The global chocolate confectionery market size isprojected to reach USD 136.42 billion by 2027, exhibiting a CAGRof 2.3% during the forecast period. Widespread awareness regarding thepotential health benefits of chocolate is expected to play a central role in
driving the growth of this market, states Fortune Business Insights™ in its
report, titled “Chocolate Confectionery Market Size, Share & COVID-19Impact Analysis, By Type (Dark, Milk, and White), Category (Premium, Seasonal,
and Everyday), and Regional Forecast, 2020-2027”. Chocolate products,especially dark chocolate, offer a plethora of health benefits. Dark chocolate
and cocoa are known to have more flavanols, polyphenols, and antioxidants
compared to acai berries, blueberries, and many other naturally occurring
consumable foods. Further, a dark chocolate bar holds considerable amounts of
iron, copper, and fiber, bolstered with an additional variety of other
nutrients. A research study in the National Institutes of Health found that
consuming dark chocolate helps regulate blood pressure more efficiently as the
presence of flavanols can activate the lining within the arteries, reducing the
impediments to blood flow and lowering the risk of heart disorders. These
benefits of dark chocolate are surging their consumption, which is propelling
the global market growth.
The report states that the globalmarket value stood at USD 114.33 billion in 2019 and sharesthe following:
- Thorough analysis of the short-term and long-term impact of the COVID-19 pandemic on the market;
- Actionable insights into the upcoming opportunities in the market;
- Tangible research into the market, drivers, restraints, and segments; and
- In-depth examination of the regional developments, competitive landscape, and upcoming investment pockets for the market.
List of Key Players Covered in theChocolate Confectionery Market Report are:
- Mars Inc. (Virginia, U.S.)
- The Hershey Company (Pennsylvania, U.S.)
- Mondelez International (Illinois, U.S.)
- Ferrero SpA (Alba, Italy)
- Nestle S.A. (Vevey, Switzerland)
- Ezaki Glico Co., Ltd. (Osaka, Japan)
- Meiji Holdings Co., Ltd. (Tokyo, Japan)
- HARIBO GmbH & Co. KG (Bonn, Germany)
- Chocoladefabriken Lindt & Sprungli AG (Zürich, Switzerland)
- Barry Callebaut (Zürich, Switzerland)
Market Restraints
Shrinking Sales amid COVID-19Pandemic to Stall Market Growth
The chocolate confectionery marketgrowth is expected to be hit by the coronavirus pandemic as lockdown and social
distancing measures have forced consumers to stay at home and retail shops to
close down, albeit temporarily. Moreover, severe global economic downturn has
led to job losses and plummeting revenues for businesses, which has arrested
spending on non-essential foods such as chocolate products. This, in turn, has
contracted sales of some of the major players in the chocolate confectionery
industry. The Hershey Company, for instance, reported in April that its
international net sales dipped by 8.1% to USD 192.5 million. Similarly, in July
2020, Lindt & Spruengli, the Swiss chocolate maker, announced a fall in
organic sales by 5-7% in the current year owing to store closures forced by
COVID-19.
Regional Insights
North America to Have DominatingLead in the Market Backed by High Demand for Premium Chocolates
With a market size of USD 19.50billion in 2019, North America is anticipated to lead the chocolate
confectionery market share during the forecast, mainly owing to the high demand
for premium chocolate snacks and products among the consumers in the region.
However, in the US, whose market volume stood at 1,410.20 thousand tons in
2019, the market is expected to experience limited growth owing to increasing
resistance to high-sugar chocolate confectioneries and rising preference for
low-sugar confectionery items.
In Europe, chocolate items are acentral component in festivals in the region, which is the major factor
augmenting the market growth. In Asia-Pacific, per capita consumption of
chocolate products is increasing as a result of growing disposable income in
the region. Large proportion of young population and evolving taste preferences
are having a considerable influence on the growth trajectory of the market in
the region.
Competitive Landscape
Heavy Investments in R&D by KeyPlayers to Create Healthy Competitive Atmosphere
The market for chocolateconfectioneries is characterized by a healthy competitive climate as top
companies are directing their energies towards elevating their R&D
capabilities. Moreover, some players in this market are also engaging in
efforts towards establishing sustainable agriculture practices in key cocoa
producing regions.
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