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Global Chocolate Market: Rising Health Awareness Propels Market

Chocolate Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast, 2013 - 2019
Published 24 September 2015

The global chocolate market is deriving extensive growth from the increasing awareness pertaining to health among consumers across the globe. Cocoa-rich chocolates possess a huge amount of antioxidants, which help in preventing cardiac disorders and various other diseases. This factor has had a significant positive impact on the global chocolate market in recent years.

On the other hand, the high cost of raw materials and highly unstable economic conditions in cocoa producing nations are hampering the growth of the global chocolate market to a great extent.

Dark Chocolate: Dominating Global Chocolate Market

Dark chocolate, white chocolate, and milk chocolate are the three types of chocolate available in the global market. The market for dark chocolate dominates the global chocolate market. Analysts expect this market to maintain its leading position with the highest CAGR over the next few years. The health benefits offered by dark chocolates due to their high cocoa content are expected to drive the market segment significantly.

Apart from this, the milk chocolate market is also witnessing extensive growth in its market share. The market segment is expected to post a high growth rate in the coming years. Analysts attribute this development to the advantages milk chocolates offer, such as the health benefits of cocoa with a sweet taste for more consumer satisfaction. Additionally, milk chocolates are considered as a healthy alternative to sweets with high cholesterol. This factor also add significantly to the growth of the market for milk chocolates.

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Asia Pacific: Leading Regional Chocolate Market

The global chocolate market is distributed among the regional markets in North America, Asia Pacific, Europe, and the Rest of the World. Asia Pacific is a major player in the global chocolate market, with a share of around 20%. Japan leads the Asia Pacific chocolate market with a share of 40% in the Asia market.

The rising influence of the Western culture, coupled with the increase in disposable income in emerging nations such as India, China, Korea, and Japan, has fueled the market for chocolates in Asia Pacific. Cadbury and Nestle lead the Asia Pacific chocolate market, whereas Hershey, Mars, Ferrero, and Ghirardelli have also managed to get a grip on this regional market.

North America occupies the second position in the global chocolate market and is led by the U.S. market for chocolate, which accounts for around 80% of the North America chocolate market. On the other hand, the U.K. dominates the Europe chocolate market with a share of more than 16% and is followed by Germany in terms of demand.

Global Chocolate Market: Competitive Landscape

The worldwide market for chocolates is highly fragmented in nature, owing to the presence of a vast base of market participants. Barry Callebaut, Hershey Co., Ferrero, Kraft Foods, Lotte, Lindt & Sprüngli, Nestle, Lotus Chocolate Ltd., Chocolates Garoto, Michel Cluizel, Belcolade, Cemoi, Scharffen Berger, Ghirardelli Chocolate Co., Moonstruck Chocolatier Co., Cadbury, Divine Chocolate Ltd., Archer Daniels Midland Co., Mars Inc., Seattle Chocolate Co., Russell Stover Candies Inc., Godiva Chocolatier, Endangered Species Chocolate Co., Meiji Seika Kaisha Ltd., Lake Champlain Chocolates, Chuao Chocolatier, Ezaki Glico Co. Ltd., and Fran’s Chocolates are the major players operating in the global chocolate market.

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