Chocolate Confectionery Market - Forecast(2023 - 2028)
Chocolate Confectionery Market Overview –
The chocolate confectionery market is one such division that is not restricted to any age. For most of the global population, the age has never acted as a hindrance for divulging into chocolates to satisfy their taste buds. The market has been growing promisingly for a decade now and the innovations with flavors and textures are adding up to the expansion of the marketplace. Furthermore, the growing number of consumers intrigued by the outrageous trends of organic chocolate, no added sugar chocolates are fueling such experiments, thereby contributing to the chocolate confectionery market. In September 2019, Pladis and Starfrost underwent a merger to upgrade its spiral cooling system to reform its McVitie's Hobnob Chocolate Flapjacks through precise temperature reduction. The cooling system helps the manufacturers to create space to implement a completely new segment within their bakery without compromising their output capacity and enhancing the quality of the product. This innovation will attract innumerable consumers, therefore, heightening the chocolate confectionery market growth in the upcoming years.
As of 2018, the chocolate confectionery market collected a revenue avenue of around $129.93 billion, which is projected to increase at a CAGR of 2.49% during the forecast period 2019-2025.
Europe Chocolate Confectionery Market Outlook:
Chocolate confectionery production process either includes processed chocolates or cacao beans as the principal raw material. Primarily, Europe delivers a multifarious range of chocolate products such as Fry's chocolate cream, milk chocolate, dark chocolate, white chocolate, and others, thus, leveraging the chocolate confectionery market scope across the region. Europe grabbed the highest chocolate confectionery market share with 40.16% amidst the global market in 2018.
Here are the growth drivers and trends contributing to the expansion of the Europe chocolate confectionery market –
· Germany Creates an Impact on the Europe Chocolate Confectionery Marketplace –
Germany acts as the center for Europe chocolate confectionery market. After the Netherlands, Germany is the largest importer of cacao beans in Europe with a share of 19%. With a value exceeding $1,103 billion of more than 449 thousand tons of cocoa was imported by Germany in 2017. Also, Gepa – The Fair-Trade Company in Germany presented a white organic yogurt chocolate bar infused with pepper and lemon zest. Moreover, another German company named Kaoka has invented organic dark chocolate with buttery crispy crépes. All these innovations and Germany's import values will directly create an impact on the increase of the chocolate confectionery market demand in the upcoming years.
Chocolate Confectionery Market Analysis: Key Application
The global cocoa and chocolate market generated revenue of $49.757 billion in 2017 and is estimated to surpass $61.6 billion by 2022, growing at a CAGR of 4.4%. Several forms of chocolate confectioneries made from cocoa are available in the market such as chocolate lollipops, molded bars, and tablets, twist wrapped miniatures, seasonal chocolate, and others. However, the most significant utilization of chocolate confectionery is witnessed in the form of count-lines. This segment stands out in the chocolate confectionery sector due to its innovations and new proposals. Furthermore, the urge for natural ingredients, easy to eat and carry formats, and its sustainability with the environment is creating a demand influx of this specific segment in the chocolate confectionery market. The Bühler’s process technology combined with Bepex know-how during the production system is growing significantly across the world in the field of chocolate count-lines. This process that can handle binders of any consistency and aerated and non-aerated masses, produce products of the state-of-the-art level. This attracts consumers, hence, the countlines segment garners the most attention. The utilization of countlines chocolate is expected to increase at a CAGR of 2.27% during the forecast period 2019-2025.
Chocolate Confectionery Market Trends & Growth Drivers:
Owing to the rise in the customer outreach activities by the manufacturing companies, the global chocolate confectionery market is thriving. These companies are constantly investing in research and development to bring innovation in the form of taste, packaging, and others to attract more customers.
Here are the trends and growth drivers that are creating an upsurge in the global chocolate confectionery market –
· Adoption of Mint Flavor to Drive the Global Chocolate Confectioner Marketplace –
Mint is slowly becoming one of the most loved and wanted flavors in the food and beverage industry. In 2017, the world produced around 99,768k tons of peppermint. A substantial part of it was utilized in bringing innovation in the chocolate confectionery market. In April, the Hershey Co. declared a new Kit Kat flavor in the US. Dark chocolate mixed with kit kat duos mint is going to attract the consumers as they have been eagerly waiting for a new flavor. This is going to create a demand influx in the chocolate confectionery market.
· Innovia Films Novel Packaging Films to Boost the Chocolate Confectionery Market –
This transparent high barrier packaging is used in laminate constructions to be recycled after usage. Now, almost 80% of ocean plastic comes from land-based sources. A part of this waste is created by the wrappers and plastics used in the packaging of chocolate confectioneries. This unique packaging will help to create a plastic-free environment. Therefore, this will attract chocolate confectionery market leaders for better packaging and reap off profitable returns in the upcoming years.
· 3D Printing Technology to Drive the Chocolate Confectionery Market -
With the advent of the 3D printing technology, it is slowly making a mark in the food and beverage sector, as 3D food printing is gaining traction. Recently, a startup launched a crowdfunding campaign and created a machine called Mycusini that can be called the world's first plug and play 3D food printer. The global 3D printing market is expected to grow at a CAGR of 20.5% from 2018 to 2023. Post the invention, a part of this market will be invested in printing chocolates at an attractive price. Thus, this innovation will attract the consumers and the chocolate confectionery market leaders are going to get profited in the next years.
Chocolate Confectionery Market: Competitive Landscape
The principal business leaders who are currently holding maximum chocolate confectionery market shares in the world and are focusing on the expansion of their manufacturing capacity to gain an edge over other market players are Nestlé S.A., Ferrero Group, Mars, Incorporated, Mondel?z International, Inc., The Hershey Company, Belcholat Chocolate JSC., August Storck KG, Maestrani Schweizer Schokoladen AG, Chocoladefabriken Lindt & Sprüngli AG, Guylian, and others.
Chocolate Confectionery Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the chocolate confectionery market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The chocolate confectionery market research report also analyses the application of chocolate confectionery in various sectors such as packaging, building & construction, automotive, and others.
Chocolate Confectionery Market Report: Industry Coverage
This report also documents the chocolate confectionery market based on strategic analysis that includes value chain analysis, pricing analysis, opportunities analysis, product/market life cycle analysis, suppliers and distributors.
Chocolate confectionery market can be divided into several types such as countlines, alfajores bagged, selflines/softlines, molded bars & tablets, and others and the report gives an insight into it.
The chocolate confectionery market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
· North America: The U.S., Canada, Mexico
· South America: Brazil, Colombia, Costa Rica
· Europe: U.K., Germany, Italy, France, Spain, Russia, Rest of Europe
· APAC: China, Japan, South Korea, India, Rest of Asia-Pacific