(MENAFN- EIN Presswire) Chocolate Market -PMI
The report Chocolate Market“By Type, By Category, By Sales Channel - Trends, Analysis and Forecast till 2029''
COVINA , CALIFORNIA, UNITED STATES, March 16, 2023 /einpresswire.com / -- According to the latest research study, the demand of chocolate market accounted for US$ 43.62 billion in 2020 and is estimated to be US$ 71.10 billion by 2030 and is anticipated to register a CAGR of 5%.
The chocolate market is a global industry that encompasses the production, distribution, and consumption of chocolate products. Chocolate is a widely popular sweet treat that has been enjoyed by people of all ages for centuries. Market research is an important aspect of the chocolate industry, as it helps companies understand the current market trends and consumer preferences. This information is crucial for companies to develop new products, improve existing ones, and create effective marketing strategies.
The global chocolate market has experienced steady growth over the past few years and is expected to continue to grow in the coming years. Increasing consumer demand for premium and organic chocolate products, as well as rising health consciousness and the popularity of dark chocolate, are among the key drivers of growth in the industry. Overall, the chocolate market is a highly competitive and dynamic industry, with companies constantly innovating and adapting to changing consumer preferences and market trends.
Report Metrics:
Report Attribute - Details
Market Size - US$ 71.10 billion
CAGR – 5%
Base Year - 2020
Forecast Period – 2020 - 2030
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Key Highlights:
.In November 2021 Galaxy, a UK-based chocolate company, has begun its 'made in India, for India' journey by introducing a localized product offering for the Indian market, which has been dominated by Mondelez and Nestle for many years.
.In July 2021, Harbinger Foods has launched Kokoma, Artisanal Chocolate in India with the goal of creating an Indian, world-class luxury chocolate brand.
Key Market Insights from the report:
Chocolate Market accounted for US$ 43.62 billion in 2020 and is estimated to be US$ 71.10 billion by 2030 and is anticipated to register a CAGR of 5%.Global Chocolate market is segmented into type, category, sales channel and region.
.Based on Type, the Global Chocolate Market is segmented into Dark Chocolate, Milk Chocolate, and White Chocolate.
.Based on Category, the Global Chocolate Market is segmented into Everyday Chocolate, Premium Chocolate, and Seasonal Chocolate.
.Based on sales Channel, the Global Chocolate Market is segmented into Supermarkets and Hypermarkets, Independent Retailers, and Convenience Stores.
.By Region, the Global Chocolate Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Company Profiles:
Key players in the global chocolate market includes, Nestle SA, Mars Inc., Cadbury, Moonstruck Chocolatier Co., Ghirardelli Chocolate Co., Ferrero Group, Hershey Foods Corp., Barry Callebaut, Amul (GCMMF), Mondelēz International, Inc.
Drivers and Restrains of Ginger Market:
For companies and organisations looking to comprehend their clients, rivals, and the larger market, market research is a crucial instrument. Nonetheless, the market research sector is vulnerable to a variety of factors and restraints that can have an impact on its growth and development, just like any other business.
Drivers:
.Increasing competition: Businesses are looking to market research to help them achieve a competitive advantage as competition in several industries heats up. It is anticipated that this will continue to fuel demand for research services in the years to come.
.Technological advancements: Technology development has made it possible for market research to become more complex and efficient. This is increasing the need for research services by enabling researchers to obtain and analyse data more rapidly and correctly.
.Rising customer expectations: Businesses must comprehend customer wants and preferences in order to be competitive as customers become increasingly discriminating and demanding. This is increasing the need for research services that may aid companies in understanding their clients.
Restrains:
.Budget constraints: Market research may be pricey, especially for startups or companies operating in undeveloped nations. This may act as a barrier to entry for some organisations and restrain the market research industry's expansion.
.Data privacy concerns: Particularly in light of recent data breaches and controversies, the gathering and use of personal data is becoming a more delicate topic. As a result, market research procedures are being examined more closely, which may restrict the kinds of data that may be gathered and evaluated.
.Lack of skilled professionals: A variety of abilities, including data analysis and report writing, are needed for market research. Nonetheless, there is a lack of qualified workers in the sector, particularly in some areas. Because of this, the market research industry may develop more slowly and firms that need research services may pay more for such services.
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