Chocolate Confectionery Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Chocolate Confectionery Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Report Digest
Chocolate Confectionery Market Introduction
The confectionery industry is broadly segmented into two categories – bakers’ confectionery and sugar confectionery. Chocolate confectionery involves sugar confections, in which the primary ingredient is chocolate. Depending on the types of chocolates, such as dark chocolates, milk chocolates, and white chocolates, various innovative types of chocolate confections are being introduced by leading players in the chocolate confectionery market.
Chocolate Confectionery Market – Notable Developments
- Mars Wrigley Confectionery, world’s leading manufacturer of chocolate confectionery, announced its new cocoa sustainability strategy in September 2018. Company’s new plan – Cocoa for Generations – for overhauling its cocoa supply chain creates a pathway for cocoa-growing communities and smallholder cocoa farmers to thrive. The company also announced an investment of US$1 billion over the span of a decade and its goal to have 100% of its cocoa in chocolate confectionery to be responsibly traceable and sourced globally by 2025.
- Mondelez International, Inc. is another American chocolate confectionery company to have announced that its chocolate brand ‘Milka’ will join sustainable cocoa sourcing program by the company to source all its cocoa sustainably over time. Through the Cocoa Life program, the company aims to reach over 200 thousand farmers and more than one million people by 2022.
- Ferrero Group, another leading player in the chocolate confectionery market – announced in January 2018 that it has entered a definitive agreement to acquire Nestlé’s confectionery business in the United States (U.S.) for US$ 2.8 billion. The company also announced that it will acquire more than twenty chocolate confectionery brands in the U.S., including BabyRuth®, Butterfinger®, Wonka®, Raisinets®, and 100Grand®, and Nestlé’s U.S. chocolate confectionery facilities in Bloomington, Illinois, Franklin Park and Itasca, to expand its presence in the U.S. markets on a greater scale.
Some of the most prominent competitors operating in the competitive landscape of global chocolate confectionery market include –
- Lotte Confectionery Co. Ltd.
- Nestlé S.A.
- Grupo Arcor
- Ferrero SpA
- The Hershey Company
- Lindt & Sprüngli AG
- Ezaki Glico Co., Ltd.
- Mars Incorporated
- Delfi Limited
- Mondelez International, Inc.
- Wm. Wrigley Jr. Company
Chocolate Confectionery Market Dynamics
Rapid Retail Market Expansion is Powering the Chocolate Confectionery Market
The chocolate confectionery market is gaining momentum as a wide range of chocolate confections are vended through multiple distribution channels, such as supermarkets, grocery stores, hypermarkets, online stores, convenience stores, forecourt retailers, and specialty confectionery stores. The global retail industry is undergoing explosive modernization with increasing investments in developing markets, such as chocolate confectionery market.
Thereby, lucrative opportunities in the retail industry are acting as a marketing tool for chocolate confectionery market players, enabling them to build a premium brand image and increasing brand exposure to a wide consumer base. This is expected to complement growth of the chocolate confectionery market in the upcoming years.
Increasing Use of Unique and Unusual Ingredients – An Emerging Trend in the Chocolate Confectionery Market
Increasing growth of the confectionery industry as well as the chocolate industry is making chocolate confectionery market an intensely competitive market. Leading players in the chocolate confectionery market are adopting product innovation strategies to introduce unique flavors and ingredients in chocolate confections.
Consumers are willing to try new flavors and types of chocolate confections and this is encouraging chocolate confectionery market players to beyond the usual flavors and experiment with unusual ingredients, such as fruits, nuts, vegetables, and cereals. Innovation in the variety of ingredients used in chocolate confections, apart from chocolates, is likely to emerge as a popular trend among a majority of players in the chocolate confectionery market in the coming future.
Innovative Advertising Strategies by Market Leaders Are Giving the Chocolate Confectionery Market a New Direction
While the chocolate confectionery market is witnessing incremental growth with burgeoning demand, the heavy impact of advertising on the target consumer base is encouraging chocolate confectionery market players to come up with innovative promotional strategies. Leading players in the chocolate confectionery market are conducting many product promotional and marketing activities among their target consumer groups to improve the outreach of their products.
Furthermore, a mounting number of players in the chocolate confectionery market are adopting the strategy using appealing packaging to attract a larger consumer base. Moreover, conducting branding activities and innovative promotional events on a large scale is expected to augur well for stakeholders in the chocolate confectionery market. In order to ensure the appropriate impact of their advertising and promotional strategies, leading players in the chocolate confectionery market are closely monitoring changing end-user or consumer behavior patterns, which is giving the chocolate confectionery market a new direction.
Chocolate Confectionery Market Segmentation
Based on the product types, the chocolate confectionery market is segmented into,
- Dark Chocolate Confectionery
- Semi-sweet Chocolate
- Bitter Chocolate
- Other Dark Chocolates
- Milk Chocolate Confectionery
- White Chocolate Confectionery
- Organic Chocolate Confectionery
- Nut Chocolate Confectionery
- Chocolate Creams
Based on the end products, the chocolate confectionery market is segmented into
- Chocolate with Toys
- Countlines
- Chocolate Lollipops
- Straightlines
- Bagged Selflines/Softlines
- Novelties
- Boxed
- Seasonal Chocolates
- Molded Bars & Tablets
- Alfajores
- Others
Based on distribution channels, the chocolate confectionery market is segmented into
- Supermarkets/Hypermarkets
- Convenience Stores
- Club Stores
- Drug Stores
- Confectionery Specialists/Shops
- Online Retail
- Discounters/Dollar Stores
- Independent Small Grocers
- Health and Beauty Retailers
- Other Distribution Channels
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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