Chocolates, the taste not only popular among the kids but also viewed as a major luxury to the large population around the world - Bonafide Research
Jul, 07
2020

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Chocolates, the taste not only popular among the kids but also viewed as a major luxury to the large population around the world - Bonafide Research

 

Globally the taste of chocolate has allured large populations instead of being just a tasty treat for kids. Chocolates are considered the most popular as well as the most loved food and beverage products consumed by the people of any age group. It is observed that people around the world consume more than 3 billion tons of cocoa beans a year. The popularity of chocolates is also driven by the factor is that it provides a sense of calm feeling. The main reason for this is, it releases dopamine, a feel-good neurotransmitter, and reduces stress that also helps in the improvement of the memory. With the increasing popularity of consuming chocolates, its plantations have increased in the areas such as West Africa & South East Asia. Countries like Ghana, Nigeria, Brazil, Indonesia etc. accounts for the world's largest cacao supply. According to the report "Global Chocolate Market By Value, By Segment (Milk Chocolate, Dark Chocolate, White Chocolate), By Region (North America, Europe, Asia Pacific, South America, Middle-East & Africa), By Sales Channel (Supermarket/Hypermarket, Convenient Stores, Online), (Trends & Forecast) Outlook, 2025" published by Bonafide Research, the market has grown historically with a CAGR of around 6% till the year 2019. Through the analysis of the report, we can conclude that Europe is the prominent revenue-generating market, along with the United States & Germany. Switzerland is the largest exporter of chocolate and one of the largest consumer and revenue generators. The global chocolate market is the combination of the forms like milk chocolate, dark chocolate & white chocolate. The growing prominence and changing habit of consumers has led to the rapid growth in the revenue generation of dark chocolate and is expected to pose a growth CAGR of above 8% by 2025. There are some important trends emerging in the global chocolate market. One of them is the drive towards smaller unit sizes of chocolate, towards 'fun sizes', a trend that is driven by manufacturers and retailers. The market has also been benefitted by the efforts proposed to initiate fair trade movement which has encouraged the purchase of cocoa from the developing country producers at a fair price. The demand for small size chocolate is also derived from the trend towards healthier eating and the perception that standard-size chocolate snacks contribute to obesity. Box chocolates have been viewed as a developing trend in the chocolate market in the last couple of years. The global consumption of chocolates has still plenty of areas to expand relative to many illustrious regions. Premium quality chocolates wrapped in attractive packages are considered as a better substitute for the regular gifts. There are a number of festivals being observed globally such as Easter, Christmas, Diwali, Holi, etc. such occasions helps the marketers to market the products accordingly and allure the consumers with a perfectly timed discounts.

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