According to a report by Grand View Research, Inc.; the global chocolate confectionery market is projected to value USD 154.5 billion by 2025. Declining prices of cocoa can drive growth of the market. Rising demand for different types of chocolate based products can further fuel market growth during the forecast period (2014 to 2025).
Increasing promotional and marketing activities including advertising and marketing events by manufacturing companies to increase product outreach can drive the market. Innovative branding activities and appealing packaging of chocolate products can further boost the demand for chocolate confectionery. Introduction of products free from saturated fats and artificial flavors owing to rising consumer health awareness can stimulate market expansion. Manufacturing companies use healthy ingredients like rice syrup, cane sugar, organic wheat flour, and corn starch to make chocolates.
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To promote their chocolate confectionery products, most companies are adopting innovative marketing strategies. For instance, Ferrero India is focusing on kids as target audience while branding chocolate products. The company introduced Pink and Blue Kinder Eggs aimed at girls and boys respectively. In addition, they also introduced The Kinder Joy Story Station to boost brand engagement.
The worldwide chocolate confectionery market can be segregated on the basis of product, type, and region. Based on product, the market can be categorized into countlines, molded bars, seasonal chocolates, straightlines, boxed, and others. In 2016, countlines segment held the highest market share. Consumers prefer countlines an easy snacking option. Seasonal chocolates segment is predicted to witness the fastest growth during the forecast period attributed to popularity of chocolate confectionery during festive season.
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Based on confectionery type, the market can be classified into dark, milk, and white. In 2016, milk chocolate segment accounted for the largest market share. The dark chocolate segment is estimated to expand at the fastest CAGR during the forecast period. Substantial and proven health benefits and antioxidant properties are expected to boost the product demand. Dark chocolates are low on calories compared to white and milk chocolates. This factor is anticipated to make them popular among health conscious consumers, which, in turn is anticipated to further propel the growth.
Regional segmentation includes Asia Pacific, Europe, North America, Latin America, and Middle East and Africa (MEA). In 2016, Europe dominated with the largest market share. According to Eurostat, in 2014, the region had 12,315 companies producing 11.7 million tons of products annually. In 2015, the production rate increased by 2.3% and reached 11,736.975 metric tons. In 2017, Nielsen Holdings plc reported that growth of grocery market in Western Europe was driven by demand for confectionary and fresh food products. This factor is expected to impel regional growth over the forecast period. Rising number of key market players in the region like Lindt, Barry Callebaut, and Nestle can also stimulate growth of the market.
Asia Pacific is projected to register the fastest CAGR during the forecast period owing to increasing disposable income and population. In addition, rising focus of key market players on business expansion can augment regional growth in the forthcoming years. Moreover, growing penetration of international market players in China and India can further impel the growth during the forecast period.
Some of the leading companies operating in the chocolate confectionery market are Ferrero Group; Nestle; Mondelez International, Inc.; Mars, Inc.; and The Hershey Company. Most companies adopt innovative marketing strategies to promote their products. Such branding, advertising, and promotional activities are projected to enhance market reach of manufacturing companies.
Grand View Research has segmented the global Chocolate Confectionery market on the basis of product and region:
Chocolate Confectionery Product Outlook (Revenue, USD Million, 2014 - 2025)
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Boxed
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Countlines
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Molded Bars
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Seasonal Chocolates
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Straightlines
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Others
Chocolate Confectionery Type Outlook (Revenue, USD Million, 2014 - 2025)
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Milk
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Dark
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White
Chocolate Confectionery Regional Outlook (Revenue, USD Million, 2014 - 2025)
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North America
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Europe
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Asia Pacific
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Latin America
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Middle East and Africa (MEA)
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