Sarasota, FL -- (SBWire) -- 04/15/2019 --"Chocolate Market by Type of Chocolate (Dark, Milk, and White) and by Sales Category (Everyday Chocolate, Premium Chocolate, and Seasonal Chocolate): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024". According to the report, global chocolate market was valued at around USD 103.28 billion in 2017 and is expected to reach approximately USD 161.56 billion in revenue by 2024, growing at a CAGR of around 7.0% between 2018 and 2024.
Chocolate is the most well-known, consumed, and profitable component of the confectionary industry across the world. Based on the quantity of cocoa, different ranges of chocolates are produced worldwide. The increasing preference of consumers is an imperative factor that eventually aids companies to focus on product development and marketing tactics to expand a wider consumer base and capture new markets is driving the growth of the global market for chocolate.
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Increasing disposable income of the population in emerging countries of Asia Pacific is a major factor contributing to the overall growth of this market during the forecast period. Another factor contributing to the expansion of this market is the huge demand for chocolate on seasonal and festival occasions. However, the high cost of raw material might hamper the global chocolate market during the forecast period.
The global chocolate market is segmented based on type and sales category. On the basis of type, the global chocolate market can be divided into dark, milk, and white. The dark chocolate segment is expected to attain the largest market share during the forecast period. Dark chocolate has several health benefits, such as it protects skin from the sun, improves blood flow, enhances brain function, lowers blood pressure, and reduces the risk of heart diseases. This help in attracting more consumers. Furthermore, it is rich in antioxidants and contains soluble fibers, minerals, and bioactive compounds. Therefore, owing to its broad range of health benefits, the popularity of dark chocolate is expected to rise and aid to fuel the global chocolate market during the forecast period.
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Based on the sales category, the global chocolate market is divided into everyday chocolate, premium chocolate, and seasonal chocolate. The everyday chocolate segment is expected to gain more market share in terms of value as compared to others, due to its affordable pricing.
Based on geography, North America is anticipated to dominate the global chocolate market. This growth is due to the presence of several of leading chocolate manufacturers in the region, such as Mars Inc., Mondelez International, The Hershey Company, etc. Europe is also projected to hold a substantial share in the global market of chocolate due to the rise in manufacturing set-ups and the modern supply chain facilities of chocolate products. Besides, Asia Pacific is the fastest growing region due to an increase in the disposable income of the population in emerging countries, such as India and China.
The report also includes detailed profiles of key players, such as Nestle SA, Ghirardelli Chocolate Company, Mars Inc., Ferrero Group, Cadbury, Barry Callebaut, Moonstruck Chocolate Company, The Hershey Company, and Amul (GCMMF). The detailed description of players includes various parameters, such as company overview, financial overview, business strategies, and recent developments of the company.
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This report segments the global chocolate market as follows:
Global Chocolate Market: Type Segment Analysis
Dark
Milk
White
Global Chocolate Market: Sale Segment Analysis
Everyday Chocolate
Premium Chocolate
Seasonal Chocolate
Global Chocolate Market: Regional Segment Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Global Chocolate Market Create a New Milestone $161.56 Billion by 2024
Chocolate Market by Type of Chocolate (Dark, Milk, and White) and by Sales Category (Everyday Chocolate, Premium Chocolate, and Seasonal Chocolate): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024