Global Chocolate Market 2017-2021
Chocolate is a form of food which is in the form of a paste or solid blocks made from cacao seeds usually sweetened and consumed as a confectionery. The global confectionary market includes products like chocolate confectionary, sugar confectionary, and gum confectionary. The retail chocolate confectionery market is growing steadily as specialist chocolate stores have become a key source of sales for many manufacturers.
Technavio’s analysts forecast the global chocolate market to grow at a CAGR of 5.37% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global chocolate market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product..
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Chocolate Market 2017-2021
Technavio recognizes the following companies as the key players in the global chocolate market: Mars, Mondelēz International, Nestlé, Ferrero, THE HERSHEY COMPANY, and Chocoladefabriken Lindt & Sprüngli.
Other Prominent Vendors in the market are: AUGUST STORCK KG, Blue Frog Chocolates, ChocOn, Gayle's Chocolates, GCMMF (Amul), Gilbert Chocolates, Godiva, Guylian, Haigh's Chocolates, Lake Champlain Chocolates, Lotus Chocolate Company, Ludwig Schokolade, Patchi,Phillips Chocolate, and RITTER SPORT.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is players introducing more limited-edition chocolate. Players are launching limited edition chocolate products to keep the customers interested and attract more customers to their brand. Limited edition chocolate products are helping them to promote new offerings or give their previous products a bit of a boost. Limited edition chocolate products are specially bought by consumers for gifting purposes owing to their distinct flavors, which separate them other chocolate products. Many players are coming up with limited edition chocolate products.”
According to the report, one of the major drivers for this market is increasing demand for premium and seasonal chocolates. Players (Lindt, Ferraro, and Godiva) are positioning premium chocolate products as gifts. Consumers, who are more conscious about the brand and quality of the chocolate they consume, buy premium chocolate. Enthusiasm for the purchase of seasonal chocolate is increasing globally during festivals (like Easter, Halloween, and Christmas) and holidays. During these seasonal occasions, consumers are willing to pay a little extra to purchase seasonal chocolate as a treat, gift, or add-on to a larger gift for loved ones.
Further, the report states that one of the major factors hindering the growth of this market is demand outstripping the supply of cocoa beans. The consumer chocolate market is growing steadily, and the future demand for chocolate is expected to increase rapidly during the forecast period. However, currently, the demand for cocoa beans is outstripping its supply as cocoa stocks are declining owing to many factors like poor farming methods, pest infestation and diseases, extreme weather, political instability, and civil unrest in producing countries.
Mars, Mondelēz International, Nestlé, Ferrero, THE HERSHEY COMPANY, and Chocoladefabriken Lindt & Sprüngli. Other Prominent Vendors in the market are: AUGUST STORCK KG, Blue Frog Chocolates, ChocOn, Gayle's Chocolates, GCMMF (Amul), Gilbert Chocolates, Godiva, Guylian, Haigh's Chocolates, Lake Champlain Chocolates, Lotus Chocolate Company, Ludwig Schokolade, Patchi,Phillips Chocolate, and RITTER SPORT.
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