Chocolate confectionery refers to any solid or semi-solid food primarily composed of chocolate or cocoa with/without the addition of fruit or nuts. It includes specific food made by coating & embodying chocolate sugar confectionery, but does not include biscuits cooked, filled & flavored with chocolate or chocolate ice cream/baked chocolate flavored confectionery.
According to study, “Global Chocolate Confectionery Market: Market Segments: By Product(Boxed, Countlines, Molded Bars, Seasonal Chocolates, Straight-line and Others); By Type (Dark, White and Milk); By and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030” the key companies operating in the global chocolate confectionery market are Mars, Incorporated and its affiliates, Mondelez International, Chocoladefabriken Lindt & Sprüngli AG Seestrasse, Nestle, The Hershey Company and Ferrero. The key manufacturers are focusing on rising demand of chocolate confectionery and with new & innovative sustainable chocolate. The manufacturers are also focusing on the attractive packaging by including seasonal flavors to the chocolate confectioneries.
Based on type, chocolate confectionery market is segmented as milk, dark and white. The dark chocolate segment dominates the global market owing to significant health benefits of these chocolates such as their antioxidant properties and ability to minimize the risk of heart disease. Based on product type, market is segmented as molded bars, boxed, seasonal chocolates, countlines, straight-line and others. The molded bars segment is anticipated to witness higher growth rate due to increase in sales of protein bars and vegan chocolate bars during the forecast period. In addition, based on category, market is segmented as seasonal, premium and every day. Seasonal chocolate segment is also anticipated to witness higher growth rate as a result of consumer's rising trend to buy chocolate at festivals such as New Year, Christmas, Easter and others during the forecast period.
The chocolate confectionery market is driven by rise in number of healthier innovative products, followed by favorable impact of advertising, increase in middle-class demographics, rise in disposable income and falling prices of cocoa bean. However, change in consumer tastes, highly competitive industry and stringent international trade regulations may impact the market. Moreover, growth in adoption of advanced technology such as 3D printing technology is a key opportunity for market. Furthermore, rise in demand for organic, vegan, functional, and gluten-free chocolate confectionaries is a major trend for market.
Based on geography, the North-American is a leading region in global chocolate confectionery market owing to increasingly involving chocolates in their daily routine. The Asian-pacific and European regions are estimated to exhibit substantial growth rate due to increase in per capita consumption among the consumers over the forecast period. It is expected that future of the global market will be optimistic on account of high advertisement strategy by manufacturers and increase in acceptance of prophylaxis care during the forecast period. It is also expected that the global chocolate confectionery market will be reached at US $172.82 billion by 2030 from US $122.18 billion in 2018 at a CAGR of 3.12% during the forecast period 2019-2030.
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Ankur Gupta, Head Marketing & Communications