The market stands at USD XX million in 2017 and is expected to reach USD XX million by 2023 with a CAGR of XX%.
The growing awareness of health benefits of pure and dark chocolate; the increasing demand for seasonal chocolates, rising disposable incomes, a large variety of applications, easy availability, affordability and convenience are the major drivers of the market. The consumer’s change of taste with an increasing demand for natural and organic products especially in the developed region has opened new opportunities for the organic and vegan chocolate market. The regulatory standards of some developed regions are also triggering the growth of the chocolate market. However, the growing market of chocolate substitute in some developing regions; the high price of raw materials, limited cocoa producing region, and the change in consumer preference are some of the restraining factors for the market.
On the basis of ingredient composition chocolate market is sub-segmented into pure and compound chocolate. Pure chocolate is further sub-segmented into coverture and regular chocolate. The three types of chocolate products are dark, milk and white. Milk chocolate is the most popular product worldwide with a major share in the market. Market segmentation according to sales is divided into premium, everyday and seasonal chocolates. By the various processed form of chocolate, the market is sub-segmented as chocolate bars, spreads, syrups and others. Chocolate products are commercially used in various product application markets such as bakery, confectionery, beverages and others.
Market segmentation according to geography includes North America, Europe, Asia-Pacific, South America and Africa. Africa is the world’s largest producer of cocoa and premium quality cocoa. The consumer market is dominated by North America followed by Europe while the developing countries in the Asia-Pacific region are growing at a relatively faster rate.
Covering 4 categories, 25 segments across 52 countries - offering over 45,000 data points
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