Addition or alteration to country, regional & segment scope. In the initial stages of lockdown, panic buying of food supplies by consumers contributed to the rapid growth in the sales of mainstream chocolates in retail channels as a source of indulgence and comfort. The report was very accurate and as per my requirements. Chips & Bites5.4.1. There is growing popularity of dark chocolate in the region which is attributed to the increasing knowledge regarding the health benefits of cocoa. With a rising preference for milk type category, many companies have been launching new products with clean labels such as organic, vegan, and certified Kosher to expand the existing product portfolio. What are the factors driving the chocolate confectionery market. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. Your transaction & personal information is safe and secure. Chocolate Confectionery Market: Product Estimates & Trend Analysis5.1. This growth is attributed to the increasing target young and millennial population in the region. Chocolate chips & bites market estimates and forecast, 2017-2030 (USD Billion)5.5. Industry Value Chain Analysis3.4.1. The product range consists of five bars in three flavors such as peanut butter, milk mousse, and creamy caramel. The rising trend of organic and sustainably sourced chocolate has contributed to new product developments in the chocolate confectionery industry. Grand View Research is registered in the State of California at Grand View Research, Inc. 201 Spear Street 1100, San Francisco, CA 94105, United States. Strategic Initiatives10.10. They are popular among consumers owing to their convenient size. Chocolates have become a popular dessert of religious events, special occasions such as Christmas, Easter, and others. The companys net sales increased by 2.2% in North America in the first quarter of 2020 due to increased buying ahead of the lockdown period. Company Overview10.8.2. Europe is the largest market for confectionery products of chocolate and is expected to rise at a CAGR of 1.7% during the forecast period from 2020 to 2027. Growing at a CAGR of 2.3%, the market will exhibit steady growth in the forecast period (2020-2027). Buyer Power3.6.1.3. Chocolate confectionery Market: Region Estimates & Trend AnalysisChapter 9. For instance, in February 2020, the company launched completely dairy-free chocolates to its plant craft range. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive, Please pass on our sincere thanks to the whole team at Fortune Business Insights. Strategic Initiatives10.8. Which factors are expected to drive the adoption of these products? Evolving consumer preferences towards innovative & novel products has necessitated manufacturers to introduce new products in the market. Consumers are looking for high-quality products that are good for their health and the environment. Supermarkets & Hypermarkets7.2.1. Milk6.2.1. The market exhibits a highly consolidated structure. The key players such as Olam International, Cargill, Inc., Nestle S.A, and Berry Callebaut AG are focusing on strategic mergers, acquisitions, and partnerships to further consolidate the market. Besides this, the report offers insights into the market trends for chocolate confectionery and highlights key industry developments. Milk chocolate confectionery market estimates and forecast, 2017-2030 (USD Billion)6.3. Driver Impact Analysis3.5.2. https://www.fortunebusinessinsights.com/industry-reports/chocolate-confectionery-market-100539, Chocoladefabriken Lindt & Sprungli AG (Zrich, Switzerland), Europe (U.K., France, Italy, Spain, Germany, and the Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and the Rest of Asia- Pacific), South America (Brazil, Argentina, and the Rest of South America), Middle East & Africa (South Africa, UAE, and the Rest of the MEA), Granular Research on Specified Regions or Segments, Companies Profiled based on User Requirement, Broader Insights Pertaining to a Specific Segment or Region, Breaking Down Competitive Landscape as per Your Requirement, Other Specific Requirement on Customization. In July 2020, Luxury Swiss Chocolatier Chocoladefabriken Lindt & Sprngli AG announced the launch of three dairy-free, vegan chocolate bars for Christmas 2020, available in three flavors such as hazelnut, salted caramel, and cookie.
