Global Chocolate Market to Grow Through 2020, Owing to Premiumization and Introduction of New Varieties Reports Technavio

LONDON–(BUSINESS WIRE)–#chocolateTechnavio
analysts forecast the global
chocolate market
to grow at a CAGR of close to 5% during
the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of
the global chocolate
market for 2016-2020. In addition, the report provides an
analysis of the key competitors in the market. It also discusses the
major drivers that influence the growth of the market, the challenges
faced by the vendors and the market as a whole, and the key trends
emerging in the market.

The number of new product launches, particularly those targeted at
the health and wellness category, has been growing significantly.
Chocolates are now available with low sugar content, fortified with
proteins, and made from organic ingredients.

Request a sample report:

Technavio’s sample reports are free of charge and contain multiple
sections of the report including the market size and forecast, drivers,
challenges, trends, and more.

Technavio food
and beverage
analysts highlight the following three factors that
are contributing to the growth of the global chocolate market:

  • Introduction of new varieties of chocolate
  • Innovations in packaging
  • Premiumization

Introduction of new varieties of chocolate

Market players are coming up with new and innovative flavors and
launching different products to cater to the changing consumer demands.
Products like low and reduced sugar chocolates and those that use
organic ingredients are gaining considerable consumer interest. In July
2016, Milkboy Swiss Chocolate introduced three new flavors. In October
2015, Cadbury launched the new Dairy Milk bar with seven different kinds
of fillings. In March 2016, Nestlé launched a new variant, combining
milk and white chocolate, for its popular KitKat chocolate in India.

In January 2016, Von Geusau Chocolates launched its artisanal range of
sugar-free chocolates, available in both milk and dark chocolate. In
November 2015, Chocologic introduced its no-added sugar range of
chocolates in the UK, which are sweetened using stevia.
To cater to the needs of consumers who are concerned about the
ingredients used in their chocolate, players in the market are coming up
with organic chocolates. In June 2016, Madécasse introduced its new
range of USDA certified organic chocolate bars.

Innovations in packaging

According to Manjunath Reddy, a lead analyst at Technavio for food
research, “Players in the market are introducing new packaging for their
product offerings to increase the shelf life of the products and also to
revive consumer interest in their products.” In 2015, Cacao Barry
introduced new packaging that allows for easier storage, reclosing, and
recyclability. In April 2016, rlc Packaging introduced packaging
using iriodi pigment for Nestlé. The boxes are designed with 14 UV
printing inks and uses iriodi pigment for a sparkling finish. Vendors
are also selling chocolates in small packs as these packs attract
price-sensitive consumers due to their low cost. Also, small packs are
ideal for calorie-conscious consumers who prefer consuming smaller
quantities of chocolate.

With the governments of many countries implementing regulations to
ensure the protection of the environment, vendors in the chocolate
market are also packaging their products in biodegradable materials. For
example, Barry Callebaut has collaborated with paper manufacturer James
Cropper to make environment-friendly wrappers using cocoa husks. In June
2016, Barkeater Chocolates upgraded the packaging of its chocolate bar
range from plastic sleeves to paperboard boxes.

Premiumization

The demand for premium chocolates is growing around the world,
particularly in countries such as the US and Brazil. Players are
positioning their premium chocolates as gifting options. For instance,
In India, Mondelēz has positioned its Toblerone and Bournville brands as
suitable for gifting.

“As part of the drive toward premiumization, players are also offering
single-origin chocolate products. These chocolates are made from one
variety of cocoa harvested in one region,” says Manjunath. In July 2015,
Harald and Nugali, two Brazilian chocolate companies, launched their
single origin chocolate products in the US market. In May 2016, Haigh’s
Chocolates launched four new single-origin chocolates from Ecuador,
Madagascar, Papua New Guinea, and the Dominican Republic.

Browse Related Reports:

Do you need a report on a market in a specific geographical cluster
or country but can’t find what you’re looking for? Don’t worry,
Technavio also takes client requests. Please contact
enquiry@technavio.com
with your requirements and our analysts will be happy to create a
customized report just for you.

About Technavio

Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

If you are interested in more information, please contact our media team
at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US:
+1 630 333 9501
UK: +44 208 123 1770
www.technavio.com