Chocolate Market | Growth | Trends

Market Snapshot

Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Europe

CAGR% (2019-2014):

4.5%

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Market Overview

The global chocolate market is forecasted to reach USD 139.94 billion by 2024 growing at a CAGR of 4.5% during the forecast period (2019 - 2024). The Global chocolate market is highly competitive, with the presence of numerous leading players accounting for the major share. The increasing demand and growing popularity of dark and organic chocolates are fuelling the market’s growth. Furthermore, the seasonal demand plays an important role in the chocolates sales. Various companies are launching a wide range of chocolate varieties during occasions, like Easter. Factors, such as shape and packaging of chocolates are the key strategies adopted by companies to attain maximum sales during a festive season. Europe is the second largest market for chocolates. The molded chocolate segment dominated the market in 2017, and is the most consumed chocolate in Europe. Furthermore, it is expected to maintain its dominance during the forecast period. In Europe, Russia is the largest market for chocolate, followed by Germany, the United Kingdom, and France.

Scope of the Report

The scope of the global chocolate market includes white/milk chocolate, dark chocolate. By distribution channel, the global chocolate market is segmented as supermarkets/ hypermarkets, specialist retailers, convenience stores, online channel, and other distribution channels.

By Product Type
		Dark Chocolate
		Milk/White Chocolate

By Distribution Channel
		Supermarkets/ Hypermarkets
		Specialist Retailers
		Convenience Stores
		Vending Machines
		Online Channel
		Variety Stores
		Other Distribution Channels

Geography

North America
	United States
	Canada
	Mexico
	Rest of North America

Europe
	Germany
	United Kingdom
	France
	Italy
	Russia
	Spain
	Rest of Europe

Asia-Pacific
	India
	China
	Australia
	Japan
	Rest of Asia-Pacific

South America
	Brazil
	Argentina
	Rest of South America

Middle East & Africa
	UAE
	South Africa
	Rest of Middle East & Africa

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Key Market Trends

Impulse Purchasing Behaviour of Consumers

The impulse buying behavior of consumers is boosting the sales of chocolates across the globe. Consumers in the shopping store might not specifically be shopping for the confectionary goods like, chocolates. However, related confectionary items displayed at prominent places attract buyers’ attention and causes impulse buying behavior in them. The rising income levels of the consumers and the changing lifestyles are the key factors increasing the impulse purchase of the consumers. Children and grown-ups keep buying chocolates irrespective of their economic situation because chocolates are related to impulse purchase and are correlated with rewards and moments of happiness. The color and packaging of the chocolates play an important role in their purchase. The attractive packaging and color helps the manufacturer in gaining prompt spontaneous response from consumers. Purple was ranked, as the most influential color followed by red and blue, in stimulating the purchase of chocolate products.

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Moulded Chocolates Dominating the Market

North American consumers prefer dark chocolate over milk chocolate Innovation in chocolates is majorly concentrated on the seasonal chocolates which are used majorly for gifting purpose. Owing to the rise in demand for [premium chocolates, the United States accounted for the largest market share in the region. In Europe, the chocolate market is dominated by Russia, followed by the United Kingdom and Germany. There is a huge potential for the growth of the chocolate market in the Asia-Pacific region as various emerging economies such as China, India, and Japan. However, in South America, the Middle East, and Africa regions, the market is highly dominated by Mondelez international.

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Competitive Landscape

Mars Incorporated, Ferrero, Hershey’s, Modelez International, Nestle, are few among thsoe prominent players companies in the global chocolate market. Nestle and Mars, Incorporated are the most active companies in terms of product launches. New Product launch is the most preferred strategy in the global market. The development of products to enhance the portfolio and to capture the untapped markets has driven the growth of the chocolate market. Owing to the changing tastes and preferences of consumers, there have been considerable developments of products by various market players. The leading players in the chocolate market enjoy a dominant presence worldwide. Brand loyalty among the consumers gives these companies an upper edge.

Major Players

* Complete list of players covered available in the table of contents below

1. INTRODUCTION
1. 1.1 Study Deliverables
2. 1.2 Study Assumptions
3. 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
1. 3.1 Market Overview
4. MARKET DYNAMICS
1. 4.1 Market Drivers
2. 4.2 Market Restraints
3. 4.3 Porters Five Forces Analysis
  1. 4.3.1 Threat of New Entrants
  2. 4.3.2 Bargaining Power of Buyers/Consumers
  3. 4.3.3 Bargaining Power of Suppliers
  4. 4.3.4 Threat of Substitute Products
  5. 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
1. 5.1 By Product Type
  1. 5.1.1 Dark Chocolate
  2. 5.1.2 Milk/White Chocolate
2. 5.2 By Distribution Channel
  1. 5.2.1 Supermarkets/ Hypermarkets
  2. 5.2.2 Specialist Retailers
  3. 5.2.3 Convenience Stores
  4. 5.2.4 Vending Machines
  5. 5.2.5 Online Channel
  6. 5.2.6 Variety Stores
  7. 5.2.7 Other Distribution Channels
3. 5.3 Geography
  1. 5.3.1 North America
    1. 5.3.1.1 United States
    2. 5.3.1.2 Canada
    3. 5.3.1.3 Mexico
    4. 5.3.1.4 Rest of North America
  2. 5.3.2 Europe
    1. 5.3.2.1 Germany
    2. 5.3.2.2 United Kingdom
    3. 5.3.2.3 France
    4. 5.3.2.4 Italy
    5. 5.3.2.5 Russia
    6. 5.3.2.6 Spain
    7. 5.3.2.7 Rest of Europe
  3. 5.3.3 Asia-Pacific
    1. 5.3.3.1 India
    2. 5.3.3.2 China
    3. 5.3.3.3 Australia
    4. 5.3.3.4 Japan
    5. 5.3.3.5 Rest of Asia-Pacific
  4. 5.3.4 South America
    1. 5.3.4.1 Brazil
    2. 5.3.4.2 Argentina
    3. 5.3.4.3 Rest of South America
  5. 5.3.5 Middle East & Africa
    1. 5.3.5.1 UAE
    2. 5.3.5.2 South Africa
    3. 5.3.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
1. 6.1 Market Share Analysis
2. 6.2 Most Active Companies
3. 6.3 Most Adopted Strategies
4. 6.4 Company Profiles
  1. 6.4.1 Mars Incorporated
  2. 6.4.2 Ferrero Group
  3. 6.4.3 Mondalez International
  4. 6.4.4 Hershey Co.
  5. 6.4.5 Nestle SA
  6. 6.4.6 Pladis
  7. 6.4.7 Chocoladenfabriken Lindt & Spr�ngli AG
  8. 6.4.8 Arcor
7. MARKET OPPORTUNITIES AND FUTURE TRENDS