Global Chocolate Confectionery Market: Market Segments: By Product(Boxed, Countlines, Molded Bars, Seasonal Chocolates, Straight-line and Others); By Type (Dark, White and Milk); By and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
Chocolate confectionery means any solid or semi-solid food mainly composed of chocolate or cocoa with or without the addition of fruit or nuts and includes food made by coating,or embodying chocolate sugar confectionery, but does not include biscuits cooked, filled or flavored with chocolate or chocolate ice cream or baked chocolate flavored confectionery.
Global Chocolate Confectionery Market to surpass USD 172.82 billion by 2030 from USD 122.18 billion in 2018 at a CAGR of 3.12% throughout the forecast period, i.e., 2019-30. Advantageous government policies and mandates, a high advertisement strategy by manufacturers and growing acceptance of prophylaxis care are the major factors attributing to market growth. Increasing consumer health awareness has driven producers to raise their saturated fat, trans fats, sweeteners and artificial flavors product line in favor of ingredients such as cane sugar, organic wheat flour, maize starch, and rice syrup. In addition, companies manufacturing chocolate confectionery undertake several promotional activities to expand their consumer penetration among their targeted market. In addition, promotional events, enticing merchandise packaging and creative branding activities boost demand in the global market for a chocolate confectionery.
Global Chocolate Confectionery Market is segmented by product into Boxed, Countlines, Molded Bars, Seasonal Chocolates, Straight lines and Others.Based on product, the Countlines product segment has a revenue share of23.46% in 2018 while the seasonal chocolate category is expected to be the fastest-growing segment. This category is expected to grow at a CAGR of 6.43% over the forecasted period of 2019 to 2027. The consumer's rising trend to buy chocolate at festivals such as Christmas, New Year, Easter and others is a major factor predicting this demand development. Chocolate confectionery products, especially during holiday seasons and festivals such as Christmas and Easter, are common gifting options. This leads to the seasonal chocolate segment's strong growth rate. Moreover, the growth of premium chocolates available in this segment further strengthens this segment.
Global Chocolate Confectionery Market is segmented by type into milk, dark, and white chocolates.Based on type, milk chocolate has a revenue share of 59.21% in 2018 in terms of value, followed by the food and beverages segment respectively.However, due to the proven significant health benefits of these chocolates, including their antioxidant properties and ability to minimize the risk of heart disease, the dark chocolate segment is expected to register the fastest growth during the forecast period. Increased health awareness among consumers is driving the market growth. Dark chocolate helps to minimize the risk of heart failure because of its antioxidant properties.
In the food and beverage industry, mint is slowly becoming one of the most loved and desired flavors. The world produced about 99,768k tonnes of peppermint in 2017. A large portion of it has been used to introduce creativity to the chocolate confectionery industry. The Hershey Co. declared a new Kit Kat flavor in the US in April. Dark chocolate mixed with mint kit kat duos will attract customers as they have been waiting eagerly for a new flavor. This would generate an explosion of demand in the chocolate confectionery market.
With the advent of 3D printing technology, it is increasingly making a mark in the food and beverage field as 3D food printing is gaining momentum. A start-up recently launched a crowdfunding campaign and created a computer called Mycusini that can be referred to as the world's first 3D food printer plug and play. At a CAGR of 20.5% from 2018 to 2023, the global 3D printing market is expected to expand. A part of this demand would be invested in printing chocolates at an affordable price following the invention. This breakthrough will also draw buyers and the leaders of the chocolate confectionery industry will benefit from it in the coming years.
The lack of knowledge of advanced farming techniques among farmers in developing regions, together with the challenges associated with cocoa sales, is projected to hinder market development. Moreover, due to insufficient pest and crop disease control practices, about 30%-40% of the crop is lost in major growing regions. On the contrary, the global chocolate industry is going through a perception crisis with increasing demand for healthier goods, and rising cocoa prices maybe a few of the key constraints on the growth of this sector in the coming years.
Global Chocolate Confectionery Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Global Chocolate Confectionery Market in Europe held the largest market share of 39.2% in the year 2018 and growing with a CAGR of 2.6% over the forecast period. European people tend more towards the consumption of chocolate. Switzerland, Italy, Germany, the UK. Ireland is the region's main user of chocolate. The most rapidly developing chocolate confectionery market is the Asia Pacific. Rising middle-class demographics and growing disposable income are major factors attributing to the growth of this sector. Over the forecast era, Asia Pacific is expected to see the fastest rise. The enormous population base, growing disposable income & consumerism and the increasing emphasis of leading market players on expanding their presence in this area are key factors that are likely to drive market growth.
Global Chocolate Confectionery market, which is highly competitive, consists of several major players such as Nestlé S.A., Ferrero Group hold a substantial market share in the Global Chocolate Confectionery market. Other players analyzed in this report are Mars, Incorporated, Model?z International, Inc., The Hershey Company, Belcholat Chocolate JSC., August Storck KG, Maestrani Schweizer Schokoladen AG, Chocoladefabriken Lindt &Sprüngli AG, Guylian,among others.
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