chocolate market share 2019
Robust Demand for Specialty Chocolate Products to Support Innovation & Development. Market vendors are introducing new premium offerings with better taste and quality. … Growing at a CAGR of 4.4%, the market will exhibit steady growth in the forecast period (2020-2027). Cocoa & Chocolate Market Scope: By type, the market is segmented into Cocoa and Chocolate. Filled chocolates are gaining popularity as indulgent gifts on festive occasions. The global foodservice industry is aiding in the growth of gourmet & specialties cocoa-based offerings and the foodservice giants are demanding greater customization, value-added, and multifunctional solutions, which are further projected to flourish the market. The data offered to us was exactly what we were looking for. Chocolate Product Outlook (Revenue, USD Million, 2019 - 2023), Chocolate Regional Outlook (Revenue, USD Million, 2019 - 2023), Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. The market is showcasing progressive growth owing to the robust growth trajectory of the global chocolate confectionery industry. In the past few years, there has been significant growth in the demand for specialty chocolate products and premium offerings due to the rising emphasis on the bean-to-bar concept. www.technavio.com The next closest competitor, Mars/Wrigley, has around 30% share. India Chocolate Market was value US$ 1.50 Bn in 2018 and is projected to grow at a US$ XX Bn by 2026 at a CAGR of over XX % during the forecast period. The global market for cocoa and chocolate is primarily propelled by the increasing popularity of chocolate confectionery. Mars has business operations under various segments, namely Mars Petcare, Mars Food, Mars Wrigley Confectionery, Mars Drinks, and Mars Symbioscience. Technavio has announced its latest market research report titled global chocolate market 2019-2023. Also, there is a high demand for products made from specialty cocoa beans. Traditional chocolate accounted for the largest share of 99.4% in 2019. In June 2018, Nestlé was named the most effective food marketer for the third year running, based on the Effie Effectiveness Index 2018. Looking forward to work together on similar projects”, “We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The robust trend of healthy snacking is accompanied by growing demand for premiumised and indulgent offerings with chocolate flavor as most sought after one. Thus, the growing demand for premium chocolates is expected to drive the market during the forecast period. The company provides different varieties and flavors of chocolate products under various brands such as Lindt, Ghirardelli, Caffarel, and others. The Global Cocoa & Chocolate market was valued at US$ 127,190.3 Mn in 2018 and is projected to increase significantly at a CAGR of 4.2% from 2019 to 2028. The company offers chocolates such as Ferrero Rocher and Raffaello. (Graphic: Business Wire). These factors are set to foster the growth of specialty chocolates. North America is a major importer of cocoa and cocoa ingredients to meet the domestic confectionery manufacturing sectors. The addition of new chocolate types such as dark chocolate & ruby chocolate in the portfolio of key chocolate manufacturers is expected to facilitate the growth of the cocoa and chocolate industry. If you are interested in more information, please contact our media team at media@technavio.com. Cocoa Powder Experiences Widening Application Spectrum, Cocoa butter is Increasingly Employed for Premiumised Offerings Cocoa powder is expected to witness the widening application spectrum in the forecast period (2019-2025) with the demand coming from the compound chocolate sector. Emerging Trend of Premiumisation to Drive Innovation in Cocoa and Chocolate Industry. North America Cocoa and Chocolate Market Size, 2019 (USD Billion), To get more information on the regional analysis of this market, Request a Free sample. Cargill Inc, Nestle S.A., and Barry Callebaut are the major players in the market. The global cocoa and chocolate market size was valued at USD 44.35 billion in 2019 and is projected to reach USD 61.34 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period. Which is the leading segment in the market? The report on Chocolate Market offers in-depth analysis of market trends, drivers, restraints, opportunities etc. With seven percent, South America had the smallest share. The production and sales of chocolate and cocoa have experienced a sudden slump due to the outbreak of the COVID-19 pandemic. The key players such as Olam International, Cargill, Inc., Nestle S.A., and Barry Callebaut AG are focusing on strategic mergers, acquisitions, and partnerships to further consolidate the market. “We are happy with the professionalism of your in-house research team as well as the quality of your research reports. With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Although that’s down -1.3 percent over the last year, it still far and above any other category. Besides this, the report offers insights into the chocolate industry trends, competitive landscape, and highlights key industry developments. This trend has amplified the global sales of cocoa powd… What was the value of the market in North America in 2019? The demand for chocolate confectioneries in emerging economies such as China and India has showcased an upward trend in recent years, attributed to the increasing consumer expenditure on indulgent confectionery products, especially chocolate confectioneries. Technavio's SUBSCRIPTION platform. Thank you Fortune Business Insights for your efforts and prompt response”, “I had a great experience working with Fortune Business Insights. The vital signs for Hershey's competitive position … The single-origin cocoa trend continues to propel innovations and new product developments in the industry. The company provides different varieties and flavors of chocolate products under various brands such as Cadbury, Toblerone, Alpen Gold, Marabou, and others. It has also remained one of the widely used ingredients in the sweets and beverages sector and this industry trend is set to fuel the demand for cocoa & chocolate in the foreseeable future. The report was very accurate and as per my requirements. The cocoa ingredients segment is expected to grow at a faster pace due to their emerging type and applications in a variety of products such as ice cream, confectionery, non-alcoholic beverages, indulgent baked commodities, and nutritional drinks. This has also contributed to the greater demand for high-quality cocoa powder, cocoa liquor, and cocoa butter. Request a free sample report. In addition, new product launches are anticipated to further boost the growth of the chocolate market. Europe dominated the market in terms of share in 2019. Jesse Maida In developed countries such as Japan and Australia, the industry is currently being driven by the knowledge of perceived health benefits of cocoa such as its polyphenol content and its role in healthy aging. Food & Beverage Sector Exhibits Promising Growth Owing to Wide Application Array. The increase in premiumization of chocolates helps vendors to improve their profit margins and offer quality products. COVID-19 Pandemic: Inclination towards Healthy Products to Decline Demand. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years. The company offers chocolate products such as Skittles, M&M'S, SNICKERS, TWIX, MILKY WAY, and others. The practice of using premium chocolates as gifts due to their quality is also gaining momentum. Which factors are expected to drive the adoption of cocoa & chocolate products? Cocoa is emerging as a healthy ingredient owing to its possession of antioxidants & minerals. They can thus, focus on the use of quality ingredients, and packaging of these products to attract more consumers. Technavio Research Request a Free sample to learn more about this report. The company owns about 45% market share of the chocolate aisle. A detailed study accumulated to offer Latest insights about acute features of the Cocoa & Chocolate market. Filled chocolate holds a larger cocoa and chocolate market share among other chocolate types due to the emerging trend of premiumized chocolate. I appreciate the timeliness and responsiveness of you and your team.”, © 2020 Fortune Business Insights . Consumer awareness regarding premiumized chocolates is the key factor driving the market. This can be attributed to wider penetration, popularity, and easy availability of cocoa as compared to carob, which is the raw material for artificial chocolate. The chocolate consumption of specialty chocolates is expected to drive the adoption of this products. That’s according to IRI data for the last 52 weeks, ending March 24. For instance, in February 2020, the company introduced completely dairy-free chocolate in its plant crafts range. Very satisfied with the overall report as it has helped me to build strategies for my business”, “This is regarding the recent report I bought from Fortune Business insights.

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