DUBLIN--(BUSINESS WIRE)--The "Chocolate Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global chocolate market is forecasted to reach USD 139.94 billion by 2024 growing at a CAGR of 4.5% during the forecast period (2019 - 2024).
The Global chocolate market is highly competitive, with the presence of numerous leading players accounting for the major share. The increasing demand and growing popularity of dark and organic chocolates are fuelling the market's growth. Furthermore, the seasonal demand plays an important role in the chocolates sales. Various companies are launching a wide range of chocolate varieties during occasions, like Easter.
Factors, such as shape and packaging of chocolates are the key strategies adopted by companies to attain maximum sales during a festive season. Europe is the second largest market for chocolates. The molded chocolate segment dominated the market in 2017, and is the most consumed chocolate in Europe. Furthermore, it is expected to maintain its dominance during the forecast period. In Europe, Russia is the largest market for chocolate, followed by Germany, the United Kingdom, and France.
Scope of the Report
The scope of the global chocolate market includes alfajores, softlines/selflines, boxed assortments, chocolate with toys, countlines, seasonal chocolate, molded chocolate and other chocolate confectionery. By distribution channel, the global chocolate market is segmented as supermarkets/ hypermarkets, specialist retailers, convenience stores, vending machines, online channel, variety stores and other distribution channels.
Key Market Trends
Impulse Purchasing Behaviour of Consumers
The impulse buying behavior of consumers is boosting the sales of chocolates across the globe. Consumers in the shopping store might not specifically be shopping for the confectionary goods like, chocolates. However, related confectionary items displayed at prominent places attract buyers' attention and causes impulse buying behavior in them. The rising income levels of the consumers and the changing lifestyles are the key factors increasing the impulse purchase of the consumers.
Children and grown-ups keep buying chocolates irrespective of their economic situation because chocolates are related to impulse purchase and are correlated with rewards and moments of happiness. The color and packaging of the chocolates play an important role in their purchase. The attractive packaging and color helps the manufacturer in gaining prompt spontaneous response from consumers. Purple was ranked, as the most influential color followed by red and blue, in stimulating the purchase of chocolate products.
Moulded Chocolates Dominating the Market
Molded chocolates include solid molded and segmented bars/blocks/tablets in various sizes; some are filled with nuts and/or raisins and are made of different types of chocolate i.e.: white, milk, and dark. Tablets in the countline format are also included. For example, Cadbury Dairy Milk (Cadbury), Galaxy (Mars), etc. Vegetable and chocolate combination is becoming popular across the chocolate market, globally. For instance, Tony Chocoloney introduced a limited edition chocolate bar with white chocolate, carrot, and walnut. The molded chocolate manufacturing companies implement innovative marketing and promotional activities, in order to increase the reach of its products among the targeted customers.
Mars Incorporated, Ferrero, Hershey's, Modelez International, Nestle, are few among those prominent players companies in the global chocolate market. Nestle and Mars, Incorporated are the most active companies in terms of product launches. New Product launch is the most preferred strategy in the global market. The development of products to enhance the portfolio and to capture the untapped markets has driven the growth of the chocolate market.
Owing to the changing tastes and preferences of consumers, there have been considerable developments of products by various market players. The leading players in the chocolate market enjoy a dominant presence worldwide. Brand loyalty among the consumers gives these companies an upper edge.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Overview
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.3 Boxed Assortments
5.1.5 Seasonal Chocolates
5.1.6 Molded Chocolates
5.1.7 Chocolates with Toys
5.1.8 Other Product Types
5.2 By Distribution Channel
5.2.1 Supermarkets/ Hypermarkets
5.2.2 Specialist Retailers
5.2.3 Convenience Stores
5.2.4 Vending Machines
5.2.5 Online Channel
5.2.6 Variety Stores
5.2.7 Other Distribution Channels
6 COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Most Active Companies
6.3 Most Adopted Strategies
6.4 Company Profiles
6.4.1 Mars Incorporated
6.4.2 Ferrero Group
6.4.3 Mondalez International
6.4.4 Hershey Co.
6.4.5 Nestle SA
6.4.7 Chocoladenfabriken Lindt & Sprungli AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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