Sweet Success: Exploring the Global Chocolate Confectionery Market
DataM Intelligence
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Global demand for chocolate confectionery will be further boosted by the rising consumer preference for the rising number of people suffering from health conditions like diabetes and cardiovascular diseases. Additionally anticipated to spur the growth of the chocolate confectionery market during the forecast period is the simple accessibility of a variety of chocolates at a reasonable price, including milk, premium chocolates, and other derivatives with less added sugar.
In recent years, the chocolate confectionery market has witnessed a series of product launches and approvals that have contributed to its growth.?
DataM Intelligence's in-depth market analysis reveals the major market drivers, challenges, and trends. Our market intelligence report evaluates the market size, growth, and share, providing crucial insights for businesses to make informed decisions and capitalize on the existing and upcoming opportunities in the chocolate confectionery market.
Market Size and Growth Prospects:
The Global Chocolate Confectionery Market USD 127.2 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 205.8 billion by 2030. The market is growing at a CAGR of 6.2% during the forecast period 2023-2030.?
Market Dynamics:
Increasing Consumption of Chocolate with Festivals and Special Occasions is Expected to Drive the Market Growth
In many countries, chocolates are mostly consumed and associated with seasonal festive occasions, so demand rises during these occasions. Chocolates are a popular dessert for religious holidays like Christmas, Diwali, Thanksgiving, Easter, and others. Statista predicts this market will generate 1.33 trillion dollars in revenue by 2027. Chocolate confectionery demand rises as children and adults worldwide snack on chocolate and premium and dark chocolate products are produced.
Rising Online Retail and Expansion of Supply Chains
The growth of online retail is fueling the chocolate confections market. The existence of numerous distribution channels, including convenience stores, specialty shops, supermarkets, drug stores, and hypermarkets, is primarily to blame for this. The supply and distribution networks of manufacturers and retailers are being continuously expanded, which has improved the market's accessibility to chocolate candies.
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Major Market Challenges:
Due to a number of factors, the chocolate confectionery market's growth potential may be constrained. These include the availability of alternatives, strict government rules governing quality standards, and supply chain disruptions brought on by the ongoing pandemic.?
Additionally, a slowdown in the market's growth rate may be caused by the high costs connected with R&D activities and the volatility of raw material prices. Rising obesity rates, elevated consumer blood sugar levels, and an increase in the prevalence of diabetes worldwide are additional factors that could impede market growth.
Market Key Players:
The major global players in the chocolate confectionery market are?
FerreroGroup
Nestlé S.A
Mondelēz International Inc
The Hershey
The Bottom Line:
To better understand the global chocolate confectionery market, its opportunities, and challenges, we invite you to request a sample report from DataM Intelligence. This comprehensive report will provide valuable insights into the market dynamics, helping business decision-makers, investors, CXOs, and R&D professionals make informed decisions in this rapidly evolving industry.