The Chocolate Market is continuously growing across the world over the coming years. Chocolate is food in the form of a paste or solid block made from roasted and ground cacao seeds, typically sweetened and eaten as confectionery. It is the most well-known, consumed, and profitable component of the confectionery industry across the world. Based on the quantity of cocoa, different ranges are produced worldwide. The rising shift of consumers towards taste preferences and increasing spending on chocolate and other confectionery products, prominently in developing countries are driving the market growth. Significant opportunities in handmade & signature chocolate-based products are creating lucrative growth opportunities for the market growth. Additionally, increasing urbanization and the widespread availability of chocolate and derived products is another factor fueling the market growth. The high cost associated with raw materials is hampering the market growth.
The global Chocolate Market is valued at approximately USD 136.53 Billion in 2020 and is anticipated to grow with a healthy growth rate of 4.50% over the forecast period 2021-2027 is estimated to reach USD 185.80 Billion by 2027.
The regional analysis of the market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rapidly increasing number of air travelers and vast adoption of smartphones. Europe also contributes a satisfactory growth in the global market due to the increasing adoption of smartphones. Asia-Pacific is also anticipated to exhibit a higher growth rate / CAGR over the forecast period 2019-2026 due to the increasing number of airports in developing countries such as India China and Japan.
The major market players included in this report are Kraft Foods, Nestle, SAMoonstruck, Chocolatier Co., Mars Inc., Ghirardelli Chocolate Co., Ferrero Group, Hershey Foods Corp.
The detailed segments and sub-segment of the market are explained below:
By Type: Dark, Milk, White Chocolate
By Regions: North America, Europe, Asia Pacific, Latin America, Rest of the World
Furthermore, the years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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