Global Chocolate and Gourmet Dates Market – Insights
Chocolates are a rich source of antioxidants owing to the presence of cocoa as a raw material. Gourmet dates have health benefits owing to its organic base. Moreover, gourmet dates can be filled with nuts, fruits, or chocolates. The market is projected to reach US$160.28 billion by the end of 2026, at a CAGR of 5.1% over the forecast period, attributing to increasing consumption of organic food coupled with a rising awareness associated with health benefits of both, chocolates, as well as gourmet dates.
Factors such as manufacturing of various limited edition chocolates and stuffed gourmet dates is fueling growth of the chocolate and gourmet dates market. Increased spending on tourism is resulting in high demand for chocolates and gourmet dates as gifts. Chocolate and gourmet dates are used in confectionery products such as cookies, breads, candies, and others.
Distribution channels of chocolate and gourmet dates include hypermarkets & supermarkets, convenience stores, specialty stores, online stores, and others. Other distribution channels comprise grocery stores, retail stores, and departmental stores. The online channel segment is predicted to grow at a faster pace during the forecast period as a result of increased penetration of internet and mobile phones across the globe. For instance, as per the World Bank data, in 2010, the global number of internet users was 1.99 billion which increased and reached 3.41 billion users in 2016.
Among product type, demand for chocolates is expected to grow during the forecast period, owing to the health benefits associated with its consumption, such as lowers blood pressure, improves blood circulation, and others. High cocoa content is a good source of antioxidant in chocolates and hence, aids in slowing ageing process. Moreover, chocolate increases serotonin levels in the brain and the gut, and improves the immune system.
Among packaging type, the standard packaging segment is expected to gain a significant market share during the forecast period, owing to its lower price as compared to gift packaging. Moreover, gourmet dates and chocolates are considered gift products due to their classification as premium food items and therefore, the gift packaging segment’s demand is expected to increase during festivals and occasions such as Thanksgiving, Easter, weddings, birthdays, Valentine’s Day, and so on.
The global chocolate and gourmet dates market is expected to be valued at US$ 160.28 billion by 2026, and is expected to register a CAGR of 5.1% in terms of revenue over the forecast period (2019 – 2026).
Figure 1. Global Chocolate and Gourmet Dates Market Share (%), By Region, 2017
Source: Coherent Market Insights, 2017-18
Europe is the fastest growing region and accounted for the largest market share of around 47.14% in 2017, owing to increasing tourism and increasing manufacture of chocolates. Moreover, key market players such as Lindt & Sprungli AG, Nestle S.A., Ferrero Group, Deliciously Dates, and Confiseur Laderach AG have their headquarters in Europe, leading to higher export from this region.
Furthermore, companies are focusing on limited edition chocolate and gourmet dates packaging. For instance, Lindt’s strawberry edition, and travel pack available on airport retails led to an increased demand for its chocolates.
Figure 2. Global Chocolate and Gourmet Dates Market Share (%), By Distribution Channel, 2017
Source: Coherent Market Insights, 2017-18
Players operating in the global chocolate and gourmet dates market are adopting various growth strategies such as mergers, acquisitions, and business expansion to cater to an increasing demand for chocolates and gourmet dates. For instance, in 2015, Ferrero acquired Thorntons (a chocolate confectionery company). This helped Ferrero expand its presence in the U.K. chocolate market. Moreover, in January 2018, Ferrero acquired Nestlé’s U.S. confectionery business. This added 20 brands in Ferrero’s product portfolio and made Ferrero third largest confectionery company in the U.S. market. This acquisition helped the company to enhance its product portfolio and its presence in untapped regions.
Major players operating in the global chocolate and gourmet dates market include Mars Inc., Nestle S.A., Mondelez International, Ferrero Group, Godiva, Bateel International L.L.C., AL FOAH, Doyen Foods, Flyberry Gourmet, Sharjah Dates Factory, and others.