LONDON--(BUSINESS WIRE)--The global chocolate packaging market size is expected to grow by USD 3.76 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The demand for chocolate increases during the festive season with the rise in trend of gifting chocolates. Chocolate brands manufacture different types of chocolates with alluring packaging to cater to the consumer demand. The packaging of seasonal chocolates includes special features and designs. For instance, in 2019, Cadbury Dairy Milk, which offers seasonal chocolates to target Indian customers, collaborated with SmartPaddle Technology Pvt. Ltd. (Bizongo) to design the packaging for its Raksha Bandhan festival pack of chocolates. There is a high demand for special packaging for seasonal chocolates across the globe, and it is increasing on a year-over-year basis. This significant increase in the demand for chocolate, especially in the festive seasons is estimated to boost the demand for the chocolate packaging market during the forecast period.
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As per Technavio, the introduction of new varieties of chocolates will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Chocolate Packaging Market: Introduction of New Varieties of Chocolates
The introduction of new varieties of chocolates will be one of the key chocolate packaging market trends during the forecast period. The rising health consciousness among consumers has increased their preference for chocolates with low and reduced sugar levels. Moreover, there is a high demand for new chocolate flavors, including mint, nuts, and caramel. Thus, chocolate manufacturers are offering a wide variety of chocolates, which increases the demand for unique packaging. Manufacturers are focusing on using innovative packaging materials to attract consumers, which is expected to have a positive impact on the growth of the market.
“Factors such as the premiumization of chocolate packaging, and the strong demand for chocolate packaging from emerging markets will have a significant impact on the growth of the chocolate packaging market value during the forecast period,” says a senior analyst at Technavio.
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Chocolate Packaging Market: Segmentation Analysis
This market research report segments the chocolate packaging market by type (flexible packaging and rigid packaging) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the chocolate packaging market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the European region is expected to register the highest incremental growth due to factors such as the surge in the demand for flexible packaging products in Western Europe and the presence of some major vendors.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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