The global chocolate market is projected to witness a CAGR of 4. 5% during the forecast period (2021 - 2026). The chocolate market was impacted by COVID-19 during its onset in 2020. However, the market became more stable post the ease of restrictions across both importing and exporting countries.
New York, June 13, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06067779/?utm_source=GNW
Consumers’ in-home consumption of chocolates witnessed a steep rise during the lockdown; Chocolates, among other consumables, were bought in bulk, which led to higher volume sales through supermarkets and hypermarkets.
On the other hand, the premium sector of the global chocolate market was severely affected by low sales volume due to the COVID-19 pandemic, partly due to supply-side issues linked to quality and certification. Consequently, varied public sectors provided support to the strengthening partnership between fine cocoa producers and chocolate companies to enhance the resilience of marketing infrastructure. This is expected to provide an important means of assistance to the recovery of the market.
In 2020, the chocolate market witnessed an inclination toward the darker varieties of chocolate, as consumers showed preference for them over other varieties, on account of better health benefits, lower in calories, and altering perception toward premiumization.
Over the medium term, the global chocolate market will become 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 fueling the market’s growth. Europe holds the largest share of the global chocolate market. In Europe, Russia is the largest market for chocolate, followed by Germany, the United Kingdom, and France.
Key Market Trends
Impulse Purchasing Behaviour of Consumers
The phenomenon of impulse buying is boosting the sales of chocolates across the world. An impulse purchase is a sudden and unplanned decision to buy a certain product or service. While shopping for groceries, consumers mostly do not intend to purchase confectionaries such as chocolates. However, confectionery items displayed at prominent places in shops and supermarkets attract buyers’ attention and cause them to indulge in impulse purchases. Besides attractive display mechanisms adopted by stores, rising income levels of consumers and their changing lifestyle are the key factors increasing impulse purchase. Both children and grown-ups want chocolates irrespective of their economic situation as clever marketing and advertising have correlated chocolates with rewards and moments of happiness. Over the years, the color and packaging of chocolates have played important roles in their purchase. Witnessing the change in perception toward products, manufacturers have invested heavily into product designing and labeling. This has further led manufacturers to gain a prompt and spontaneous response from consumers. Purple was ranked as the most influential color, followed by red and blue, in stimulating the purchase of chocolates.
Europe Dominates the Market
European consumers place greater emphasis on the quality of chocolates, owing to increasing health concerns involving cheaper chocolates in the region and a surge in the popularity of fine cocoa. Therefore, European consumers are willing to pay more for chocolate products that meet their demand. The European consumer’s paradigm shift toward high-quality chocolate products (such as single-origin chocolates, organic chocolates, handmade chocolates, artisan chocolates, etc.) is a major factor driving the chocolate market in the region. There is a tremendous demand for dark chocolates, as they have lower amounts of sugar, paired with a rich bitter taste of concentrated cocoa.
Furthermore, seasonal demand plays an important role in the sales of premium chocolates. Various companies launch a wide range of chocolate varieties during occasions like Easter and Christmas. For instance, Lindt Teddy, wearing a traditional English Christmas pullover, is still a seasonal top-seller in the United Kingdom. Although major manufacturers dominate the European chocolate industry, the possibilities for high-quality and artisanal chocolates are increasing. One of the main drivers for the market studied is product innovation, which promotes awareness and customer involvement and attracts more customers.
Mars Incorporated, Ferrero, Hershey’s, Modelez International, and Nestle are a few of the prominent players in the global chocolate market. Nestle and Mars are also the most active companies in terms of product launches, which is the most preferred strategy of the key players. The development of new products to enhance their portfolio and to capture 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.
The market estimate (ME) sheet in Excel format
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