Chocolate Market Trends, Analysis, forecast 2022-2028

1. Global Chocolate Market- Industry Size, Share, Growth, Opportunity and Forecast, 2021-2028

2. Global Chocolate Market- Industry Trends & Forecast Report 2028 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global chocolate market was worth USD 140.4 billion in the year 2021. The market is projected to grow at a CAGR of 4.70%, earning revenues of around USD 192.6 billion by the end of 2028. The global chocolate market is growing at a high rate owing to the increasing disposable income of the consumers, rising working population, and changing consumer preferences. Changing consumer preferences are augmenting sales of seasonal and premium chocolates during festive seasons instead of traditional sweets, which is emerging as another factor for the growth of the global chocolate market.

3. Growth Drivers  Health Benefits of Chocolates The health benefits attributed to the consumption of chocolates act as a major driving factor for the growth of the global chocolate market. The moderate consumption of chocolate offers various health benefits such as balancing the immune system and reducing oxidative stress, combating diabetes, improving brain function, boosting athletic performance, etc. According to John Hopkins Medicine, the antioxidants in dark chocolate helps in lowering blood pressure, reducing the risk of clotting, and increasing blood circulation to the heart.

4. Restraints Fluctuating Supply of Raw Materials The main ingredient of the chocolate industry i.e., cocoa beans undergo frequent fluctuations in its supply due to various factors. Long periods of dry weather directly impact the supply of chocolate, creating a shortage in the market. Other factors such as diseases and pests in crop fields, effects of climatic conditions, political or civil disputes, etc., also influence the global supply of cocoa beans, directly impacting the production of chocolates. This acts as a major restraining factor for market growth. Sample Copy of the report: https://www.blueweaveconsulting.com/report/global-chocolate-market/report-sample

5. Impact of COVID-19 The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the global chocolate market. Although the chocolate demand surged globally post the pandemic owing to the rising health consciousness, the restrictions directly affected the production side of the industry. The cocoa is largely produced in Africa and is imported to the rest of the world for further processing. However, with restrictions on the imports and exports activities, the supply chain of raw materials was hindered. Furthermore, the demand for premium chocolates that are largely dependent on other industries such as travel (airports and hotels), at specialty boutiques was also hindered, obstructing the overall chocolate market growth.

6.  Regional Insights Geographically, the global chocolate market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the global chocolate market. The presence of large middle-income groups along with rapid expansion in the supermarket stores in this region is significantly driving the growth of the market. Furthermore, expanding the working-class population and increasing urbanization, as well as the presence of a wide variety of brands, also plays a crucial factor in propelling market growth.

7. Competitive Landscape The leading market players of the global chocolate market are Mondelez International, Nestlé SA, FerreroSpA, Mars, Incorporated, Gujarat Cooperative Milk Marketing Federation Ltd., The Hershey Company, Meiji Co Ltd, Lindt & Sprüngli, Surya Food & Agro Ltd., ITC Limited, August Storck KG, Barry Callebaut, Ezaki Glico Co., Ltd., and Lotus Chocolate Company Limited, and other prominent players.

8. Recent Development • In January 2022, Mars Wrigley's Dove Chocolate, an American manufacturer, announced the release of DOVE Large Promises, its new product which is three times larger the size of the original DOVE Promises. • In January 2022,DouxMatok, an Israeli food, and beverage company announced its strategic commercial partnership with Blommer Chocolate Company, a US-based integrated chocolate manufacturer and supplier, to produce and sell a portfolio of chocolate products with significantly less sugar.

9. Key Players • Mondelez International, Nestlé SA, FerreroSpA, Mars, Incorporated, Gujarat Cooperative Milk Marketing Federation Ltd., The Hershey Company, Meiji Co Ltd, Lindt & Sprüngli, Surya Food & Agro Ltd., ITC Limited, August Storck KG, Barry Callebaut, Ezaki Glico Co., Ltd., and Lotus Chocolate Company Limited, and other prominent players.

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