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Global Chocolate Market Expected to Reach USD 147 Billion by 2026, Aided by the Increasing Disposable Incomes of the Consumers

According to a new report by EMR titled, 'Global Chocolate Market Report and Forecast 2021-2026', the global market for chocolate reached a value of almost USD 106.6 billion in 2020. The market is further expected to grow at a CAGR of 5.5% in the forecast period of 2021-2026 to reach a value of almost USD 147 billion by 2026.

The global market for chocolate is led by North America, followed by Europe. The United Kingdom, and Germany are the major countries in Europe. The market is being driven by the changing consumer lifestyles and increasing disposable income in emerging economies. The Asia Pacific region, especially India and China, is emerging as the fastest-growing market due to the rising influence of the Western lifestyle and related health benefits of chocolate consumption. These economies are expected to offer substantial product sales, especially during seasonal and festive sales.

Nestlé S.A. (SWX: NESN) and Mondelez International (NASDAQ: MDLZ) are some of the key players in the market. In July 2019, Nestlé S.A. announced that it has found a way to develop sugarless chocolate by using leftover material from cocoa plants to provide sweetness to the product. This product has been developed in response to the demand for natural and healthier fare has increased in recent years. Also, pressure from the consumers as well as governments to develop healthier products due to the rising incidences of obesity and diabetes has led to the development of this version of chocolate. This move, i.e., finding a way to alter sugar structure to boost sweetening power, will strengthen the company‘s position in the market. The company's new 70% dark chocolate will contain 40% less sugar as compared to the several equivalent bars with added sugar.

Market Analysis by Type, Packaging, Distribution Channel, and Region:

  • The chocolate industry, on the basis of type, is broadly categorised into milk, white, and dark, among others.
  • By packaging, the market is segmented into rigid and flexible.
  • The market is divided on the basis of distribution channel into supermarkets/hypermarkets, specialist retailers, convenience stores, and online retailers, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa.

Key Findings of the Report:

  • The global chocolate industry is being driven by the rising consumer behaviour of impulse buying across the globe.
  • The inflating disposable income and the changing lifestyle of the consumers are providing an impetus to the market growth.
  • Children and grown-ups prefer and consume chocolates irrespective of falling under any economic strata, thus, catalysing the market growth.
  • The impressive packaging of the chocolates is lending support to the chocolate industry as it provides manufacturers with a prompt response from consumers.    
  • The hastening urbanisation and ubiquitous presence of chocolate and derived products are few of the factors fuelling the market growth of chocolate.
  • Features of chocolate, such as anti-ageing properties, antioxidants-enrichment, and blood pressure-suppressing, are boosting the market growth.
  • The extensive use of new applications of chocolate in the food and confectionery segment is predicted to drive the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for chocolate for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, packaging, distribution channels, and regional markets of chocolate. 
  • It gives an in-depth look at the regional price trends in the global chocolate market.
  • It analyses the global trade data for the market, looking into the value and volume of the significant importing as well as exporting countries.
  • The EMR report also provides an overview of the feedstock market, including derivatives, applications, and regional markets for the periods (2016-2020) and (2021-2026).
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Mars, Incorporated, Ferrero Group, Barry Callebaut AG, Mondelez International, Hershey Co., and Nestlé SA, among others, are the key players in the global market for chocolate. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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