Chocolate Confectionery Market Scope
The global chocolate confectionery market is expected to grow at a healthy pace during the forecast period, according to the AMA study. A rise in demand for premium chocolates seasonally and declining prices of cocoa beans are expected to be some of the major factors aiding the growth of the market. However, the market is expected to witness a decline in growth during FY 2020 but it is again expected to rise at a healthy pace after the COVID-19 pandemic is over.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Tunnock’s (United Kingdom), Biscuits Leclerc Ltée (Canada), Ferrero Group (Italy), Nestlé S.A. (Switzerland), Mars, Inc (United States), Mondelēz International, Inc. (United States), The Hershey Company (United States), Belcholat Chocolate JSC (Vietnam), August Storck KG (Germany) and Chocolaterie Guylian NV (Belgium) |
CAGR | 20.3% |
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Chocolate Confectionery market throughout the predicted period.
Tunnock’s (United Kingdom), Biscuits Leclerc Ltée (Canada), Ferrero Group (Italy), Nestlé S.A. (Switzerland), Mars, Inc (United States), Mondelēz International, Inc. (United States), The Hershey Company (United States), Belcholat Chocolate JSC (Vietnam), August Storck KG (Germany) and Chocolaterie Guylian NV (Belgium) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Maestrani Schweizer Schokoladen AG (Switzerland) and Lindt & Sprüngli AG (Switzerland).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Chocolate Confectionery market by Type and Region with country level break-up.
On the basis of geography, the market of Chocolate Confectionery has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In May 2023, Reliance Consumer Products, the FMCG arm of Reliance Retail, acquired a controlling 51% stake in Lotus Chocolate Company Ltd. for Rs 74 crore. This move is seen as Reliance's expansion into the confectionery market and aims to leverage Lotus's established manufacturing and distribution network.
In October 2023, DS Group, a leading Indian food manufacturer, acquired the chocolate brand LuvIt. This acquisition aims to strengthen DS Group's presence in the chocolate and confectionery space and potentially increase its market share fivefold.
Stringent Government Regulations Regarding Lock-Down of Cities & Shutting Down of Operations Across Different Industries Across the World Due to the COVID-19 Pandemic is Impacting the Demand for Chocolate Confectionery Market
Influencing Trend:
Growing Adoption of Online Sales Channel
Market Growth Drivers:
The Decline in Price of Cocoa Beans and Rise in Demand for Premium Chocolates Seasonally
Challenges:
Disrupted Supply Chain Across the World due to the Pandemic
Restraints:
Fluctuation in Raw Materials Prices
Opportunities:
Opportunities in the Asia Pacific Region
Analyst View
Since the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The impact of the COVID-19 has already hit many industries and will affect the chocolate confectionery market in FY 2020. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics.
Key Target Audience
Manufacturer, Suppliers & Distributors, New Entrance, Potential Investors and Others