Chocolate Sales Set for Steady Growth with the Entry of Inexpensive, Local Brands
A new market intelligence study by Transparency Market Research presents a detailed overview of the global chocolate market. The report is titled “Chocolate Market – Global Industry Analysis, Size, Share, Growth, Trends And Forecast, 2013 – 2019.” The report provides a comprehensive analysis of the growth drivers, factors challenging growth, trends, innovations, and projections of the market for the period from 2013 to 2019.
The global chocolate market is driven by the rising awareness among consumers regarding the health benefits of dark, cocoa-rich chocolate. Dark chocolate, rich in anti-oxidants, has the potential to prevent cardiac diseases and other diseases, which is expected to boost the consumption and drive the global chocolate market. The availability of a wide variety of dark chocolate is encouraging consumers to try out the variants, boosting the market. Improvement in the lifestyles of consumers and an increase in their disposable income are some of the other factors benefitting the global chocolate market. Chocolate is used in confectionary products and flavored food and beverages, thus driving the market.
Chocolate is typically a sweet preparation of Theobroma cacao seeds that is roasted and grounded, generally flavored with vanilla. Chocolate is extremely popular and widely consumed across the globe. Chocolate is classified on the basis of the amount of cocoa present in the chocolate.
The rising disposable income of Asia Pacific consumers, especially in countries such as Japan, China, India, and South Korea has brought down the social status of chocolate from a luxury food item to an everyday commodity. This has impacted the chocolate market positively. The inexpensive, local brands of chocolate as well as the premium, international brands of chocolate are popular among consumers, thus driving the market.
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Chocolate as functional foods, is a growing trend among people, since they are perceived as stress-relieving eatables, having high nutritional value. However, the fluctuating prices or instability of raw materials required in the manufacturing of chocolate, such as cocoa, act as a challenge for the manufacturers of chocolate. The unstable supply of cocoa is due to heavy reliance on West African countries and the political instability in the major cocoa producing regions.
The global chocolate market is segmented on the basis of type and region. On the basis of type, the global chocolate market is categorized into dark chocolate, milk chocolate, and white chocolate. The geographies studied in the report include Europe, North America, Asia Pacific, and the Rest of the World.
The report profiles some of the leading manufacturers of chocolate such as Nestle SA, Ferrero Group, Mars Inc., Hershey Foods Corp., Ghirardelli Chocolate Co., Moonstruck Chocolatier Co., and Kraft Foods.