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The global chocolate confectionery market size is projected to reach USD 136.42 billion by 2027 owing to rising demand for premium and personalized chocolate products in developed economies, finds Fortune Business Insights™ in its report, titled “Chocolate Confectionery Market Size, Share & COVID-19 Impact Analysis, By Type (Dark, Milk, and White), Category (Premium, Seasonal, and Everyday), and Regional Forecast, 2020-2027”. As per the report, the value of the market was at USD 114.33 billion in 2019 and is expected to register a CAGR of 2.3% from 2020 to 2027.
A major obstacle in the form of the COVID-19 pandemic is likely to hinder the chocolate confectionery market growth in 2020 as declining economic activities have shifted the focus of consumers away from unnecessary purchases. Moreover, lockdown measures have led to a sharp drop in footfalls in retail stores, which has hampered chocolate sales worldwide.
Hershey Introduces Its Signature Chocolate Bars in India
With a view to tune up competition in the burgeoning chocolate industry in India, Hershey India announced the launch of its signature chocolate bars under the Hershey brand name in January 2020. The company also rolled out its iconic Hershey’s Kisses, its renowned drop-shaped chocolates, nationally. Hershey is aiming at inflating its share in the Indian chocolate confectionery domain, which is currently dominated by Mondelez, powered by the consistent popularity of its Cadbury Dairy Milk brand. One of the key strategies of Hershey to compete with Mondelez is to expand and strengthen its retail distribution network in India in the forthcoming years.
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https://www.fortunebusinessinsights.com/industry-reports/chocolate-confectionery-market-100539
Global Efforts to Make Cocoa Production Sustainable to Create Unique Opportunities
Global cocoa production faces grave threats from growing intensity of the effects of climate change. To counter these effects, in 2017, the Prince of Wales International Sustainability Unit, IDH, and World Cocoa Foundation created the Cocoa and Forests Initiative (CFI). The CFI has been collaborating with the governments of Côte d’Ivoire and Ghana, the largest cocoa producers in the world, as well as private companies to make cocoa production more sustainable. Companies are also contributing to this initiative with great alacrity. For instance, US-based food company, General Mills, has been actively partnering with stakeholders in Nigeria and Ghana to improve sustainability in cocoa production and increase small farm holders’ incomes in these countries. Together, these efforts are ensuring long-term sustainability of supply chains, which in turn is fueling the production of chocolate confectionery items.
Key Players to Target Festivals with Delectable Offerings
Festivals and holiday periods in Western countries are occasions for gift-exchanges and sharing of sweet treats. Companies in this market are known to launch innovative chocolate snacks and other items to boost sales and ensure customer loyalty. For instance, in December 2019, Lindt announced the launch of its Lindor Strawberry Truffles for Valentine’s Day in the coming year. Festive occasions are crucial for the confectionery industry in and the chocolate industry in particular because chocolates form an integral part of the celebrations during these events.
Industry Development:
List of Key Companies Profiled in this Market Report:
Further Report Findings:
Table of Segmentation:
ATTRIBUTE | DETAILS |
Study Period | 2016-2027 |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Period | 2016-2018 |
Unit | Value (USD Billion) |
Segmentation | By Type
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By Category
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By Region
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