Global Premium Chocolate Market 2018-2022
About Premium Chocolate
Premium chocolate refers to luxury, high-quality, hand-crafted and expensive chocolate varieties.
Technavio’s analysts forecast the global premium chocolate market to grow at a CAGR of 7.28% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global premium chocolate market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Premium Chocolate Market 2018-2022
Technavio recognizes the following companies as the key players in the global premium chocolate market: Chocoladefabriken Lindt & Sprüngli, Ferrero, Mondelēz International, and The Hershey Company.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is demand for organic, vegan, sugar-free, and gluten-free chocolates. With the growing awareness of the negative effects of synthetic products on health and the environment, most health-conscious and informed consumers have started using organic products. This also applies to the premium chocolate sector.”
According to the report, one driver in the market is new product launches. With increasing popularity of the premium segment, the number of product launches in the premium chocolate category is rising. Between 2011 and 2015, the number of product launches in the premium chocolate segment grew by over 70%, globally. In 2015, nearly 7% of chocolates launched were labeled premium.
Further, the report states that one challenge in the market is fluctuating price of cocoa beans. One of the most important challenges for the growth of the market is the fluctuating price of basic raw materials that includes cocoa beans, milk powder, and sugar. In 2016, the price of cocoa beans increased by nearly 1% from 2015. The price of premium chocolate is higher than other conventional chocolates and rising cost of cocoa beans will lead to further increase in the cost of production.
Chocoladefabriken Lindt & Sprüngli, Ferrero, Mondelēz International, and The Hershey Company.