Global Chocolate Confectionery Market - 2020-2027
Chocolate confectionery refers to any solid or semi-solid food primarily composed of chocolate or cocoa with or without the addition of fruits or nuts, and predominantly the confectionary is produced by covering, coating, or expressing sugar confectionery in chocolate. Although, it does not include biscuits which have been cooked, filled, or flavored with chocolate or chocolate ice cream, or baked confectionery flavored with chocolate.
The global chocolate confectionery market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
The growth in chocolate sales for the past few months presented a significant rise in purchase of chocolate products before the lockdown as stringent measures were imposed across the globe. The consumers have hoarded chocolate snacks and others confectinery products to store them for the next few months. The rising consumer preference for the increasing number of people suffering from health conditions such as diabetes and cardiovascular diseases, will further enhance the chocolate confectionery demand globally. The easy availability of variety of chocolates at a nominal price, including milk, premium chocolates and other less sugar derivatives, is further expected to boost the chocolate confectionery market growth during the forecast period.
Increasing consumption of chocolate with festivals and special occasions is expected to drive the market growth
Considering the current market, in many countries across the globe, chocolates are mainly consumed and associated with seasonal festive occasions and thus witness soaring demand during these festivities. Chocolates have become a popular dessert of religious events and special occasions such as Christmas, Diwali, Thanksgiving, Easter, and many more. Consumers are seeking more innovative varieties of chocolates every year and are likely to create a vast consumer base for chocolate confectionery in the coming years. The rising demand for eating chocolate as a snack among children and adults globally coupled with increasing production of premium and dark chocolate products further stimulates the chocolate confectionery demand.
Furthermore, the developed markets across the globe such as Australia, Canada, Russia, among others have witnessed distinguished growth in the seasonal launches. Moreover, the attractive and aesthetic packaging further boosts the product consumption.The surging demand for varieties, customized and premium or special chocolates among consumers is further proliferating the chocolate confectionery market growth.
Robust demand for speciality chocolate products supports market growth
Escalated demand for premium chocolate confectionery segment and the growth in consumption of specialty chocolates especially in developed markets such as U.S., France, Belgium, and Germany has been witnessed in the past few years. The increasing consumer concern regarding the knowledge of origin of ingredients used in chocolate confectioneries is further expected bolster the demand for specialty or premium chocolates. Growing preference for specialy chocolates is due to its increasing combination with other food & beverage products. The evolving trend of clean-label and organic products to maintain the overall health and wellness has increased the demand for the dark and sugar-free chocolate snack with higher cocoa content ingredient. Also, the increasing awareness concerning the labor well-being is expected to fuel the demand for fair-trade chocolate in the forecast period.
Further, spreading chocolate confectionery market opportunities is primarily due to booming food & beverage products market in the US. Food & beverage market growth in the region is due to antioxidant diet awareness, enhanced quality & taste food, and rising purchase uniformity among consumers.
COVID-19 Impact Analysis
COVID-19 pandemic affected the global economy adversely, such as directly affecting production and demand, supply chain disruption, and financial impact. COVID-19 has severely impacted the manufacturers' supply chain across the globe and shut down the production facilities to minimize the spread of virus. Also, the lockdown policies have strengthened the demand for food & beverage products across the globe. Futhermore, the Italy one of the worst-hit countries, implemented a nationwide lockdown, quarantining 60 million residents, and shutting down all types of economic activities. The product manufacturers are focusing on investing to expand the production capabilities to reduce the supply-demand gap.
Despite the pandemic, there is growth in the overall food & beverage products, which is expected to drive the chocolate confectionery market's size in the global market during the forecast period.
Based on the type, the chocolate confectionery market has been classified into milk, dark and white chocolate.
Dark chocolate segment accounted for the highest market share in the global market
In 2019, the dark chocolate segment accounted for the largest share owing to the availability of the distinguished taste of dark chocolate confectionerys in various consumers. Futhermore, rising per capita income of consumers across the world has led to increased spending on premium dark chocolates. Such chocolate confectionery offers a premium appeal to the consumers along with the healthy, sensorial, and textural benefits. Also, dark chocolate is a rich source of antioxidants, which balances the blood pressure level of consumers that attract health-conscious consumers. Moreover, dark chocolate is a stress-booster and is highly popular among the children and the youngsters.
Based on the category, the chocolate confectionery market has been classified into premium, seasonal, and everyday.
Emerging trend of premium chocolate is expected to drive global chocolate sales
In 2019, the premium chocolate category segment dominated the chocolate confectionery market owing to the rising consumer discretionary income and evolving gifting tradition globally. Consumers look for novel chocolate flavors and innovative chocolate formulations, which fuels the segment growth. It is also expected that the increased importance of seasonal chocolates during special events and their increased affordability is likely to grow at a significant CAGR during the forecast period. Moreover, growing demand for such chocolates has encouraged manufacturers to introduce small, easy-to-carry consumer packs in the market, which is expected to boost the segment growth in the coming years.
Based on geography, the study analyzes the chocolate confectionery market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America witnessed the largest market share in the global chocolate confectionary market
North America dominated the global chocolate confectionery market in 2019. These chocolate products are primarily connected in family traditions and seasonal celebrations and is used as a form of sweet in Christmas and Thanksgiving. The Asia Pacific market is estimated to register the highest CAGR in the chocolate confectionery market, due to the increasing per capita consumption among the consumers. The growth of the region is primarily driven due to increasing chocolate snacks and confectionery product consumption. The global companies are investing in the region to increase the export from the low-cost area, which is further expected to increase the chocolate confectionery consumption in the national region during the forecast period.
Also, existence and availability of global brands and their challenges faced due to large or unusual competition from local and domestic brands, and impact of domestic tariffs are considered while providing forecast analysis of the country data.
The chocolate confectionery market is highly competitive, owing to the presence of major food brands. The key chocolate confectionery players which are contributing to the growth of the global market include FerreroGroup, Nestle S.A, Mars, Mondelez International Inc, The Hershey, Belcholat Chocolate JSC, August Storck KG, Chocolaterie Guylian NV., Maestrani Schweizer Schokoladen AG and Lindt & Sprungli AG, among others. The major players are adopting new product launch and expansion strategies for gaining competitive edge
Overview: FerreroGroup is engaged in the production and distribution of varieties of health-conscious, flavored chocolate confectionary products. Their products include Kinder Joy, Tic-Tac, Ferrero Rocher and Nutella. The company offers contract drying and contract fermentation services. As the company grows, it is crafting new brands and innovative product categories as well as acquired brands such as Thorntons and Fannie May. In 2019, the Ferrero Group declared the acquisition of Nestle USA's chocolate confectionary business through which many iconic American brands, such as Butterfinger, BabyRuth, 100Grand, Raisinets, and the exclusive right to the Crunch brand for the U.S. market became part of the extended brand.
Product Portfolio: The company's portfolio comprises chocolate confectionery products, flavor products, mixes and blends, nutrition and health products, and other services.
The global chocolate confectionery market report would provide access to an approx. 57 market data table, 47 figures and 270 pages.
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