Global
Chocolate Market: Overview
One
of the most consumed and popular food product among consumers across
the globe is chocolate. Based on the amount of cocoa employed during
preparation, different varieties of chocolates are produced globally.
As the global chocolate market is highly driven by the taste
preferences of consumers, it is imperative that companies focus on
product development and marketing strategies to gain a wider consumer
base and capture new markets.
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exclusive Global strategic Business report
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The
report presents an in-depth analysis of the growth trajectory of the
global chocolate market along with the principal trends. The study
also highlights the factors that are likely to affect the global
chocolate market in a positive or negative manner. It also evaluates
the prime elements at play in the market. To offer a clear outline of
the market, the report utilizes Porter’s five forces analysis and
examines the competitive landscape. It also presents an assessment of
the products, key strategies, and shares of the companies operating
in the global chocolate market. Information on the degree of entry
and exit barriers present in the market has also been provided in the
intelligence report.
Global
Chocolate Market: Trends and Opportunities
The
growth of the global chocolate market is primarily driven by the
rising awareness among consumers regarding the health benefits
associated with cocoa-rich dark chocolates. This trend is anticipated
to boost the popularity of chocolate across the globe. The popularity
of dark chocolate is expected to rise over the forthcoming years
owing to the fact that it helps in preventing cardiac diseases, in
addition to other benefits.
The
growing disposable income of consumers in developing countries of
Asia Pacific is one of the primary reasons behind the mounting demand
for chocolates. In countries such as South Korea, Japan, India, and
China, the presence of regional brands has stirred the sales of
chocolates over the last couple of years. Multinational brands such
as Ghirardelli, Mars, Ferrero, and Hershey’s have also gained
popularity in these countries owing to the changing taste preferences
and increasing brand loyalty.
The
demand for chocolate is at its peak during seasonal and festive
occasions. The expanding applications of chocolate is another factor
that is likely to positively impact the growth of the global
chocolate market. However, fluctuating prices of raw materials,
especially cocoa, the instability of its supply, and the political
instability in cocoa producing countries are likely to restrain the
growth of the market over the next couple of years.
Global
Chocolate Market: Regional Outlook
Region-wise,
the global chocolate market is categorized into Europe, North
America, Asia Pacific, and the Rest of the World. Amidst these, Asia
Pacific emerged as one of the leading consumers of chocolates due to
the rising influence of Western culture and habits in countries in
the region. The success of several international chocolate brands is
expected to further intensify the demand for chocolate in the region.
Companies
Mentioned in the Report
The leading companies operating in the global chocolate market are focusing on product differentiation in terms of taste, flavor, and price to gain a strong hold over the market. Some of the key players are Kraft Foods, Nestle SA, Moonstruck Chocolatier Co., Mars Inc., Ghirardelli Chocolate Co., Ferrero Group, and Hershey Foods Corp.
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