Published By : 03 May 2016 | Published By : QYRESEARCH
Chocolate is one of the most consumed and cherished food worldwide. The sweet taste of chocolates is the major driving factor boosting the demand for chocolates across the globe. As a result, in the last few years, the demand for chocolate has been tremendously high around the world. Previously, chocolates were produced in specific regions, depending on the easy availability of cocoa seeds. Nevertheless, presently, chocolates are being produced in almost each country of the world and are widely popular.
The differentiation of types of chocolates is done on the basis of the amount of chocolate that has been used while manufacturing it. Some of the major types of chocolates available across the globe are:
The increasing awareness regarding the health benefits associated with the consumption of chocolates in moderate quantity is one of the major factors expected to augment the growth of the market in the next few years. In addition, the distinct taste of chocolates enjoyed by all age groups adds to the high demand for chocolates across the globe. On the other hand, the instability of cocoa seeds supply is considered as one of the key factors hampering the growth of the market in the near future.
However, the antioxidants present in chocolates offer several health benefits to the consumers. It also helps in cutting the risk of heart disorders if consumed in adequate quantity, leading to a high demand of chocolates in the overall market. The increasing number of distribution channels is another factor contributing towards the increasing sales of chocolates around the world.
The increasing popularity of chocolates has attracted several players to participate in the market and gain the competitive advantage. The presence of local manufacturers has strengthened the competition of the global chocolate market. Some of the leading players operating in the global market are Mars Inc., Hershey Foods Corp., Ferrero Group, Moonstruck Chocolatier Co., Nestle SA, Ghirardelli Chocolate Co., and Kraft Foods. The products of these companies are considered as luxury chocolates; however, they are making efforts to expand their product portfolio in order to attract new consumers.