Global Truffle Chocolate Market 2018-2022
About this market
The improving lifestyle of consumers because of rising disposable income and growing health consciousness is driving the demand for premium and luxurious confectionery items. To align themselves with changing consumer preferences, manufacturers of confectionary products like pralines and truffles are experimenting with new flavors and ethnic ingredients. For example. in 2017. Ferrero acquired a premium confections brand named Fannie May to expand its footprints in the premium confectionery products market. Some of the well-known brands offering premium confections in truffles category include Ferrero Rocher and LINDOR. Technavio’s analysts have predicted that the truffles chocolate market will grow at a CAGR of almost 9 % by 2022.
Growth in organized retailing outlets
Organized retailers have grown worldwide with the establishment of drug stores, supermarkets, hypermarkets, convenience stores, and specialty stores. Truffle chocolates are sold mainly in organized retailers with hypermarkets and supermarkets being its major distribution channels that make truffle chocolates available to consumers. Thus, the growing organized retailing outlets are positively impacting the truffle chocolate market.
Unstable cocoa prices and declining consumption
Cocoa is the important component for manufacturing truffle chocolate, which has been witnessing a fluctuating price range from the past decade. The volatile price of cocoa makes the chocolate production cost more volatile.
For the detailed list of factors that will drive and challenge the growth of the truffle chocolate market during 2019-2023, view our report.
The truffle chocolate market appears to be fragmented with presence of a large number of companies and the competition is getting fierce with all companies focusing on improving their position in the market. The growth in organized retailing outlets and the growing trend of premiumization are factors that are poised to provide immense opportunities for companies. Chocoladefabriken Lindt & Sprüngli, Ferrero, LOTTE CONFECTIONERY, Neuhaus, Purdys Chocolatier, Teuscher Chocolates of Switzerland, and Yildiz Holdingare some of the top companies in the truffle chocolate market covered in the report.
‘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. Many companies in the truffle chocolate market are focusing on developing premium and luxurious confectionery products to cater to the changing preferences of consumers.’
Technavio Announces the Publication of its Research Report – Global Truffle Chocolate Market 2018-2022
Technavio recognizes the following companies as the key players in the global higher education market: Chocoladefabriken Lindt & Sprüngli, Ferrero, LOTTE’ CONFECTIONERY, Neuhaus, Purdys Chocolatier, Teuscher Chocolates of Switzerland, and Yildiz Holdingare
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the growing trend of premiumization.”
According to the report, one of the major drivers for this market is the growth in organized retailing outlets.
Further, the report states that one of the major factors hindering the growth of this market is unstable cocoa prices and declining consumption.
Chocoladefabriken Lindt & Sprüngli
Teuscher Chocolates of Switzerland