LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global premium chocolate market predicts a CAGR of around 7% during the period 2018-2022.
The report segments the global premium chocolate market based on the type of products such as dark premium chocolate and white and milk premium chocolate. The report also provides an analysis of the market’s growth prospects across various geographic regions such as the Americas, APAC, and EMEA. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global premium chocolate market, according to Technavio food and beverage researchers:
- Increasing indulgence market: a major market driver
- Demand for organic, vegan, sugar-free, and gluten-free chocolates: a key market trend
- The Americas dominated the global premium chocolate market with 40% share in 2017
- Chocoladefabriken Lindt & Sprüngli, Ferrero, The Hershey Company, Mondelēz International, and Yıldız Holding are the leading players in the market
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Increasing indulgence market: a major market driver
Consumption of chocolate is associated with emotional aspects like pleasure and indulgence. With growing knowledge and interest in unique and premium products, the demand and popularity of the segment are increasing at a fast pace. Furthermore, the demand for better-quality and premium chocolates is increasing at a faster rate than other varieties of chocolates, owing to factors such as increasing health consciousness, and higher disposable incomes.
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Demand for organic, vegan, sugar-free, and gluten-free chocolates: a key market trend
With 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. The market is witnessing an increase in demand for artisan chocolates, organic chocolates, sugar-free and gluten-free vegan chocolates to name a few. In 2014, the US accounted for 43% and Germany for 13% of the retail sales of organic food products globally.
“With the current changes in the preferences of end-consumers, players like Artisan Confections Company, Lake Champlain Chocolates, Green & Black’s, Sjaak's Organic Chocolates, and others are coming up with more varieties in organic chocolates to gain health-cautious consumers,” says a senior analyst at Technavio for food research.
Regional landscape
EMEA will be the major revenue contributor to the premium chocolate market throughout the forecast period. Though the region will witness a decrease in its market shares in the coming years, it will continue to dominate the market during the forecast period. APAC is expected to witness the highest growth over the forecast period.
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