The Global Premium Chocolate Market is forecasted to reach USD 33.15 billion by 2024 growing at a CAGR of 9.93 % during the forecast period (2019 - 2024). Key trends in the market impacting the market are growing demand for organic, vegan, sugar-free, and gluten-free chocolates. With the growing awareness of the negative effects of synthetic products on health and the environment, most health-conscious and informed consumers have started using organic products. Furthermore, the demand for limited edition chocolates plays an important role in the market studied. Various companies are launching a wide range of premium and luxury chocolate varieties during occasions, like Easter. Factors, such as shape and packaging of chocolates, are the key strategies adopted by companies to attain maximum sales during a festive season.
Scope of the Report
Dark, white and milk premium chocolates are the major product types. By distribution channel global premium chocolate market segmented into Hypermarkets/Supermarkets, Convenience stores, variety stores, online stores others. By the distribution channel, the hypermarkets/supermarkets segment accounts for the largest share, primarily due to the availability of all premium and regular chocolates at a single place.
Key Market Trends
Growing Demand For Dark Premium Chocolate
The influence of the organic and clean label trend is also palpable among dark chocolate manufacturers, with demand for premium and organic ingredients witnessing a spike due to their increasing health benefits. This factor is expected to increase the demand for dark premium chocolate in the coming years, facilitated by the indulgence purchase of consumers. Moreover, as consumers in the United States and Europe are more informed about the health benefits of dark chocolate, and as the overall demand for packaged products is high, they are increasingly inclined toward opting for dark chocolate as a dessert option, thus increasing its demand in developed regions, as compared to the developing economies. Another major growth driver is the branding of seasonal and premium dark chocolates as gifts, primarily attracting consumers who are influenced by the price, packaging, ingredients, authenticity, or product, and the buying experience.
United States Remains the Popular Market
United States held a prominent share in the global premium chocolate market. Consumer in the United States prefer treating themselves with bite-sized chocolates to limit their confectionary consumption. Dark chocolate is fitting pleasantly with the ‘clean eating’ trend in the country. Since dark chocolate was found to have numerous health benefits, the consumers are opting for premium dark chocolates to have guilt-free experience. The supermarkets and hypermarkets, like Target and Walmart, are trying to gain higher market traction by stocking up European premium chocolates brands like Godiva. This increases the scope for the international players in the United States market. Moreover, the factors such as the increased pace of innovation and a steady influx of private labels players, such as SPAGnVOLA Chocolatier, have further contributed to the premium chocolate market in the country.
Nestle SA, Ferrero International SA, Chocoladefabriken Lindt & Sprüngli AG, Hershey Company, Mars, Incorporated and Yildiz Holding are the most active among all the key players in the global premium chocolate market. Lake Champlain, CÉMOI, and Lotte Group are other active companies in the global premium chocolate market. The companies are increasing their product line and also expanding their presence, worldwide. Key players in the premium chocolate market focus on expanding their product portfolio, as well as presence catering the demand specific to the local markets.
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