The Global Chocolate Market is projected to grow at a 6.73% CAGR until 2029. Seasonal and festive sales are expected to boost chocolate consumption in the coming years.
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Chocolate is one of the most profitable components of the confectionary industry globally. Chocolates are being portrayed as more than a treat and are considered as a portable gift option. The chocolate industry has been representing a multibillion dollar market for the past decade and is expected to reach new levels of growth within the next few years. Rising awareness about the health benefits of consuming chocolate on a daily basis will remain a key booster for the global chocolate market over the next few years. A host of trends and opportunities that are currently driving the market are slated to shape the market's condition during the forecast period. Increasing urbanisation and widespread availability of chocolate and derived products will remain another key factor fuelling the market for chocolate globally. Moreover, the uncertain economy of the cocoa supply is likely to raise chocolate prices, which is foreseen to be a major challenge to market growth. With medical experts quoting chocolates as having health benefits, the customers' demand for healthier options in their favourite dessert is on the rise. This opened up a new scope for the marketers to develop variants such as organic, sugar-free, and energy bars. The rise in external players entering the market, renowned local marketers in the region have brought in modernization of the product and their supply chain.
According to the research report "Global Chocolate Market Overview, 2029", published by Bonafide Research, the global chocolate market is projected to witness growth at a CAGR of 6.73% over the forecast period ending in 2029. Seasonal and festive sales of chocolate are projected to surge in the next few years. Gifting chocolate hampers and bouquets are among some popular consumer trends in the market, which will strongly favour the market over the forecast period. Various companies launch a wide range of chocolate varieties on occasions like Easter and Christmas. Boxed chocolate collections have replaced flower bouquets, as they prove more value for money. Other factors, such as the Premiumization of chocolate-based products, the utilisation of aesthetically appealing packaging to attract consumers’ attention, along with the production of organic, vegan, and sugar- and gluten-free chocolates, are projected to drive the market further. Ultra-and high-end beans are used for gourmet chocolates. The premium cocoa market, with sustainability certification and single-origin, accelerates the overall growth of the market studied. In response to the growing demand, manufacturers are introducing their single-origin and premium chocolate line-ups. They are also supporting the local economies. These strategies are helping brands gain more profit margins and grow with a more positive brand image.
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