Product Benchmarking10.7.4. The growing demand for craft, customized & premium chocolates among millennials is further fueling the chocolate confectioneries market growth. This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. Several prominent market players such as Barry Callebaut, Chocoladefabriken Lindt & Sprngli AG, Nestl (all based in Switzerland), and Ferrero (Italy) are also present in the European region. We value your investment and offer free customization with every report to fulfil your exact research needs. According to Cargills ChocoLogic research in February 2021, 52% of consumers in the U.S. purchase dark chocolate confectionery products due to the perception of health benefits associated with it. Factors Affecting Buying Decision4.4. Chocolate products are also known for their stress-relieving characteristics, which had led to the sudden rise in their sales in the initial months of COVID-19 outbreak. Company Overview10.4.2. This is a very good piece of work and will be very helpful to us going forward. North America Chocolate Confectionery Market Size, 2019 (USD Billion), To get more information on the regional analysis of this market, Request a Free sample. Financial Performance10.1.3. In 2019, the North America market value stood at USD 19.50 billion. Product Benchmarking10.4.4. Market Entry StrategiesChapter 4. The segment is projected to retain its dominance throughout the forecast period, owing to the high consumer inclination toward shopping for grocery products from supermarkets. The global chocolate confectionery market size was valued at USD 114.33 billion in 2019 and is projected to reach USD 136.42 billion by 2027, exhibiting a CAGR of 2.3% during the forecast period. Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. Product Benchmarking10.3.4. The adoption of the product is increasing remarkably among millennials and centennials.
Further, strong advertising and marketing campaigns for vegan, gluten-free, low-sugar chocolates are also driving the demand. Reticence of U.S. Consumers towards Sugar Intake is Affecting Sales by Volume. Ferrero10.2.1. Europe accounted for the largest share in 2021. However, the milk chocolate segment holds the major market share across the globe owing to its popularity among children and adolescents. The leading manufacturers are intensively focusing on investing in research and development centers, distribution networks, and attractive packaging to capitalize on the growing demand. The market is competitive, owing to the presence of many global and domestic companies. These bars are certified Kosher, trans-fat-free, and non-GMO. Premiumization is a budding trend driving the demand for premium and luxury chocolates in developed economies. On the other hand, the volume demand for sugar-free chocolates is expected to grow at a CAGR of 6.3% in the country. Avail of customized purchase options to meet your exact research needs. Remarkable job and great efforts by your research team. Key factors that are driving the chocolate confectionery market growth include increasing demand for premium chocolates with claims such as vegan, gluten-free, organic, etc. All rights reserved. For instance, in September 2020, Chocoladefabriken Lindt & Sprungli AG inaugurated the Lindt Home of Chocolate in Switzerland. Higher cocoa content is perceived to have low sugar content, ultimately flourishing the dark chocolate segment. The FDA altered the regulations in the year 2018 for all the U.S. chocolate confectionery products, forcing companies to have a declaration on the packaged items about how the added sugar content is likely to create health issues. Robust Demand for Specialty Chocolate Products Supports Market Growth. This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2017 to 2030. What is the chocolate confectionery market growth? Demographic Analysis4.2. The chocolate confectionery market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading distribution channels of the product. Explore purchase options. Such factors are likely to complement the overall market growth for healthier products. Key global players, recent developments & their impact on the industry9.2. The market in the region is primarily propelled by the growing trend of organic and clean-label chocolate confectioneries. Impact of COVID-19 on the Chocolate Confectionery Market3.4. Which segment accounted for the largest chocolate confectionery market share? Fortune Business Insights says that the global chocolate confectionery market size was valued at USD 114.33 billion in 2019 and is projected to reach USD 136.42 billion by 2027. Distribution Channel Movement Analysis & Market Share, 2021-20307.2. Threat from New Entrant3.6.1.5. According to a survey published by YouGov PLC in February 2021, stated that approximately 49% of Americans in the U.S. are partial to milk chocolates. