The chocolate market report thoroughly covers the market by product type, distribution channel, and chocolate type. The chocolate market outlook report provides an unbiased and detailed analysis of the ongoing chocolate market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The chocolate market is likely to witness a substantial growth during the upcoming years owing to the change in lifestyle and increasing disposable income. Rising awareness regarding dark chocolate as a healthier confectionary option, rich antioxidants helps in achieving glowing skin. Impulsive buying behavior among millennials and increasing penetration towards gifting chocolate on special occasion is driving the market. Moreover, health benefits of moderate consumption such as calming the brain, helps in tackling mood swings and minor depression.
Chocolates are also associated with a token of appreciation, love, and happiness, that are given as gifts during the festive season, thereby boosting the product demand. Customization of chocolates is gaining popularity in India chocolate market owing to different shapes, sizes, colors, and product materials. As per the National Confectioners Association, 150 million Santa-shaped chocolates were manufactured in North America during Christmas propelling the chocolate market.
Dark chocolate consumption is also related with reducing the risk of cardiovascular diseases owing to the presence of good fats and flavonoids that are reflected to lower blood pressure and bad cholesterol level. Several observational studies have also shown that consumption of chocolate reduces the risk of cardiovascular diseases. Consumption of chocolate also manages the release of cortisol, a stress hormone. It is advisable for the consumers to include elements in regular diet that reduces a health issue. Additionally, chocolate helps in relaxing the mind and inducing happiness, it is expected that sales of chocolate will continue to witness a boost during the coming years.
Growth of the market
Substantial growth in the food and beverage industry is one of the important factors driving the growth of the market. Furthermore, increasing consumer preference for molded chocolates, that includes the solid shaped or segmented bar/block variants permeated with various exotic flavors or stuffed with nuts, raisins and other fillings, is also providing a lift to the market growth. Additionally, increasing awareness regarding the health benefits of consuming dark chocolate is acting as another growth-inducing factor. Consumption of dark chocolate in balanced quantities is acknowledged to improve blood circulation in the body, develop brain function, lower blood pressure and reduce the risks of heart diseases. Other factors, such as the premium utilization of chocolate-based products, utilization of aesthetically appealing packaging to attract consumers’ attention, along with the production of organic, vegan and sugar- and gluten-free chocolates, are projected to drive the market further. The market is expected to witness a substantial growth during the festival season. Increasing penetration towards gifting chocolate of festival occasion is driving the market.
European consumers place greater prominence on the quality of chocolates, owing to increasing health concerns involving cheaper chocolates in the region and a rush in the popularity of fine cocoa. Therefore, European consumers are ready to pay more for chocolate products that fulfil their demand. The European consumer’s standard shift toward high-quality chocolate products are a major factor driving the chocolate market in the region. There is a remarkable demand for dark chocolates, as they have lower amounts of sugar, along with a rich bitter taste of intense cocoa.
Impact of COVID-19
The outbreak of COVID-19 has adversely affected the chocolate market owing to the restriction in imports and exports. However, the market is expected to propel during the upcoming years owing to the ease in import and export restriction. The home-made chocolate is also expected to account a substantial share during the forecast period. Milk chocolate is expected to dominate the market as it enjoys the first mover advantage. On the basis of distribution channel, hyper market and super market is likely to account the highest share owing to the increasing number of malls and attractiveness of the product. Online segment is also expected to grow owing to the increasing social media channels and online stores. The outbreak of COVID-19 has also led to the growth of online chocolate market backed by inaugural of home-made chocolate delivery virtual outlets.