The increasing awareness of health benefits associated with chocolate is a major factor propelling its global market growth.
Milk chocolates dominate the global chocolate market. It is valued at USD 40 billion in 2016. It is also growing at a CAGR of six percent during 2017 – 2025.
However, dark chocolates, which have the second largest market, are growing with a CAGR of eight percent during the forecast period of 2017 – 2025. Owing to various health benefits and increased awareness among people regarding dark cocoa chocolates is expected to propel the demand for dark chocolates over the forecast period.
Consuming chocolate offers health benefits such as blood pressure suppressing property, antioxidant enrichment, and anti-aging. Furthermore, increasing demand for chocolate and chocolate-base products on seasonal and festival occasion significantly contributes to the growth of the chocolate market. High demand for chocolate confectionery market further fuels growth of the market. For instance, according to Coherent Market Insights’ analysis, the confectionery market is expected to witness CAGR of almost four percent during the forecast period of 2017 – 2025.
Some of the major players in the chocolate market include Mars, Hershey, Nestlé, Barry Callebaut, Kraft Foods, Ferrero, Moonstruck Chocolatier Co., Ghirardelli Chocolate Co., and Mondelez International (Cadbury).
Europe leads the chocolate market and is expected to grow at CAGR of five percent during the forecast period, 2017-2025. It is expected to be valued at US$ 43.20 billion by 2025.
North America is the second largest chocolate market with the U.S being major economy in the region. It has the highest consumption of chocolate and presence of international players such as Mars, Mondelez, etc.
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