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. Thank you!, I recommend Fortune Business Insights for their honesty and flexibility. The trend of home cooking and preparing uncommon dishes, especially bakery items, while all the bakeries and restaurants were shut, was observed across the globe. "Market Intelligence that Adds Flavour to Your Success", Region : Global | Format: PDF | Report ID: FBI100539. However, there is a swift reduction in the demand for premium chocolates amidst the pandemic wherein premium and specialty chocolate products are used seasonally and are majorly used as gifting products during travelling and festival celebrations. It is a 70% dark chocolate bar made of cocoa fruit under its Les Recettes de LAtelier brand. On the other hand, white chocolate found vast scope for the consumer categories preferring to avoid the bitterness of dark chocolate. Product Benchmarking10.2.4. The market in Asia Pacific is expected to grow at a significant CAGR. Financial Performance10.9.3. By continuing to visit this site you agree to our use of cookies . France and Belgium have witnessed considerable growth in the recent past. Market estimates and forecast through convenience stores, 2017-2030 (USD Billion)7.4. Copyright 2022 Grand View Research, Inc. All rights reserved. With the rising demand for premium products for various festivals and small occasions, the demand for chips & bites is also rising. Increasing Association of Chocolate with Festivals & Special Occasions to Drive Growth. The increasing prevalence of lifestyle-related health conditions such as obesity and diabetes associated with excessive sugar consumption is having a significant impact on the chocolate industry. Consumer Trends and Preferences4.3. The facility showcases a unique chocolate competence center, attractive museum, and open-view production plant.The dark chocolate segment is expected to be the fastest-growing segment during the forecast period. This is attributable to the increased production of artisanal chocolates and constant innovations in terms of flavors, and in-store promotions. The recent outbreak of COVID-19 has increased the penetration of online retailers in the chocolate confectionery segment. New technologies for chocolate confectionery formulation along with the beneficial natural flavors and other ingredients have given rise to a new phase in this industry. For instance, in January 2021, Mondelz International acquired Hu Master Holdings, a manufacturer of premium snacks made from simple ingredients, at USD 340 million. However, the chips & bites segment is projected to register the fastest growth from 2022 to 2030. Furthermore, an increasing number of consumers globally are following healthy eating lifestyles that have specialized needs and demand better-for-me alternatives, as health & wellbeing have become a top priority. Product Benchmarking10.1.4. Mondelez International10.5.1. Product Benchmarking10.5.4. Truffles & Cups5.5.1. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, "Chocolate Confectionery Market Size, Share & Trends Analysis Report by Product (Boxed, Molded Bars), by Type (Milk, Dark), by Distribution Channel (Supermarkets & Hypermarkets, Online), by Region and Segment Forecasts, 2022-2030", https://www.researchandmarkets.com/r/1we4gr. Diabetic patients resist the consumption of chocolates to avoid and reduce sugar intake in their daily diet. The per capita consumption of chocolate in these countries is higher than the countries of other regions.
The same is projected to affect the market as it will lead to higher costs to the chocolate manufacturers and increased cost of end products. Most of the products launched by companies are debuted at big supermarkets & hypermarkets, such as Walmart, Tesco, and Kroger, due to their larger customer base. Key company market share analysis, 2021Chapter 10. Consumers in the U.S. are becoming more inclined towards chocolate confectionery products having reduced sugar content to cut down on the sugar intake levels. Financial Performance10.6.3. The countrys per capita consumption of this confectionery items was at 4.5-4.6 kg, which is higher compared to sugar confectionery products at 3.0-3.1 kg/person in 2018. Privacy Policy. I appreciate the timeliness and responsiveness of you and your team., The global chocolate confectionery market size was valued at $114.33 Bn in 2019 & is projected to reach $136.42 Bn by 2027, at a CAGR of 2.3% during forecast period, 2020 Fortune Business Insights . Consumer Behavior Analysis4.1. Complimentary 10 hours free analyst time for market review, 3. This market is primarily driven by evolving preferences for novel and innovative confectionery products. Moreover, the increased importance of seasonal chocolates during special events and their increased affordability is also aiding the growth of the market. Consumers consider a variety of factors when shopping for confectionery products, with many purchasing premium items. We use cookies to enhance your experience. At what CAGR is the market projected to grow in the forecast period (2020-2027)? Technological Advancements Contribute to the Increasing Demand for Premium Chocolates. For instance, in January 2020, Hershey India Private Ltd, the Indian subsidiary of the American confectionery manufacturer, launched molded bars in India under its flagship Hersheys brand. According to CBI Ministry of Foreign Affairs (EU), the global per capita consumption of chocolate was 0.9 kg per year while the same is higher in European nations (Switzerland at 10.5 kg and Germany at 9.2 kg per capita per year). In the past few years, the popularity of the product among consumers, especially in Asian countries, has increased with shifting taste preferences and growing awareness about the many health benefits of dark chocolate. Some of the key players operating in the global chocolate confectionery market are: Revenue in USD billion and CAGR from 2022 to 2030, Revenue forecast, company ranking, competitive landscape, growth factors, and trends, Product, type, distribution channel, region, North America; Europe; Asia Pacific; Central & South America; Middle East & Africa, U.S.; Canada; Germany; U.K.; Switzerland; China; Japan; India; Brazil; UAE, The Hershey Company; Ferrero; Chocoladefabriken Lindt & Sprngli AG; Mars, Incorporated; Mondelz International; Nestl; CEMOI Group; Barry Callebaut; Lake Champlain Chocolates; LOTTE. Approximately 72% of surveyed consumers claimed that chocolate uplifted their moods, while 59% stated it supports their energy while working from home during the lockdown. Please wait while we are processing your request Chocolate Confectionery Market Share Report, 2030. Financial Performance10.10.3. Growing consumer preference for online platforms has prompted companies to offer products through this channel. Very satisfied with the overall report as it has helped me to build strategies for my business, This is regarding the recent report I bought from Fortune Business insights. Product Movement Analysis & Market Share, 2021-20305.2. The demand for chocolate confectioneries in emerging economies such as China and India has witnessed an upward trend in recent years, attributed to the increasing consumer expenditure on indulgent confectionery products, especially chocolate items. Within Europe, countries such as Switzerland, Belgium, Germany, Austria, and the U.K. are the largest producers and consumers of chocolate products. Mars, Incorporated10.4.1. Manufacturers are launching a wide range of chocolate confectionery in the healthier segment, with claims such as vegan, gluten, and dairy-free to cater to the rising customer demand, which is increasing the scope of chocolate confectionery in the global market. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Company Overview10.9.2. Free upgrade to enterprise license (allows to share across all company locations), 5. Request a Free sample to learn more about this report. The production and sales of chocolate items have experienced a sudden slump due to the outbreak of the COVID-19 pandemic. Chocolate sales statistics for the recent months reveal that there is a huge rise in the purchase of chocolate items before the lockdown measures were implemented in almost all countries. The global chocolate confectionery market size is expected to reach USD 312.6 billion by 2030, expanding at a CAGR of 6.4% during the forecast period. Company Overview10.3.2. The product is available in grocery stores, supermarkets, and e-commerce platforms, such as Amazon. Competitive Analysis9.1. Moreover, the growing population, increasing consumer disposable income, and rising awareness about such products are contributing to the regional market growth. It is dominated by five major players holding approximately 88% share in the entire market owing to their huge client base, strong brand loyalty, & robust distribution network. According to the Global Diabetes Community, U.K., it is estimated that 415 million people had diabetes in 2018 across the world and is expected to rise to 642 million people living with the disease worldwide by 2040. Emerging Trend of Premiumisation to Drive Global Chocolate Sales. The spread of the COVID-19 pandemic and extended period of lockdowns is negatively affecting the chocolate product sales. Barry Callebaut, Ferrero SpA, & Nestle S.A. are the major players in the market. b. Consumers are willing to spend more for premium and crafted products. Many key companies have been acquiring premium chocolate brands to expand their brand portfolio. Sales/Retail Channel Analysis3.4.2. Milk type was the largest segment in 2021. "The quality of research they have done for us has been excellent.". The rapid escalation in demand for premium or specialty chocolates, especially in developed markets such as the U.S., France, Belgium, and Germany has been observed in recent years and an upward trend is expected in the coming years. Bar chocolates are the most consumed chocolate form in the world. The demand for premium chocolates is growing across the world due to the rising consumer discretionary income and evolving gifting tradition. Industry Challenges3.5.4. Various strategies, such as introducing innovative product offerings into the market and marketing & promotions, are being adopted by these key market players to increase the outreach of their products and expand their presence into emerging markets. from 8 AM - 9 PM ET. Industry Analysis-Porter's Five Forces3.6.1.1. Product launches in this segment by key players in the market are likely to supplement the overall segment growth. On the other hand, the companys international and other segments net sales have declined by 8.1% due to the slowdown in purchases in the Chinese market as the COVID-19 pandemic impacted the country well before the other countries. For this study, Grand View Research has segmented the global chocolate confectionery market based on product, type, distribution channel, and region. Consumers are looking for healthy products that also provide indulgence. The online distribution channel is anticipated to be the fastest-growing segment during the forecast period. The report covered all the points and was very detailed. Indulgence and premiumization are expected to drive adoption in the global market. Strategic Initiatives10.4. b. Swift Rise in Demand for Chocolate Confectioneries Due to Stockpiling During COVID-19 Lockdown. LOTTE10.10.1. For instance, MycoTechnology, Inc. uses mushrooms to create sweeter chocolates with less sugar. Other chocolate confectionery market estimates and forecast, 2017-2030 (USD Billion)Chapter 6.