Chocolate confectionery is a foodstuff that contains chocolate made from cocoa and is consumed as a sweet snack. Chocolate confectionaries can be available in various forms such as chocolate lollipops, twist-wrapped miniatures, seasonal chocolate, molded bars, and tablets. They are widely consumed in certain regions across the world majorly in developed countries like the U.S., Germany, France, and Belgium. Increasing demand for seasonal chocolates and occasional confectionaries in developed countries continues to sustain the demand for market growth.
The global rise in consumer preferences towards innovative & novel products of chocolate and increasing consumer spending on premium products are key driving factors for the growth of the chocolate confectionery market. Rapid innovation in the chocolate confectionary formulation along with the beneficial introduction of natural flavors by leading players in the market enhances the demand for the global chocolate confectionery market. Further, increasing demand for premium, customized and drafted chocolate products from the millennial population is driving the market growth.
Growing demand for seasonal chocolates, premium or specialty chocolates in developed countries such as Germany, the U.S., and France is expected to boost the demand for market growth. The rising healthcare awareness amongst people has increased the consumption of dark and sugar-free chocolates which in turn is enhancing the growth of the global chocolate confectionery market. However, increasing awareness of the risk associated with the overconsumption of chocolate confectionaries may hamper the demand of the market. On the other hand, the leading players in the market are focusing on research and development activities to offer innovation in product and packaging which in turn is expected to enhance the demand for the chocolate confectionery market in the forecast period.
The global chocolate confectionery market is divided based on product, type, category, and region. Based on the product, the global market is split into count lines, boxed, molded bar, sessional chocolate, straight lines, and others. The type segment consists of milk chocolate, dark chocolate, and white chocolate. Chocolate confectionery has been bifurcated as premium, seasonal, and everyday based on category.
North America region is expected to lead the global chocolate confectionery market during the forecast period. Factors such as rising consumer spending on premium products and increasing demand for luxury chocolates are driving the growth of this market in this region. Asia Pacific holds the second position in the market and is anticipated to account for a significant share over the forecast period. Growing populations, increased purchasing power, and new products launched by leading players in the emerging market are all contributing factors.
The global chocolate confectionery market is highly fragmented owing to the presence of several domestic players. Mondelez International Inc., The Hershey Company, Chocoladefabriken Lindt & Sprüngli AG Seestrasse, Incorporated, Ferrero Group, Nestlé S.A., Mars Inc., Ezaki Glico Co. Ltd., Haribo GmbH & Co. K.G., Lindt & Sprungli AG, and Pladis, Meiji Co. Ltd. are some of the leading players that are operating in the global chocolate confectionery market.
In June 2021, the Hershey Company announced the acquisition of Lily’s BFY, a confectionary brand. This acquisition will help Hershey to expand its product portfolio.
Having a Master’s Degree in Brewing Technology and overall experience of 6 years in the field of writing, Jerri has been one of the most workaholic and dedicated team members of thefoodbeveragenews.com portal. She has been a part of this portal for 4 years now. Jerri started a career in writing with freelancing and the journey has been worth watching and appraising. She handles the Beverage Industry domain of the portal and along with her team provides all the vital and up-to-the-minute news and reports to the readers in a simple and comprehensible manner.