20-Jul-2023 | Zion Market Research
The global truffle chocolate market size was worth around USD 1243.69 million in 2022 and is predicted to grow to around USD 1884.36 million by 2030 with a compound annual growth rate (CAGR) of roughly 5.28% between 2023 and 2030.
Truffle chocolate is a chocolate-based, rich in sugar and carbohydrates food product. It consists of a chocolate ganache which is coated with cocoa powder, chocolate, chopped and toasted nuts, or coconut powder. The most standard forms of truffle chocolate are either curved, conical, or spherical. Ganache is icing, glaze, or filling for pastries that are made extensively with cream and chocolate. Over the years of truffles being introduced to consumers, the confectionery item has undergone tremendous change in terms of flavors and presently there are multiple companies, both domestic and international, that produce a wide range of these premium chocolates.
This review is based on a report by Zion Market Research, titled "Truffle Chocolate Market By Distribution Channel (Online Stores, Specialty Stores, Brand-Owned Stores, Supermarkets & Hypermarkets, And Others), By Flavor (Milk Chocolate Truffles, Dark Chocolate Truffles, Flavored Truffles, And White Chocolate Truffles), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/truffle-chocolate-market
The global truffle chocolate market is expected to grow due to the increasing number of middle-income families capable of spending on slightly higher-priced food products such as truffle chocolates. Additionally, increasing the expansion of the global chocolatiers in newer markets with the help of extensive advertising and marketing may contribute to higher revenue. Social media has helped these companies create consumer demand even before they establish their first retail store. Such aggressive and creative marketing tactics have worked extensively for food & beverage companies.
Moreover, the health perception related to dark chocolate consumption along with the visual appeal of truffle chocolates drives an increase in revenue for truffle chocolate makers. Consuming premium items such as truffle chocolate is an experience that is enhanced when consumers visit the bakery and eat the product as they are supposed to be eaten. The gifting and celebration culture, especially during festivals, has made premium chocolates a go-to option.
The truffle chocolate industry may face growth restrictions due to these items being seasonal products and witnessing higher revenue mainly during festivals and on special occasions. The increasing competition within the industry and in the larger confectionery segment along with growing health concerns over excessive consumption of truffle chocolate could further lead to restricted growth.
The product portfolio expansion technique may provide high-growth opportunities while the restricted range of consumer groups could challenge the market expansion.
The global truffle chocolate market is segmented based on distribution channel, flavor, and region.
Based on distribution channel, the global market is segmented into online stores, specialty stores, brand-owned stores, supermarkets & hypermarkets, and others. The truffle chocolate industry is expected to register the highest growth in the specialty stores and brand-owned stores segment. This is mainly because the majority of the companies that produce high-end truffle chocolate tend to have an established brick-and-mortar store where consumers visit to enjoy the gourmet food in a relevant setting. In addition to this, supermarkets & hypermarkets are also significant revenue generators since truffle chocolate producers sell their products with the help of the established supply chain network created by these units. For instance, in 2018, Walmart, the US supermarket giant, started selling Swiss-made chocolates called Schoggihüsli. It is noteworthy that around 68% of chocolate consumers in the US regularly spend on premium chocolate.
Based on flavor, the truffle chocolate industry is divided into milk chocolate truffles, dark chocolate truffles, flavored truffles, and white chocolate truffles. The demand and consumption of dark chocolate truffles are higher mainly due to the extreme popularity of dark chocolates and the intense flavor profile of dark chocolate truffles. They tend to provide a more pronounced chocolate experience when compared to white or milk variants. The dark chocolate truffle segment caters to the need of health-conscious consumers as dark chocolate is known to have several health benefits when consumed in appropriate quantities. Studies indicate that dark chocolate is a rich source of magnesium, iron, copper, zinc, and other minerals. A 1 ounce of dark chocolate containing 69% to 85% cacao solids has around 170 calories. In December 2021, Alter Eco Foods launched the Truffle Thins™ Dark Chocolate Bars which were made of 60% cacao shell and other organic ingredients.
The global truffle chocolate market is expected to witness the highest growth in North America with factors such as higher disposable income, the presence of key producers, and overall higher demand for rich-ingredient food items have resulted in regional dominance. Europe is home to some of the countries popular for their chocolate-making capabilities such as Belgium, Germany, France, and Switzerland. These nations have a rich chocolate tradition and are known for extensive innovation in terms of chocolate products including truffle chocolate. The revenue from international food tourism is crucial to Europe’s contribution to the global market.
The global truffle chocolate market is led by players like:
By Distribution Channel
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