Key players include The Hershey Company, Mondelez International, inc., Nestle S.A., Chocoladefabriken Lindt & Sprüngli AG, and Blommer Chocolate Company, among others. The global white chocolate market attained a value of USD 18 billion in 2020. The market is further anticipated to grow at a CAGR of 1.5% over the forecast period of 2022-2027.
White chocolate- the confectionery product produced by grinding or mixing cocoa butter with sweeteners and dairy ingredients, is a widely popular variety of chocolate and finds usage across several recipes other than the usual demand for the product in its most basic or lightly flavoured form. The market has a large consumer base and continues to expand on account of the vast health benefits of white chocolate.
The global market for white chocolates has benefitted in the past years due to rising awareness regarding the health benefits of chocolate in general, increasing disposable incomes of people in emerging economies, and easy availability of international brands in new regional markets. The rising numbers of hypermarkets and supermarkets and the increased penetration of the e-commerce sector in the retail industry in emerging economies of India, China, Brazil, Mexico, and countries across the Middle East and Africa have also benefitted the market.
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However, the market has been and continues to be challenged by the high preference of consumers to dark chocolate, a factor that has vast negative implications for the overall global demand and consumption of white chocolate. The market though sees potential due to improved distribution channels, rising innovations in the packaging sector, increased focus of companies on enriching the nutritional value of products, and the thriving gifting industry. The increased availability of white chocolates across restaurants and coffee shops is also expected to favour the market growth.
Headquarters: Derry Township, Pennsylvania, United States
The Hershey Company, commonly known as Hershey's, is an American multinational company and one of the largest chocolate manufacturers in the world. It also manufactures baked products, such as cookies and cakes, and sells beverages like milkshakes and many more produced globally. Milton S. Hershey founded it in 1894 as the Hershey Chocolate Company, a subsidiary of his Lancaster Caramel Company. The Hershey Trust Company owns a minority stake but retains most of the voting power within the company.
Headquarters: Chicago, Illinois, United States
Mondelez International, Inc. often stylised as Mondelez, is an American multinational confectionery, food, holding, and beverage and snack food company based in Chicago, Illinois. The company is leading the future of snacking with iconic brands such as Oreo, belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum.
Headquarters: Vevey, Switzerland
Nestlé S.A. is a Swiss multinational food and drinks processing conglomerate corporation headquartered in Vevey, Vaud, Switzerland. It is the largest food company in the world, measured by revenue and other metrics, since 2014. It ranked No. 64 on the Fortune Global 500 in 2017 and No. 33 on the 2016 edition of the Forbes Global 2000 list of largest public companies. Nestlé's products include baby food, medical food, bottled water, breakfast cereals, coffee and tea, confectionery, dairy products, ice cream, frozen food, pet foods, and snacks. Today, it employs around 273,000 people and have factories or operations in almost every country in the world. With its headquarters still based in the Swiss town of Vevey, the company had sales of CHF 84.3 billion in 2020.
Headquarters: Zurich, Switzerland
Chocoladefabriken Lindt & Sprüngli AG, more commonly known simply as Lindt, is a Swiss chocolatier and confectionery company founded in 1845 and known for its chocolate truffles and chocolate bars, among other sweets. It is based in Kilchberg, where its main factory and museum are located. Lindt & Sprüngli is recognised as a leader in the market for premium quality chocolate, offering a large selection of products in more than 120 countries around the world.
Headquarters: East Greenville, Pennsylvania, United States
Blommer Chocolate Company is an integrated chocolate manufacturer based in Chicago, Illinois, and it is considered the largest chocolate ingredient supplier in North America. It was also the most significant and oldest independent cocoa bean processor in North America before its acquisition by Fuji Oil Holdings, Inc. in 2018. More than 45% of cocoa beans processed in the United States are processed (into cocoa butter, cocoa solids, and chocolate liquor) by Blommer; about 70% of their business is supplying chocolate to various branded companies for use in those companies' products.
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