Chocolate is a sweet product, which is manufactured from cocoa a major ingredient required for preparation of chocolates. It has gained world-wide popularity owing to its diverse end products such as cakes, puddings, chocolate brownies and chocolate cookies. It has also been adopted in hot and cold beverages such as hot chocolate, chocolate milk and in some alcoholic drinks. Depending upon the cocoa content and additional ingredients, many variations of chocolates are available in the market. The common available types are: sweet chocolates, milk chocolates, white and dark chocolates. Sweet chocolate is prepared with varying proportion of cocoa solids and cocoa butter; it forms the type with major consumption in the market. Milk chocolate contains condensed milk or milk powder with 20-25% of cocoa in it. Dark chocolate is produced by adding fat and sugar to cocoa mixture. It has mainly promoted for unproven health benefits owing to the reduced sugar content.
Increased adoption of chocolates owing to the various health benefits such as increased antioxidants serves as a major protection factor against the cell damage. The studies have revealed that consumption of dark chocolate helps in preventing cardiac diseases in addition to other benefits. These factors contribute in boosting the growth of global chocolate market. Higher demand for chocolates in the festive seasons presents with a lucrative factor in driving the market growth. However, the fluctuation in raw materials price specifically cocoa and unstable economies of cocoa producing countries may result in hampering the market growth.
The global chocolate market is majorly segmented on the basis of chocolate type and applications. Depending upon the chocolate type, market is segmented into: sweet chocolate, dark chocolate, milk and white chocolate, while on the basis of applications, market is bifurcated into: cosmetics, food and beverages, confectionary and pharmaceuticals.
The global chocolate market is majorly analysed across: North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). North America followed by Europe is anticipated holds the major share in the market mainly owing to the presence of well-established players such as Mars Inc, Nestle SA and others, while Asia Pacific is expected to emerge as a fastest growing regions owing to the rising awareness regarding the health benefits of dark chocolate and increase in per capita income.
The major players operating in the global chocolate market are: Mars Inc., Ferrero group, Mondelēz International, Meiji Co Ltd, Nestlé SA, Hershey Co, and Chocoladenfabriken Lindt & Sprüngli AG, Ezaki Glico Co Ltd and Arcor and Pladis.
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