(MENAFN- PR Newswire) Expansion of sales channels and increase in use of e-commerce across the globe drive the growth of the global chocolate confectionery market
PORTLAND, Ore., Nov. 24, 2022 /PRNewswire/ --
Allied Market Research recently published a report, titled, 'chocolate confectionery market by Product Type (Dark chocolate, Milk chocolate, White chocolate), by Price point (Economy, Mid-range, Luxury), by Age Group (Children, Adult, Geriatic), by Distribution channel (Supermarkets/hypermarkets, Convenience stores, Pharmaceutical and drug stores, Specialty stores, Duty-free stores, E-commerce, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031' . As per the report, the global chocolate confectionery industry was pegged at $77.6 billion in 2021, and is expected to reach $118.6 billion by 2031, growing at a CAGR of 4.0% from 2022 to 2031.
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Major determinants of the market growth
Expansion of sales channels and increase in use of e-commerce across the globe drive the growth of the global chocolate confectionery market. Moreover, innovation in processing and packaging supplement the market growth. In addition, advent of various packaging and promotional activities would open new opportunities in the future.
Covid-19 scenario:
The Covid-19 pandemic negatively impacted the market as governments imposed strict restrictions on the export-import of non-essential items. Curbs on the functioning of restaurants, bars, and geographically specialized sales channels hampered the market growth.
The dark chocolate segment to manifest the highest CAGR through 2031
By product type, the dark chocolate segment is estimated to portray the highest CAGR of 4.9% during the forecast period, due to its increased popularity among consumers due to its health benefits. However, the milk chocolate segment held the largest share in 2021, accounting for nearly three-fifths of the global chocolate confectionery market, owing to its popularity for its smooth texture, sweet taste, and increasing availability in the market.
The economy segment dominated the market
By price point, the economy segment held the largest share in 2021, contributing to more than half of the global chocolate confectionery market, owing to its increasing availability of chocolate products at an economic price in the market. However, the mid-range segment is projected to manifest the highest CAGR of 4.5% during the forecast period, owing to its increased popularity in western countries because of the availability of unique packaging for gifting.
The adult segment held the largest share
By age group, the adult segment held the lion's share in 2021, accounting for nearly three-fifths of the global chocolate confectionery market, due to increasing consumption in adults because of easy accessibility. However, the geriatric segment is expected to showcase the highest CAGR of 5.2% during the forecast period, owing to increasing popularity of functional chocolates with health benefits among the elderly population
The e-commerce segment to showcase the highest CAGR by 2031
By distribution channel, the e-commerce segment is estimated to register the highest CAGR of 6.9% during the forecast period, due to increased association of the internet and e-shopping with consumers in developing regions. However, the supermarkets/hypermarkets segment held the largest share in 2021, contributing around two-fifths of the global chocolate confectionery market, owing to increased availability of chocolate confectionery in hypermarkets around the globe.
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Europe held the lion's share
By region, the global chocolate confectionery market across Europe held the largest share in 2021, accounting for around half of the market, due to existence of chocolate confectionery operations in Europe and the availability of chocolate confectionery in different variants. However, the market across Asia-Pacific is expected to register the highest CAGR of 5.4% during the forecast period, owing to increase in demand and adaption of innovative chocolate confectionery products among consumers in the region.
Major market players
Barry Callebaut Chocoladefabriken Lindt & Sprüngli AG Delfi Limited Ferrero International S.A Lotte Corporation Mars, Incorporated Mondelez International, Inc Nestle S.A Perfetti Van Melle The Hershey Company
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