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There are three different types of chocolate available on the
market today. They are milk chocolate, dark chocolate, and white chocolate.
Each one of them has its own set of delicious flavors and each one is a little
bit different from the next. White chocolate is the most expensive. It is made
by adding cream to the cocoa butter. But there are some high-end white
chocolates that are also a good value, as they use high-quality cocoa butter.
Another good thing about chocolate is that it has a great number of
antioxidants in it, too. It is high in nutrients like antioxidants that help
fight free radicals in your body and also phytonutrients that are essential for
cell renewal.
Increasing awareness regarding dark chocolate as a healthier
confectionery product is expected to drive growth of the global
chocolate market during the forecast period. Dark chocolate has been hailed
as a healthier alternative to other confectionery products such as candy,
bread, and muffins. Dark chocolate
consists of antioxidants that protect the skin from harmful ultraviolet rays.
It is very nutritious, improves blood flow and lowers blood pressure, reduces
the risk of heart disease & stroke, and can also improve brain function.
Such benefits have made dark chocolate quite popular among consumers over
muffins and cupcakes. Both young and elderly consumers are preferring dark
chocolate due to its health benefits and variety of flavors available in the
market. Key industry players offering numerous flavors in dark chocolate, in
order to expand their consumer-based. For instance, in July 2019, Nestle S.A.,
a Swiss food and drink processing company, introduced new dark chocolate that
was entirely made from cocoa fruit. Hence, these factors are expected to drive
growth of the global chocolate market during the forecast period. Furthermore,
the impulse buying behavior of consumers is expected to boost the global
chocolate market growth over the forecast period.
However, fluctuating prices of raw materials, especially cocoa,
and political instability in cocoa-producing countries are expected to hinder
the global chocolate market growth over the forecast period. Among regions,
Europe is expected to witness significant growth in the global chocolate market
during the forecast period. This is owing to increasing popularity of dark
chocolate among consumers across the region. Furthermore, Middle East &
Africa is expected to register a robust growth rate over the forecast period,
owing to increasing product availability and tax concession in the region.
Major companies involved in the global chocolate market are Barry
Callebaut, Arcor, Lindt & Sprüngli AG, Meiji Holdings Co., Ltd., Mondelez
International, The Australian Carob Co., Nestle, Mars, Inc., The Hershey
Company, and Ferrero Group.
For instance, in January 2020, Hershey India Private Limited, a
subsidiary of The Hershey Company, introduced chocolate bars under its flagship
brand Hershey’s in the Indian market.
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