What is Chocolate Confectionery Market?
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 into 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.
The market study is being classified by Type (Countlines, Bagged Selflines/Softlines, Seasonal Chocolates, Boxed Assortments, Chocolate Lollipops, Novelties, Molded Bars and Others) and major geographies with country level break-up.
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), Chocolaterie Guylian NV (Belgium), Maestrani Schweizer Schokoladen AG (Switzerland) and Lindt & Sprüngli AG (Switzerland) are some of the key players profiled in the study.
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 predicts that Switzerland Vendors will contribute to the maximum growth of Global Chocolate Confectionery market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Chocolate Confectionery market by Type, Application and Region.
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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- The Decline in Price of Cocoa Beans
- Rise in Demand for Premium Chocolates Seasonally
- Growing Adoption of Online Sales Channel
- Fluctuation in Raw Materials Prices
- Opportunities in the Asia Pacific Region
- Disrupted Supply Chain Across the World due to the Pandemic
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
Analyst CommentSince 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.
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