Chocolate is usually sweet eatable, which is typically brown in color. It is a food preparation of theobroma cacao seeds, roasted and ground. Chocolate is often flavored, mostly with vanilla. It is available in different forms such as liquid, paste, or in blocks, or used as a flavoring ingredient in other foods. The cocoa solid form of chocolate is a source of flavonoids and alkaloids including theobromine, phenethylamine, and caffeine. Chocolate also provides with anandamide.
Chocolate is one of the most popular food types having different flavors in it, and a vast number of foodstuffs such as cakes, mousse, pudding, chocolate brownies, chocolate chip cookies, and others. As chocolate is available in so many forms, its demand is increasing globally. Factors such as health benefits by the consumption of chocolate, large variety of applications, and seasonal and festive sales are positively impacting the growth of the market. Other factors that may act as the growth drivers of the global chocolate market are penetration in developing economies, organic and fair trade chocolate, and the use of chocolate as functional food. On the other hand, raw material prices, dependency of the industry on unstable economies for the supply of cocoa, and changing consumer preferences are some of the factors that may hamper the growth of the market.
On the basis of products and the amount of cocoa it contains, the global chocolate market is segmented as dark chocolate, milk chocolate, unsweetened chocolate, and white chocolate. Based on the sales category, the global market is further segmented as everyday chocolate, premium chocolate, and seasonal chocolate. Geographically, the global chocolate market is segmented as Europe, North America, Asia Pacific, and Rest of the World (RoW).
Asia Pacific is anticipated to witness the highest growth owing to the rising disposable income of consumers, particularly in countries such as China, India, Japan, and South Korea. This in turn has resulted in the changed social status of chocolate from a luxury commodity to an everyday commodity. On the hand, the cheap products offered by local brands in these countries have resulted in to be chocolate popular among the masses. In addition, international premium chocolate brands such as Hershey, Mars, Ferrero, and Ghirardelli are experiencing constant but sluggish growth in Asia Pacific markets. In Europe, the UK witness the largest demand followed by Germany.
Some of the major players dominating the global chocolate market are Ferrero Group, Hershey Foods Corp., Mars Inc., and Ghirardelli Chocolate Co. Other key players influencing the global market include Nestle SA, Moonstruck Chocolatier Co., and Kraft Foods.
Chocolate Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa