Chocolate, usually brown, is a typically sweet consumable food product, prepared from roasted cacao seeds. It is available in different forms, such as paste, liquid, or in blocks and is used as an essence in other food products. Moreover, solid cocoa is a source of alkaloids including theobromine, phenethylamine, caffeine, and flavonoids. Chocolate also contains anandamide. Further, it is the most popular food type across the world. It has different flavors and can be used for making a wide range of food products, such as pudding, cake, chocolate chip cookies, and chocolate brownies, among others. Thereby, it has a huge demand across the globe, which will eventually help it to gain more share value during the forecast period.
The global chocolate market is primarily driven by the health benefits of dark chocolate, which includes protecting the skin from the sun, improving blood flow, enhancing brain function, lowering blood pressure, and reducing the risk of heart diseases. Dark chocolate is rich in anti-oxidants and contains soluble fibers, minerals, and bioactive compounds. Therefore, owing to its extensive range of health benefits, the popularity of dark chocolate is anticipated to increase and develop the global chocolate market during the forecast period. In addition, chocolate has numerous applications. Seasonal and festival sales are propelling the overall market growth within the forecast period. However, the cost of raw material might hinder the growth of the global chocolate market.
The global market of chocolate can be fragmented into type and sales category. Based on the type, the chocolate market can be segmented into dark, milk, and white. The dark chocolate segment is expected to attain the largest market share in terms of value, owing to its increased application in the bakery and confectionery industry.
On the basis of sales category, this market can be divided into everyday chocolate, premium chocolate, and seasonal chocolate. The everyday chocolate segment is anticipated to generate more revenue during the forecast period. This is mainly due to the affordable price of everyday chocolates. Hence, this segment will have more demand in the future and will fuel the expansion of this market during the forecast period.
Based on geography, the global chocolate market finds its market scope in Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. North America is anticipated to dominate the global chocolate market during the forecast period. This is due to the presence of a large number of leading chocolate manufacturers in this region, such as Mars Inc., Mondelez International, the Hershey Company, etc. Europe is projected to hold a substantial share in the global market of chocolate, due to the rise in manufacturing set-ups and the modern supply chain facilities of chocolate products. Besides, Asia Pacific is the fastest growing region, owing to increasing disposable income in emerging countries, such as India and China.
The report also includes detailed profiles of key players, such as Nestle SA, Ghirardelli Chocolate Company, Mars Inc., Ferrero Group, Cadbury, Barry Callebaut, Moonstruck Chocolate Company, The Hershey Company, and Amul (GCMMF). The detailed description of players includes various parameters, such as company overview, financial overview, business strategies, and recent developments of the company.
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