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The global chocolate confectionery market is projected to witness a rapid growth during the forecast years, due to increasing demand for confectionery products across the globe. Increased consumer spending on indulgence products, such as chocolates, coupled with the adoption of effective marketing strategies by key market players is expected to further boost the global chocolate confectionery market.
Key companies operating in the global chocolate confectionery market are focusing on launching innovative and exotic products and expanding their global reach to remain prominent in the market. Mars Inc., Nestle S.A., The Hershey Company, and Mondelez International, Inc. are some of the key companies performing in the global chocolate confectionery market.
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Chocolate confectionery is one of the prominent part of the confectionery industry and a popular indulgence product. Chocolates, especially dark chocolate is rich in antioxidants and has several health benefitting properties. Chocolate confectionery industry is growing at a considerable pace as the demand for it is growing across developing economies. Growing world population is one of the significant reason for the growth in overall chocolate confectionery market.
Increasing demand for indulgence food products due to increasing per capita income of people is projected to aid the market growth of chocolate confectionery market. Market players are adopting exciting advertisement strategies and expanding their global network, which is expected to significantly boost the market growth of chocolate confectioneries during the forecast period.
Fluctuating prices of cocoa beans due to climatic and political conditions are projected to restrain the market growth during the forecast years. Furthermore, the high price of premium chocolates is projected to hamper the chocolate confectionery market growth.
Some of the major companies that are present in the global chocolate confectionery market are Mondelez International, Inc., Nestle S.A., Ferrero S.p.A., Mars Inc., The Hershey Company, Grupo Arcor, Lindt & Sprugli, Perfetti Van Melle S.p.A., Shadani Group, and Meiji Holdings among the other players operating in the global chocolate confectionery market.
· Seasonal Chocolates
· Molded Bars
· North America (U.S., Canada, and Mexico)
· Europe (France, Germany, Italy, Spain, U.K., Russia, and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
· South America (Brazil, Argentina, and Rest of South America)
· Middle East & Africa (South Africa and Rest of ME&A)
On the basis of type, the global chocolate confectionery market has been segmented into dark chocolate, white chocolate, and milk chocolate. The dark chocolate segment is expected to witness rapid growth during the forecast years, owing to increasing consumer inclination towards the product, attributed by health benefits associated with the consumption of dark chocolate.
Dark chocolate is rich in antioxidants and can potentially prevent heart diseases, which in turn is further expected to contribute to the growth of the segment.
On the basis of product, the global chocolate confectionery market has been segmented into countlines, boxed, seasonal chocolates, molded bars, Straightlines, and others. Countlines are projected to hold a major market share in the global chocolate confectionery market, owing to the product’s wide adoption as an easy and convenient snacking option. Seasonal chocolates are anticipated to witness rapid growth, due to the increasing popularity of chocolates as gifting options on festivals and special occasions.
Europe is anticipated to hold the major market share in the global chocolate confectionery market, owing to higher per capita chocolate consumption across major European countries, such as UK, Germany, Switzerland, and others. Presence of prominent market players in the European market, coupled with growing cocoa processing industry of the region is projected to fuel the growth of chocolate confectionery market of Europe in the upcoming years. According to the Centre for the Promotion of Imports (CBI), in the year 2017, the cocoa processing industry of Europe grew by 2.6%.
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