Published on : Feb 18, 2016
Chocolate is considered as one of the most loved and consumed food across the globe. Thus, the demand for chocolate is very high in all the parts of the world. Earlier, the production of chocolate was done in particular regions, where the availability of cocoa seeds was very high; however, in recent years, chocolates are manufactured in almost every region of the world and are equally popular. The different varieties of chocolate are determined on the basis of the amount of chocolate that is used while making the particular chocolate. The broad segments of the types of chocolates are:
- White Chocolate
- Milk Chocolate
- Dark Chocolate
The distinct taste of chocolates is the major reason for the rising popularity of chocolates around the world. In addition, the growing awareness regarding the consumption of dark chocolate is another factor boosting the demand for chocolates in the coming years. The dark chocolates are rich in antioxidants and help the human body and mind in several ways when consumed moderately. As a result, this segment is expected to witness a high growth in the next few years. It also helps in preventing cardiac diseases and several others.
The low-priced chocolates that are offered by several local chocolate companies have made chocolates a popular product in the masses; however, the prominent international brands are still enjoying the significant growth among the developed countries.
The major players operating in the global market for chocolates are constantly taking efforts to expand their product portfolio and introduce innovations in their products so as to attract the consumers. Some of the prominent players that have created a niche for themselves in the global chocolate market are Ghirardelli Chocolate Co., Kraft Foods, Ferrero Group, Moonstruck Chocolatier Co., Hershey Foods Corp., Mars Inc., and Nestle SA. Many new players are striving hard to participate in the global chocolate market and create a brand name for themselves.
The instability of supply of cocoa seeds is one of the key factors that is projected to curb the growth of the global chocolate market. Moreover, the political instability in the major cocoa-producing states is estimated to significantly affect the global chocolate market in the near future.