As stated in our extensive report, providing insights on Product Form, Application, Pricing, Distribution; the Global Chocolate Market accounted for USD 131.9 Million in 2021.
Chocolates are consumed globally. Chocolates are considered to be the fastest consumer products majority of manufacturers and distributors gain huge profits. Growing health benefits and awareness of Chocolates have gained huge potential in recent years. Furthermore, impulse buying behavior among millennials and youngsters as a result of an increased awareness from social websites and satellite television channels by confectionery companies, such as Nestle SA and Mars Incorporated, is projected to have a positive impact on the industry growth.
The antioxidants in dark Chocolate have been shown to lower blood pressure, reduce the risk of clotting and increase blood circulation to the heart, thus lowering the risks of stroke, coronary heart disease, and death from heart disease. Hence consumption of Chocolates has increased globally.
Chocolate Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in manufacturing, which is decreasing the demand for Chocolate Market.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the coming years owing to the high demand for Crypto ATMs. The market growth can be attributed to the changing lifestyle and high consumer purchasing power in the region. Meanwhile, the Asia Pacific is predicted to be the fastest-growing region, with emerging economies such as India and China driving the market growth. The growing western influence in the region, improving living standards, and the growing awareness pertaining to the health benefits associated with Chocolate consumption are estimated to aid the market growth in the forecast period.
Developing economies like India, China, and the Middle East are expected to gain a huge market for Chocolate owing to the increasing population. The Asia Pacific held the largest share of the Chocolate Market in 2021, followed by Europe and North America.In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of Research and Development (R&D) facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Global Chocolate Market such as Arcor, Barry Callebaut, Chocoladefabriken Lindt & Sprüngli AG, Chocolaterie Guylian, Ferrero International, Mars Incorporated, Meiji Co. Ltd., Mondelez International Inc. (Kraft Foods), Moonstruck Chocolate Company, Nestlé S.A., The Hershey Company.