Analyzing global chocolate market

As per the report published by Fior Markets, the global chocolate market is expected to grow from USD 138.5 billion in 2020 and reach USD 200.4 billion by 2028, growing at a CAGR of 4.8% period 2021-2028.

One of the most significant trends that positively impact the growth of the chocolate market is the impulse behavior of the consumers. The chocolate confectionaries placed at the point of sale at department stores, supermarkets etc., are most likely to grasp the attention of the consumers waiting in line, and they make an impulse decision to purchase the chocolate even if it's high-end. Attractive colors and packaging styles are used by the manufacturers to attract the consumers and persuade them into buying the chocolates. The convenience foods sector, which includes cookies, cakes, ice creams and such products, uses chocolate as a primary ingredient. The expansion of the convenience food sector has driven the sales of chocolate.

Chocolate and chocolate confectionery products are the most consumed foods all around the world. Consumption of chocolate in moderate quantity is found to boost serotonin which calms the brain and helps as an anti-depressant. It also lifts up the mood by releasing endorphins in the body. Chocolates come in all shapes, sizes and packaging to best fit the occasion. Chocolates are a multi-billion dollar worth industry and are continuing to grow at a steady rate with new products developed and promoted in the market. It has a wide range of applications and is a widely popular ingredient in almost all confectionary products. In recent years, dark chocolate is in high demand as the taste and preferences of consumers keep evolving.

The global chocolate market is anticipated to grow significantly owing to the seasonal and festive sales of chocolates across the globe. Niche products of chocolate such as fudge, rolls, mousse, drinks etc., will bring a favorable impact on the growth of the chocolate market and are proving to be revenue makers. The increased competition for the raw materials and the uncertainty of their availability as they have applications in various other sectors is also a restraining factor. Creating a variety in gourmet chocolate and developing organic chocolates is an excellent opportunity for growing the market.

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