The global market for chocolate confectionery will reach US$312 billion by 2030, said a new report from Grand View Research. With a compound annual growth (CAGR) of 6.4% during the forecast period, the market upswing is due to several factors, such as the increasing trend of gifting chocolates, especially in Asian countries. The report revealed that the Asia Pacific would witness substantial growth during the forecast period due to rising bar confectionery demand. In addition, data showed that several prominent international players are setting up local manufacturing, production, and storage facilities in this region, such as in India and China.
Meanwhile, the report highlighted strong advertising and marketing campaigns for vegan, gluten-free, low-sugar chocolates are also driving the demand. This growing health trend has spurred manufacturers to launch a wide range of chocolate confectionery to cater to this segment.
Meanwhile, dark chocolate is likely to witness the fastest growth during the forecast period. It is considered a healthier option with lower calories than milk and white chocolates. Research reveals that key players in the market's product launches in this segment are likely to supplement the overall segment growth.
Lastly, the COVID-19 pandemic has increased the penetration of online retailers in the chocolate confectionery segment. The report said the online distribution channel segment would register the fastest growth during the forecast period.
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