Published Date: 16-Jun-2020
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According to a new report Global Chocolate Market, published by KBV research, The Global Chocolate Market size is expected to reach $171.6 billion by 2026, rising at a market growth of 5.3% CAGR during the forecast period.
The traditional chocolate segment witnessed the largest market share. Their popularity and the easy availability of cocoa as compared to carob are the main materials for artificial chocolate. This can be due to the large penetration. The predominant variant of milk chocolate among different conventional chocolates is its first-mover advantage on the market.
Artificial chocolates are expected to witness a steady growth rate over the forecast period. The rapid rise of carob chocolate is due to the caffeine-free property, rendering it suitable for customers with caffeine intolerance. In addition, the content of calcium in the carob is nearly three times as high as in cocoa. This makes it especially common for women and people with calcium deficiency.
Furthermore, the supermarket and hypermarket segment witnessed an exponential growth rate due to high product availability at the supermarket and the hypermarket. Besides that, owing to the growing desire for chocolate by customers, suppliers are opening shops at malls that will boost chocolate sales through supermarkets and hypermarkets in the coming years. The online segment is expected to see the highest CAGR over the projected period. Online sales channel has seen tremendous growth in the last few years owing to the growing proliferation of the internet in different countries.
Europe has recorded the highest market dominance. The rising popularity of dark chocolate among customers is a key factor contributing to the growth of the market in the region. Throughout Europe, Germany led sales of chocolate by rising per capita intake throughout 2019. The Middle East and Africa are projected to rise at a rapid growth rate due to the increased demand for products in retail stores. Additionally, The Asia Pacific market is expected to witness a CAGR of 6.7% during (2020 - 2026).
Structural Insights: https://www.kbvresearch.com/chocolate-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Nestle S.A., Mondelez International, Inc., The Hershey Company (Hershey Trust Company), Mars, Inc., The Barry Callebaut Group, Meiji Holdings Co., Ltd., Ferrero International S.A., Lindt & Sprungli AG, Moonstruck Chocolate Company, and Yildiz Holdings A.S.
By Traditional Chocolate Type
By Distribution Channel
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