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(Health-NewsWire.Net, October 18, 2021 ) Premium Chocolate Market size is estimated to reach $48.2 billion by 2026, growing at a CAGR of 9.6% during the forecast period 2021-2026. Premium chocolates are high-quality chocolate variants that are produced from ultra-fine ingredients and are infused with a variety of exotic flavors, including peanut butter, caramel, mint, honey, tropical fruits, espresso, and others. Premium chocolates are increasingly being adopted across the world owing to the growing awareness about the benefits of premium chocolates and the rise in the branding of premium chocolates as gifts by the key players. The rise in the demand for dark chocolates made with cocoa powder, growing adoption of skimmed milk chocolate among the young population, increase in the popularity of gourmet chocolates prepared from ultra-fine cocoa beans, and growing investment by the key players to develop quality and healthier premium chocolates are the factors that are set to drive the growth of the Premium Chocolate Market for the period 2021-2026.
Premium Chocolate Market Segment Analysis-By Product Type
The Premium Chocolate Market based on the Product Type can be further segmented into Dark Premium Chocolate and White and Milk Premium Chocolate. The Dark Premium Chocolate segment held the largest share in 2020 and is also estimated to be the fastest-growing segment with a CAGR of 10.1% over the period 2021-2026. This growth is owing to the factors such as the increase in the availability of dark premium chocolates and the growing demand for dark chocolates made with cocoa powder. The rise in the inclination towards dark chocolates made with cocoa beans in developed nations is driving the growth of the Premium Chocolate Market. The White and Milk Premium Chocolate segment held the second-largest share in 2020 owing to the factors such as the growing demand for skimmed milk chocolate among the young population and the rise in the product launches of white and milk premium chocolates.
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Premium Chocolate Market Segment Analysis-By Distribution Channel
The Premium Chocolate Market based on the Distribution Channel can be further segmented into Supermarkets/Hypermarkets, Online Channels, Convenience Stores, and Others. The Supermarkets/Hypermarkets segment held the largest share in 2020 owing to the factors such as the increase in the demand for various premium chocolates made with cocoa powder in supermarkets and the rise in the investment by the key players. The easy availability of choice of flavor and trustworthiness in the supermarkets is driving the growth of the Premium Chocolate Market. The Online Channels segment is estimated to be the fastest-growing segment with a CAGR of 10.3% over the period 2021-2026. This growth is owing to the factors such as the rise in the demand for skimmed milk chocolate among the young population in online channels, advancements in technology, and growing inclination towards a sedentary lifestyle.
Premium Chocolate Market Segment Analysis-By Geography
North America held the largest share with 27% of the overall market in 2020. The growth in this segment is owing to the factors such as the growing demand for dark chocolates made with cocoa powder and cocoa beans and an increase in product launches by key players. The increasing awareness about the health benefits of premium chocolates in developed nations is driving the growth of the Premium Chocolate Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the rise in the demand for skimmed milk chocolate and growing investment by the key players to develop quality and healthier premium chocolates.
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Premium Chocolate Market Drivers
Rise in the Demand for Dark Premium Chocolates
The rise in the demand for organic and clean label trends has propelled the demand for dark premium chocolates made with cocoa powder and cocoa beans. Moreover, consumers in developed nations are more informed about the health benefits of dark chocolate and are increasingly inclining towards opting for dark chocolates as a dessert option, which is one of the major factors driving the growth of the Premium Chocolate Market.
Increase in the Branding of Premium Chocolates as Gifts
Premium chocolates, such as skimmed milk chocolate and dark chocolate are increasingly being branded as gifts to attract young consumers across the world. The key players across the world are also increasingly launching dark and milk premium chocolates as gifts owing to the growing demand from consumers, which is further propelling the growth of the Premium Chocolate Market.
Premium Chocolate Market Challenges
Fluctuating Price of Cocoa Beans
The key players in the market are increasing their investment to carry out various research and development activities for launching quality and healthier premium chocolates. However, the fluctuating price of cocoa beans is one of the major factors that is estimated to reduce the growth of the Premium Chocolate Market.
Premium Chocolate Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Premium Chocolate Market. Key companies of this market are The Hershey Company, Ferrero Group, Yildiz Holding, Mondelez International Inc, Mars Incorporated, Lake Champlain Chocolates, Nestle SA, Cemoi Chocolatier SA, Chocoladefabriken Lindt & Sprungli AG, and Pierre Marcolini Group among others.
Acquisitions/Product Launches:
In January 2021, Mondelez International Inc has launched Cadbury Dairy Milk Silk Mousse under its premium chocolate segment to the customers who are always on the lookout for innovative and unique experiences.
In October 2020, Ferrero Group has launched the premium gifting brand ‘Ferrero Rocher Moments’ in India to expand the existing portfolio by bringing an enjoyable and light-hearted experience for consumers in the country to celebrate daily moments.
In October 2020, The Hershey Company has launched Hershey’s Exotic Dark Chocolate to strengthen the premium chocolate portfolio and to make customers experience the exotic and indulgent taste of Dark Chocolates under the Hershey’s brand name.
Key Takeaways
Geographically, North America Premium Chocolate Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the demand for dark chocolates made with cocoa powder.
The increase in the availability of flavored premium chocolates in supermarkets is driving the Supermarkets/Hypermarkets segment. However, the fluctuating price of cocoa beans is one of the major factors that is said to reduce the growth of the Premium Chocolate Market.
Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Premium Chocolate Market report.
Relevant Links:
A. Chocolate Market
https://www.industryarc.com/Report/16674/chocolate-market.html
B. Chocolate Flavors Market
https://www.industryarc.com/Research/Chocolate-Flavors-Market-Research-504905
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