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.
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. Chocolate is the most well-known, consumed, and profitable component of the confectionery industry across the world. Based on the quantity of cocoa, different ranges of chocolates 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 chocolates & 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 regional analysis of the Global Chocolate 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 Chocolate 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 player included in this report are:
Ghirardelli Chocolate Co.
Ferrero GroupHershey Foods Corp.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of the competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
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 of the Global Chocolate Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
[contact-form-7 id=”2827″ title=”Request Sample”]
The study of the market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geographies to provide a better regional outlook. In the report, country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. Our analysts contact company executives, managers, key opinion leaders, and industry experts. This enables our analyst to derive the closest possible figures without any major deviations in the actual number.
Primary Research Sources:
- Interview conducted with raw material suppliers & manufacturers.
- Interview conducted with manufacturers, suppliers & distributors, researchers, & representatives of regulatory bodies.
- Interview conducted with market players, industry experts, & independent consultants.
- Secondary Research Sources:
- Purchased Database: D&B Hoovers, Bloomberg, Inc., Business Information Industry Association, NAICS Association.
- Internal Database: White papers, Certified Publications, Articles by Recognized Authors and Regulatory Bodies.
- Government Databases: Food and Agriculture Organization (FAO), European Industrial Hemp Association (EIHA), World Health Organization (WHO), Food and Drug Administration (FDA), International Telecommunication Union (ITU), United States Department of Agriculture (USDA), International organization of Motor Vehicle Manufacturers (OICA).