The Latin America, Middle East and Africa Chocolate Confectionery Market would witness market growth of 9.0% CAGR during the forecast period (2022-2028).
When shopping for sweets, consumers consider various aspects, with many opting for high-end items. In recent years, the premium chocolate confectionery category has grown as businesses produce goods with label claims like vegan, organic, cruelty-free, and paleo, aiming to differentiate their offers with healthier labels. Cadbury, for example, announced the launch of a vegan milk bar in the United Kingdom in October 2021, with two flavors: Cadbury Plant Bar Smooth Chocolate as well as Cadbury Plant Bar Smooth Chocolate with Salted Caramel Pieces.
Cacao-based confectionery is made by combining sugar and other culinary ingredients. In several areas, chocolate has traditionally been consumed as a beverage. Natural chocolate, which contains solely cacao products, such as cacao beans and cocoa butter, and sugar, is distinguished from chocolate including additives, like dry milk, coffee, and nuts. Chocolate is separated into plain and dessert chocolate on the basis of the fineness of the particles. Various fillings are frequently seen in chocolate confectioneries. Chocolate contains 35–37 % fat and has a caloric value of 2,240 kilojoules (540 kcal) per 100 g.
Four West African countries produce a massive proportion of the world's cocoa beans, which includes the Ivory Coast, Ghana, Nigeria, and Cameroon. The Ivory Coast, as well as Ghana, are the world's two largest cocoa producers, producing more than half of the world's cocoa. The main producers are Côte d'Ivoire and Ghana, followed by Nigeria and Cameroon. Cocoa production has rapidly surged across this region in recent years. While the growth of the cocoa area led to greater production throughout this time period, more cocoa would now come from a higher yield per hectare, which is now relatively low.
Additionally, a high prevalence of diseases and pests, the age of cocoa fields, and a lack of soil minerals are the main causes of low production. Concerns over diminishing yield owing to aging and diseased trees have prompted the governments of Côte d'Ivoire and Ghana to begin large-scale replanting and rehabilitation programs that give farmers better plant protection chemicals, planting materials, and fertilizers. The traditional mixed planting of cocoa, forest and fruit trees, and some oil palms is presented as an option for a high input approach because small farm owners do not generate enough money from their cocoa to acquire external inputs. Due to the increasing number of initiatives being taken by governments and market players, the production of cocoa is expediting across the region. This factor is propelling the growth of the regional market.
The Brazil market dominated the LAMEA Chocolate Confectionery Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4,855.9 million by 2028. The Argentina market is poised to grow at a CAGR of 9.6% during (2022 - 2028). Additionally, The UAE market would showcase a CAGR of 8.7% during (2022 - 2028).
Based on Type, the market is segmented into Milk, Dark, and White. Based on Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Online, and Others. Based on Product, the market is segmented into Molded Bars, Chips & Bites, Boxed, Truffles & Cups, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Chocolate Confectionery Market is Predict to reach $265.9 Billion by 2028, at a CAGR of 6.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ferrero Group, The Hershey Company (Hershey Trust Company), Lindt & Sprungli AG, Mars, Inc., Mondelez International, Inc., Nestle S.A., The Barry Callebaut Group, Lotte Corporation, Lake Champlain Chocolates, and CÉMOI Group.
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