Global Chocolate Market 2019-2023
About this market
With the aim to increase shelf life and revive customer interest, vendors in the chocolate market are introducing a range of new and creative packaging and branding to attract customer attention. It helps in capturing interest and curiosity of consumers and is often considered an extension of the brand value. Therefore, packaging has become a key aspect of brand marketing, which drives the key vendors to constantly innovate. For example, in September 2017, Mondelēz International partnered with packaging design agency Bulletproof to create a contemporary new brand identity and packaging design for its Premium Chocolate brand GREEN & BLACK’S for its new Pure Dark and Pure Milk chocolate bars. This factor is expected to boost the chocolate market worldwide. Technavio’s analysts have predicted that the chocolate market will register a CAGR of close to 7 % by 2023.
Increasing premiumization of chocolates
Globally, the demand for premium chocolates is growing, especially in emerging economies such as the China, India, and Brazil. Vendors such as Mars, Barry Callebaut, and Mondelez International are increasing efforts to improve premiumization, personalization, and differentiation in their chocolate segments with new premium offerings. Therefore, the increasing demand for premium chocolates will spur the growth of the market.
Volatility in price of raw materials
One of the primary challenges impacting the growth of the chocolate market is the volatility in the price range of major ingredients such as cocoa and sugar. The increase in the prices of raw material forces players to increase the final product price.
For the detailed list of factors that will drive and challenge the growth of the chocolates market during 2019-2023, view our report.
The chocolate market appears to be fragmented owing to the presence of a considerable number of companies and the competitive environment of the market is quite intense with all companies striving to improve their market position. Factors such as the increasing premiumization of chocolates and the increasing packaging innovations to spur the growth of the market. Some of the top companies in the chocolate market include Chocoladefabriken Lindt & Sprüngli, Ferrero, Mars, Mondelēz International, Nestlé, and The Hershey Company.
‘With the presence of a considerable number of companies, this market appears to be fragmented. This market research report will help clients identify new growth opportunities. Companies in the chocolate market are focusing on improving the packaging of chocolates in order to increase brand value by capturing consumer attention.’
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