Chocolate Market - Growth, Trends, and Forecast (2020 - 2025)

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.

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.