A key factor driving the growth of the market is the rising demand for organic, functional, vegan, and gluten-free chocolate confectioneries. Globally, the growing health consciousness has increased the demand for healthier and organic diets. As a result, the global demand for vegan and gluten-free chocolate confectioneries is increasing rapidly across the world. Dark chocolates often associated with low sugar and high antioxidants are gaining prominence. The popularity of vegan and gluten-free chocolate confectioneries has also witnessed an increase, owing to the rising prevalence of lactose intolerance worldwide. Thus, the increasing number of product launches featuring organic, gluten-free, vegan, and functional chocolates is indicative of the growth of vendors operating in the global chocolate confectionery market.
As per Technavio, the expansions and promotions by vendors through various strategies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global chocolate confectionery market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global chocolate confectionery market: Expansions and promotions by vendors through various strategies
Many regional and global vendors operating in the global chocolate confectionery market focus on different marketing strategies to build their customer base. These strategies include entering into the distribution deals with retailers, acquiring small players, setting up exclusive chocolate stores, and undertaking marketing campaigns frequently. Major brands are also launching marketing and promotional campaigns to increase product visibility. In October 2018, Mars launched a promotional event by establishing a multisensory hotel in Shanghai, China. The move was aimed at attracting consumers to explore their pleasure profile. There were multiple rooms featuring white chocolate and milk chocolate, one of which included a poster bed that depicted strawberries dipped in white chocolate, and the other one featured a large bed filled with bubble balls containing white chocolate. Furthermore, there was also a room featuring silk bedsheets in Milk Chocolate Suite.
“Apart from the expansions and promotions, another factor that will drive the growth of the global chocolate confectionery market during the forecast period is the rising demand for premium chocolate confectioneries across the world. Premium chocolates differ from standard and economy chocolates in terms of packaging, provenance, ingredients, brand appeal, and point of purchase. Therefore, the demand for premium chocolate confectioneries is increasing rapidly across the world,” says a senior analyst at Technavio.
Global chocolate confectionery market: Segmentation analysis
This market research report segments the global chocolate confectionery market by product (chocolate bars, boxed assortments and seasonal variants, and others) and geographical regions (Europe, North America, APAC, South America, and MEA).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA, respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the rising demand for chocolate confectioneries and product launches.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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