For instance, in February 2020, the company launched completely dairy-free chocolates to its plant craft range. The growth in economic prosperity, especially in emerging countries has driven the market for the chocolate segment. 5.3 Global Market Segmentation (Product Type Level) Analysis. Inorganic dark chocolate market Technavioâs market research also â¦ Which region held the highest share in the market? This report provides an accurate prediction of the contribution of all the chocolate market segmentation. On the last Marketing Communication we were talking about how advertisements can be persuasive when it comes to chocolate brands. The increasing awareness regarding labor welfare is expected to fuel the demand for fair-trade chocolate in the foreseeable years. Which is the leading segment in the market? It also permits the use of up to 4 paragraphs or 1 page of the report externally in whitepapers, press releases, and marketing collateral. Australia chocolate market stood at $ 2.9 billion in 2017 and is projected to surpass $ 4.3 billion by 2023, on the back of growing chocolate consumption and rising demand for niche product categories such as organic chocolate products. Consumers are looking for healthy products that also provide indulgence. Technological Advancements Contribute to the Increasing Demand for Premium Chocolates. The Consumer Staples industry is expected to have Positive impact due to the spread of COVID-19 virus. Market segmentation refers to a marketing strategy that divides a broad target market into subsections of customers who have similar wants and interests, and then developing a method of getting them (Majaro 2013). Premium chocolate market share. The trend of consuming healthy products to maintain overall health is expected to create enormous opportunities for dark & organic chocolate confectionery in forthcoming years. Inorganic milk chocolate market 1. Consumers in the U.S. are becoming more inclined towards chocolate confectionery products having reduced sugar content to cut down on the sugar intake levels. Almost one billion people around the world eat horse meat. Compound Chocolate Market 2019 Global Share, Business Growth, Trend, Segmentation, Top Key Players Analysis Industry, Opportunities and Forecast to … “We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Journal of Food Products Marketing: Vol. ET Furthermore, while about three-fourths of consumers buy their chocolate at supermarkets, the retail format faces stiff competition from mass merchandisers, drug stores, convenience stores, speciality stores, vending machines and other locations. Increasing the association of chocolate with festivals & special occasions is the key factor driving the growth of the market. Furthermore, with the growing awareness of the negative effects of synthetic products, most consumers have started using organic products, which is boosting the demand for premium chocolates. Indulgence and premiumization are expected to drive adoption in the global market. Global Industrial Chocolate Market By Application (Confectionery, Biscuits and bakery products, Dairy and desserts, Ice creams and frozen items, Cereals and other industrial chocolate applications) and Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) â Industry Trends and Forecast to 2026 Everyday Chocolate; Premium Chocolate Cadbury dairy milk is the market leader in the milk chocolate segment Dark chocolate, with only a 9% share of the market, is expected to be the fastest growing segment due to its health benefits and increasing awareness among Indian consumers 12. Also, the report analyzes the marketâs competitive landscape and offers information on several market vendors, including Arcor Group, Barry Callebaut AG, Chocoladefabriken Lindt & SprÃ¼ngli AG, Chocolaterie Guylian NV, Ferrero International SA, Mars Inc., Meiji Holdings Co. Ltd., Mondelez International Inc., NestlÃ© Group, and The Hershey Co. Browse TOC and LoE with selected illustrations and example pages of chocolate market. 1. The chocolate flavor segment accounted for the largest market share of more than 40% in 2018. In the short term, the market demand will show Superior growth due to the increase in infections and reduced economic activity. On the other hand, the company’s international and other segments’ net sales have declined by 8.1% due to the slowdown in purchases in the Chinese market as the COVID-19 pandemic impacted the country well before the other countries. Introduction 9.2. Dark chocolate is a rich source of antioxidants, balances the blood pressure level, and offers many other advantages that entice consumers to buy it in the market. In many countries across the world, chocolates are mainly consumed and associated with seasonal festive occasions, fuelling their demand in the global market. To know how our report can help streamline your business, Speak to Analyst, Dark Chocolate Segment to Grow at Significant CAGR Backed by Shifting Consumer Preference towards High-end Chocolates. According to CBI Ministry of Foreign Affairs (EU), the global per capita consumption of chocolate was 0.9 kg per year while the same is higher in European nations (Switzerland at 10.5 kg and Germany at 9.2 kg per capita per year). The segment will expand further at a steady CAGR from 2019 to 2025 due to the high consumption of chocolate-flavored food products across the globe. In North America in 2019, the market in APAC, MEA and. 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