolate and Dark Chocolate. On the basis of Distribution channels, the market is classified into Supermarkets/ Hypermarkets, Specialist Retailers, Convenience Stores, Vending Machines, Online Channel, Variety Stores, and Others.
The Chocolate Market Regional Analysis
The dominance of North America, particularly the U.S., in the chocolate market will continue to be attributed to the region's abundance of top worldwide chocolate brands and increased chocolate consumption. The U.K., as well as Germany, will be the two largest markets in Europe. But over the forecast period, APAC, primarily China and India, is anticipated to grow at the quickest rate. The rising influence of the Living standard and understanding of the health advantages of chocolate are credited with this growth.
The major players operating in the chocolate market are Mars Incorporated, Ferrero International SA, Mondalez International, The Hershey Company, Nestle SA, Yıldız Holding, Chocoladenfabriken Lindt & Sprungli AG, Grupo Arcor, Meiji Holdings Co. Ltd
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