Premium chocolates are high-quality variants manufactured from ultrafine raw materials infused with exotic flavors like espresso, tropical fruits, honey, mint, caramel, peanut butter, and others.
There is a huge chunk of chocolate lovers globally demanding high-quality chocolate with fine cocoa flavors. They are also willing to pay premium prices for a high-quality product that satisfies their demand. Also, the growing awareness among people regarding the health benefits of high-quality premium chocolates is also fuelling the growth of the global premium chocolate market significantly. There is a significant spike in demand for gourmet chocolates from cocoa beans.
Manufacturers are fuelling their investments to encourage research & development activities and launch new varieties of premium chocolates that satisfy the surging demand in the market. The growing inclination of people towards gluten-free, sugar-free, vegan, and organic chocolate is likely to create several lucrative growth opportunities in the global market. The growth in the trend of gifting premium chocolates is inducing brands to focus on the quality and appearance of the products, which in turn is likely to expand the market share. The growing disposable income of people and surging interest of people to celebrate the festive season with premium and seasonal chocolates will also positively trace the trajectory of the global market.
The global premium chocolate market can be segmented into the distribution channel, product, and region.
By distribution channel, the market can be segmented into convenience stores, online channels, super markets, and others.
By product, the market can be segmented into milk, white, and dark premium chocolates.
North America accounts for the largest share in the global premium chocolate market due to the high demand for dark chocolates with cocoa powder in the region. Also, the wide availability of flavored premium chocolates in retail stores and supermarkets is also complementing the growth of the regional market.
Asia Pacific is expected to foresee a significant growth rate in the forthcoming years due to the growing disposable income of the people along with the increasing awareness among people regarding the health benefits of premium chocolates.
Some of the significant players in the global premium chocolate market are Pierre Marcolini, Chocoladefabriken Lindt & Sprungli AG, Cemoi Chocolatier SA, Nestle SA, Lake Champlain Chocolates, Mars Incorporated, Mondelez International Inc, Yildiz Holding, Ferrero Group, and The Hershey Company. To cite, Mondelez International Inc, in January 2021, launched Cadbury Dairy Milk Silk Mousse under its premium chocolate category for the customers who look out for unique experiences.
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