Chocolate market is expected to witness significant growth owing to improving lifestyles along with changing dietary habits mainly in Asia Pacific. Rapid urbanization coupled with increasing disposable income of consumers particularly in emerging markets including China, India, Brazil, South Korea and Singapore is expected to drive demand over the next seven years. Increasing chocolate consumption in functional foods on account of high nutritional value and stress relieving property is expected to augment market growth over the projected period. Rising demand for chocolates in applications including confectionery products and flavored food items is anticipated to stimulate market growth. Rising popularity of chocolates in alcoholic beverages is further expected to drive its demand over the next seven years. Europe was one of the largest regional markets owing to well established chocolate brands coupled with large number of manufacturers in U.K and Germany.
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Asia Pacific is expected to show significant growth on account of rising consumer spending along with introduction of confectionery categories and new product variants of different tastes in the market. India is expected to drive demand as a result of high chocolate consumption in festive seasons. However, increasing production cost on account of volatility in raw materials prices of cocoa beans is expected to restrain market growth over the next six years. In addition, harmful ingredients in Brazilian chocolate such as lead and cadmium which causes brain damage and health problems is further expected to restrict market growth.
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Rising demand for dark chocolate owing to health benefits such as reducing risk of cardiovascular diseases and improving blood flow is expected to propel market growth over the next six years. Growing demand for new flavors and varieties in chocolates is expected to propel market growth over the next seven years. Key market players include Ferrero Group, Mars Inc., Nestle, Mondelez International, Barry Callebaut, Hershey Foods Corporation, Arcor, Ezaki Glico Co Ltd, Meiji Co Ltd, Ghirardelli Chocolate Co., Cargill and August Storck KG. Various innovations in flavors, both sweet and savory by manufacturers are expected to spur demand for chocolates over the forecast period. Innovations of new products such as low-calorie chocolates are expected to drive market growth. Cargill provides wide range of chocolates including Caramel Equilibre, Mocha Chocolate, Hazelnut Chocolate and Gianduja. The company offers low calorie products and chocolates that use sugar alternatives, which includes stevia chocolate or low added sugar chocolate.
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