Chocolate Market: Rising Disposable Incomes to Encourage Consumption across Emerging Asia Pacific Economies

The global market for chocolates is examined in a recent market research report by Transparency Market Research. The report, titled “Chocolate Market (Product Type - Dark Chocolate, Milk Chocolate, and White Chocolate) - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast 2016 – 2024,” forecasts the growth trajectory of the market and its key elements over the period between 2016 and 2024.

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The report states that the market is chiefly influenced and driven by the increasing level of consumer awareness regarding the vast health benefits of cocoa-rich dark chocolates (cocoa percentage of 70% or more). Studies have demonstrated that the regular, and limited, consumption of dark chocolates is good for blood circulation, heart, brain, and may also prove beneficial in effective management of health challenges such as obesity, autism, and diabetes.

The increased awareness regarding these factors has significantly helped in boosting the overall consumption of chocolates across the globe. The factor is also expected to play a crucial role in the future development of the market and is projected to be a key driver of the dark chocolates segment in the global market. Other product segments of the global chocolate market, including milk chocolate and white chocolate, are also expected to gain increased traction globally as the disposable incomes of consumers in several emerging economies are rising at an encouraging rate. In developing countries across Asia Pacific, the rising population of affluent consumers is one of the key factors boosting the overall consumption of chocolates.

From a geographic persepctive, the global chocolate market has been segmented into Asia Pacific, Europe, North America, and Rest of the World (RoW). Over the past few years, Asia Pacific has secured a strong position in the market as one of the dominant consumers of chocolates. The increasing influence of Western eating habits on the population of emerging economies in the region has intensified the demand for chocolates. Moreover, many international chocolate brands are increasingly foraying into this region, expected to further bolster the market for chocolates.

The report provides a thorough overview of the competitive and vendor landscape of the global chocolates market and includes details pertaining to the key business strategies adopted, finances, market share, product portfolios, and strengths and weaknesses of some of the key vendors operating in the market. Details regarding mergers, acquisitions, and other strategic collaborations observed in the market in the past few years are also analyzed. Some of the key vendors operating in the global chocolates market are Mars Inc., Kraft Foods, Moonstruck Chocolatier Co., Nestle SA, Ferrero Group, Hershey Foods Corp., and Ghirardelli Chocolate Co.