A few years ago, the British chocolatier Cadbury conducted a survey that suggested more than half of women in the UK preferred chocolate over sex. Roughly 2/3rds viewed chocolate as a ‘mood enhancer’ and some well-informed millennials even knew about ‘mood enhancing endorphins’. While one might scoff at such studies and want to read the fine print closely, it almost seems believable for a foodstuff once referred to as the ‘food of the gods.’ Chocolate is the most profitable, well-known and consumed confectionary in the world. Depending on the percentage of cocoa content, it can be classified as white, milk, and dark chocolate. Other ingredients such as sea salt, fruits, caramel and assorted nuts can also be added to enhance the flavor and aftertaste.
Mood uplifting drug or sheer marketing ploy? Dark chocolate popular either way
A rising willingness among millennials to opt for premium, organic dark chocolates, impulse spending habits for cheaper options, and increased social media promotion about purported health benefits is responsible for the growth of the global chocolate market. Health experts opine that dark chocolate when consumed in moderation boosts serotonin levels, calming the brain and functioning as an antidepressant. Chocolate also releases mood-enhancing endorphins in the body.
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3x the calcium in cocoa makes artificial chocolate appeal to older women
As of 2020, traditional chocolate holds the bulk of the worldwide chocolate market and is unlikely to cede this position to alternatives anytime soon. This is on account of widespread penetration, enduring popularity, and easy availability of cocoa as opposed to carob – the primary ingredient for artificial chocolate. However, artificial chocolate is anticipated to demonstrate considerably higher growth rates, making it unwise to overlook entirely. Carob confectionaries are caffeine-free, making them particularly suitable for caffeine intolerant customers. Furthermore, carob contains thrice the calcium content found in cocoa – explaining its popularity among older women and those suffering from calcium deficiency disorders.
Supermarkets dominate global chocolate market sales
Supermarkets and hypermarkets move the most chocolates in the global chocolate markets as both are spread across countries in easily accessible locations. In addition, chocolate manufacturers are looking at opening exclusive outlets in high-end department stores to diversify sales away from hypermarkets. Nonetheless, supermarkets will largely push the chocolate market forward for the foreseeable future.
Global Chocolate Market Players are: Lindt, Maxinm, Ferrero, Toffkfee, Guylian, Godiva, Hershey's, Ducd'o, MARS, Nestle, Snickers, Droste, M&M's, Belgian, Cargill, Ghirardelli, Dove, Meiji, Galaxy, Cadbury, Guittard, Vosges, TAZA, Leconte, HSU FU CHI, Madajie, Shijiali
Chocolates ring the global Christmas bells and herald the festive spirit
The WHO states that Chile with roughly 17% of its population suffering from some sort of depression is the most affected country globally. Chocolate makers would do well to target the Chile chocolate market within South America. Along with South America, the APAC region is projected to be the most exciting in the global chocolate market. China and India’s population alone means they carry massive weight for discretionary purchases such as chocolates and Western multinationals have taken notice. Lindt, Ferrero, Guylian, Godiva, Hershey, and Mars all offer their products across the continent and have immense brand recall. Demand for chocolate is at its peak during the festive seasons and the National Confectioners Association estimates that 150 million Santa shape chocolates are produced in North America alone during the Christmas season.
Chocolates bring smiles to customers' faces – will COVID -19 replace it with a frown?
The spread of COVID-19 across the world has led to lockdowns of varying intensity, depending on how hard the country in question has been hit. At present, mainstream chocolate consumption appears largely stable, with craft chocolate recording uncertainty. A greater concern is the impact of lockdowns in cocoa producing nations as this impacts the entire supply chain. Consumption patterns have already begun changing as the world heads towards a potential recession in 2020. Ghana and Ivory Coast alone account for roughly 3/5th of global cocoa production and any disruptions here could devastate the global chocolate market. An FCCI survey stated that small chocolate manufacturers have not yet witnessed major supply shortages and supermarkets are still stocking both premium and mainstream chocolate offerings. Unless the crisis abates in West Africa soon, COVID -19 could leave a bitter aftertaste in customer’s mouths for far longer than desired.
- What is the market size and growth rate of the global and regional markets by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market during the forecast period?
- What factors are anticipated to impact demand and supply trends in the market during the forecast period?
- What factors are likely to drive market revenue growth during the forecast period?
- What are the key technology and other trends shaping the market?
- What are the key opportunities in the market?
- What are some of the strategies implemented by key companies operating in the market?
- What is the COVID-19 impact on the market?