Global Chocolate market was valued at US$ 99.60 Billion in 2016, according to Chocolate Market Report by Price Range (Economic Chocolate, Mid-Range Chocolate, Premium Chocolate), by Flavor (White Chocolate, Milk Chocolate, Dark Chocolate), by Product Types (Box Chocolate, Chocolate Countlines, Chocolate Straightlines, Molded Bars, Novelties, and Others), by Distribution Channels (Supermarket, Hypermarket, Convenience Store, Online Channel, Departmental Store, and Others), published by Coherent Market Insights. The Chocolate Market is expected to register a CAGR of 6.6% over the forecast period (2017 - 2025) to reach US$ 172.22 billion by 2025.
During the festive season, the chocolate demand reaches its peak backed by huge sales of numerous chocolate products. Moreover, the health benefits of chocolate, such as suppressing the blood-pressure, antioxidant enrichment, anti-aging, and relieving stress are the advantages contributing to the growth of chocolate market globally. According to Health and Human Services, there was 11% reduction in cholesterol of the patients after 15 days of consumption of dark chocolate. However, fluctuating raw material prices, supply instability, and political instability in the economies manufacturing cacao are the restraints for the growth of global chocolate market.
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Key Trends and Analysis of Chocolate Market:
On the basis of flavor, milk chocolate held a dominant position in the global chocolate market, followed by dark chocolate. Milk chocolate market contributed to 39.65% share in 2016 and is growing at a CAGR of 6.0% during the forecast period of 2017 - 2025. Dark chocolate is the fastest growing segment with a CAGR of 8.3% during the forecast period. Made from cocoa, dark chocolate offers several health benefits such as improved blood flow rate and reduces the risk of cardiovascular diseases. Such health benefits of dark chocolate is a major factor contributing to the growth of the segment over the forecast period.
In the product type, molded bars segment held a dominant position and is valued at US$ 35.34 billion in 2016 with a CAGR of 6.7% during the forecast period of 2017 - 2025.
On the basis of price range, economy range chocolate segment held a dominant position in the market, owing to its affordable price and high consumption rate during festival season.
Key Takeaways of the Market:
Some of the major players in the Chocolate market include Mars, Hershey, Nestlé, Barry Callebaut, Kraft Foods, Ferrero, Moonstruck Chocolatier Co., Ghirardelli Chocolate Co., and Mondelez International (Cadbury).
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