Crunchy chocolate, also known as wafer chocolate, refers to crispy wafers coated with a chocolate layer. It is prepared from a wide variety of ingredients including cocoa butter, sugar, wafer, skimmed milk powder, emulsifier, coconut oil, and flavourings. Nowadays, manufacturers are introducing many product variants of crunchy chocolates which are not only delicious but also cater to the needs and demands of a health-conscious consumer-base. A new research report by IMARC Group, titled “Crunchy Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global crunchy chocolate market was worth US$ 3 Billion in 2017, registering a CAGR of more than 7% during the year 2010-2017. The report further anticipates the market to cross a value of US$ 4 Billion by 2023, at a projected CAGR of 6.7% over the forecast period.
Global Crunchy Chocolate Market Drivers/Constraints:
- The rising popularity of crunchy chocolate has resulted in product premiumization and manufacturing of vegan gluten-free, organic and energy bars with added nuts, dried fruits and cereals. This, in turn, has propelled the growth of the market.
- As the chunks and crumbs of crunchy chocolate are used in the preparation of beverages, such as smoothies, coffee or in chocolate sandwiches, the demand for crunchy chocolate is projected to escalate in the upcoming years.
- Some of the other factors contributing to the market growth across the globe are expanding distribution channels, flourishing food and beverage industry and rising disposable incomes of the consumers.
- The major factor hindering the crunchy chocolate market is the presence of high saturated fats and sugar content which can lead to numerous health problems, such as obesity, tooth decay, etc.
Distribution Channel Insights:
On the basis of distribution channel, the market has been segmented into supermarkets and hypermarkets, convenience stores, non-grocery retailers and others. Currently, supermarkets and hypermarkets dominate the market, holding the majority of the global share.
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Regional Insights:
On a geographical front, Western Europe represents the leading market, accounting for the largest market share. Other major regions include North America, Eastern Europe, Asia, Latin America, Middle East and Africa, and Australasia.
Competitive Landscape:
The market is characterised with the presence of several small and large manufacturers who compete in terms of prices and quality. Some of the leading players operative in the market are:
- Mars Inc
- Mondelez International Inc
- Nestle SA
- Ferrero Group
- Hershey Foods Corp
- Grupo Arcor
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