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Chocolate Confectionery Market Size, What Everyone Must Know About in 2020?

Apr 23rd 2020 at 1:55 AM

The global chocolate confectionery market size is set to reach USD 145.17 billion by 2026, exhibiting a CAGR of 3.50% during the forecast period. Rising focus by companies on improving chocolate processing and packaging processes will be a crucial factor in the growth of this market, says Fortune Business Insights™ in its recent report, titled Chocolate Confectionery Market Size, Share & Industry Analysis, By Type (Dark, Milk, and White), By Category (Premium, Seasonal, and Everyday), and Regional Forecast, 2019 – 2026”. Efficient processing of chocolate items is an uphill task and many chocolate makers are taking efforts to develop sustainable techniques and innovations for chocolate and other confectionery items. For instance, Barry Callebaut partnered with the UK-based packaging expert James Cropper to effectively utilize waste by-products in the packaging process. Callebaut provided James Cropper with cocoa husk, which the latter converted into bio-recyclable paper packaging to be used by Callebaut to wrap their chocolates in. Furthermore, industry leaders are also engaged in integrating advanced technologies such as Artificial Intelligence and Blockchain to optimize agricultural processes involved in cultivating cocoa and coffee. Together, they are driving the chocolate confectionery market trends.

According to the report, the value of this market stood at USD 110.67 billion in 2018. The report also provides the following:

· Comprehensive research into the different market drivers and trends;

· In-depth study of the various market segments;

· Detailed evaluation of the regional dynamics and competitive landscape of the market; and

· Thorough assessment of the challenges the market currently faces and is likely to face in the future.

Moreover, a bar of dark chocolate contains substantial amount of fiber, iron, and copper, along with a host of other minerals. Another study published by the National Institutes of Health suggested that dark chocolate reduces blood pressure as the flavanols present in them can stimulate the lining of arteries and lower resistance to blood flow. However, the debate is still ongoing whether the blood pressure-related benefits actually occur and to what extent. Nonetheless, the health advantages of dark chocolate products are largely undeniable, which favors the growth of this market.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Regional Analysis

North America to Have Commanding Lead in the Market; Asia-Pacific to Grow Steadily

With a market size of USD 19.17 billion in 2018, North America is an attractive region for chocolate confectionery in the coming years, primarily owing to the deep passion for chocolate snacks and products among the people. Chocolates and other confectioneries are an integral part of festivals in the region as well as a popular choice for gifts and cultural events. Moreover, many manufacturers are customizing their products to meet the rising demand for premium and personalized chocolate items, which is elevating the market potential in the region.

In Asia-Pacific, per capita consumption of chocolate products is increasing as a result of growing disposable income in the region. A large proportion of the young population and evolving taste preferences are having a considerable influence on the growth trajectory of the market in the region.

Industry Developments:

· July 2019: Nestle declared that it has successfully created a novel 70% dark chocolate product wholly made from the cocoa fruit. The chocolate contains no added sugar as the only ingredients used are the cocoa bean and pulp. The product will be first introduced in Japan under the company’s KitKat brand.

· June 2019: The US-based chocolate maker Mondelez introduced a new variant of its beloved Cadbury Dairy Milk brand in India with 30% less sugar content. The product is developed to align with India’s food and beverage industry regulator FSSAI’s ‘eat right’ initiative for packaged foods.

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