LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global chocolate market since 2016 and the market is poised to grow by USD 37.03 billion during 2019-2023, progressing at a CAGR of almost 5% during the forecast period.
Read the 137-page research report with TOC on " Chocolate Market Analysis Report by Product (milk chocolate, dark chocolate, and white chocolate), by Geography (the Americas, APAC, and EMEA), and Segment Forecasts, 2019 - 2023"
The market is driven by the increasing premiumization of chocolates. In addition, new product launches are anticipated to further boost the growth of the chocolate market.
Market vendors are introducing new premium offerings with better taste and quality. The increase in premiumization of chocolates helps vendors to improve their profit margins and offer quality products. They can thus, focus on the use of quality ingredients, and packaging of these products to attract more consumers. The practice of using premium chocolates as gifts due to their quality is also gaining momentum. Thus, the growing demand for premium chocolates is expected to drive the market during the forecast period.
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Major Five Chocolate Market Companies:
Chocoladefabriken Lindt & Sprüngli
Chocoladefabriken Lindt & Sprüngli launched its Fruit Sensation range including fruit sensation raspberry and cranberry, fruit sensation blueberry and acai, fruit sensation orange and grapefruit in South Africa during April 2018. The company provides different varieties and flavors of chocolate products under various brands such as Lindt, Ghirardelli, Caffarel, and others.
Ferrero manufactures chocolate products through the following global business units: Nutella, Kinder, Ferrero Pralines, and Tic Tac. The company offers chocolates such as Ferrero Rocher and Raffaello.
Mars has business operations under various segments, namely Mars Petcare, Mars Food, Mars Wrigley Confectionery, Mars Drinks, and Mars Symbioscience. The company offers chocolate products such as Skittles, M&M'S, SNICKERS, TWIX, MILKY WAY, and others.
Mondelēz International has inaugurated its newest global Technical Center in India located in Thane, Maharashtra in October 2018. The company provides different varieties and flavors of chocolate products under various brands such as Cadbury, Toblerone, Alpen Gold, Marabou, and others.
In June 2018, Nestlé was named the most effective food marketer for the third year running, based on the Effie Effectiveness Index 2018. The company provides different varieties and flavors of chocolate products under various brands such as KitKat, Aero, Cailler, Milkybar, and others.
Technavio has segmented the chocolate market based on the type and region.
Chocolate Product Outlook (Revenue, USD Million, 2019 - 2023)
- Milk chocolate
- Dark chocolate
- White chocolate
Chocolate Regional Outlook (Revenue, USD Million, 2019 - 2023)
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Related Reports on Food Products are:
Farro Market – Global Farro Market by product (conventional farro and organic farro) and geography (APAC, Europe, MEA, North America, and South America).
Dairy Desserts Market – Global Dairy Desserts Market by product (yogurt, cream, and others) and geography (APAC, Europe, MEA, North America, and South America).
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