A new report predicts that the global chocolate market will grow to $98.3 billion in 2016 from the $83.2 billion it was at in 2010. The report shows factors such as the health benefits of chocolate, a variety of applications and seasonal and festive sales all expected to play a role in increasing the market.
A new report predicts that the global chocolate market will grow to $98.3 billion in 2016 from the $83.2 billion it was at in 2010.
The report, titled “Global Chocolate, Cocoa Beans, Lecithin, Sugar and Vanilla Market by Market Share, Trade, Prices, Geography Trend and Forecasts (2011-2016),” was conducted by MarketsandMarkets, a Dallas-based global market research and consulting company that publishes high-level analyzed reports for more than 10 industry verticals.
The report shows that factors such as the health benefits of chocolate, the large variety of applications and seasonal and festive sales are all expected to play a role in increasing the market.
Opportunities that could change the dynamics of the industry include lower penetration in developing economies, organic and Fair Trade chocolate and the use of chocolate as functional food.
On the other hand, factors that are expected to restrain growth include raw material prices and the dependency of the industry on unstable economies for cocoa supply. Major threats to the industry include the rising counterfeit market and changing consumer preferences.
Currently, Asia is driving sales in the market because it has lower penetration and is expected to hold a 20% share of the market in 2016. Specifically, sales in the Asian region are expected to increase to $19.7 billion in 2016, from the $15 billion it was at in 2010.
Meanwhile, the United States currently leads the markets in North America with a market share of 86.3%, while Japan leads the Asian market with a 39.7% market share. In Europe, the UK has the largest demand with a market share of 16.4%, followed closely by Germany with 15.9%.
For more information, visit www.marketsandmarkets.com.
Global Chocolate Market Worth $98.3B By 2016
May 13, 2011