Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 17, 2021 by statzyreports

The global chocolate market is projected to grow at a CAGR of 4.5% during the forecast period (2021 - 2026).

 
The chocolate market as of 2020 was impacted by Covid-19 during its onset, however, the market became more stable post the ease of restriction across both importing and exporting countries. On the other hand, consumer in-home consumption of chocolates have witnessed a steep rise wherein, buying of such products in higher lots, have led to higher volume sales through supermarket and hypermarkets. Furthermore, the market as of 2020 has seen an inclination towards darket varieties as consumer prefer them over others on account of better health benefits, less in calorie and altering perception towards 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 fuelling the market’s growth. Furthermore, in regions such as Europe, Russia is the largest market for chocolate, followed by Germany, the United Kingdom, and France.

The chocolate market, especially the premium sector of the global market was severely affected by the low sales volume due to the COVID-19 pandemic, including 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.

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Key Market Trends

Impulse Purchasing Behaviour of Consumers

The impulse buying behavior of consumers is boosting the sales of chocolates across the globe. Consumers in the shopping store might not specifically be shopping for confectionary goods like chocolates. However, related confectionery items displayed at prominent places attract buyers’ attention and causes impulse buying behavior in them. The rising income levels of the consumers and the changing lifestyles are the key factors increasing the impulse purchase of the consumers. Children and grown-ups keep buying chocolates irrespective of their economic situation because chocolates are related to impulse purchases and are correlated with rewards and moments of happiness.

Over the years, color and packaging of the chocolates have played an important role in their purchase, and witnessing the change in perception towards products, manufacurers have invested heavily into product design and labelling. 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 chocolate products.

Europe Dominates the Market

European consumers place more emphasis on quality, owing to increasing health concerns and the surge in trying fine cocoa flavors, therefore, they are willing to pay extra 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, and other chocolate products), is a major factor driving the chocolate market in the region. There is a tremendous demand for dark chocolates, as they have less sugar and more cocoa taste, and they are perceived as genuine and low in sugar.

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.

Competitive Landscape

Mars Incorporated, Ferrero, Hershey’s, Modelez International, Nestle, are a few of those prominent players companies in the global chocolate market. Nestle and Mars, Incorporated are also the most active companies in terms of product launches which is the most preferred strategy by the key players.

The development of products to enhance the portfolio and to capture the 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.

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Issued By Statzy Market Research
Country India
Categories Food
Tags chocolate market , chocolate market forecast , chocolate market share , chocolate market size
Last Updated April 17, 2021