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The seasonal chocolates market size is projected to increase by USD 9,005.63 million and the market size is estimated to grow at a CAGR of 5.99% between 2022 and 2027. In 2017 the size of the market was valued at USD 23,789.00 million
This seasonal chocolates market report extensively covers market segmentation by product (dark seasonal chocolate, white and milk seasonal chocolate), type (filled seasonal chocolates and unfilled seasonal chocolates), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
The manufacturers pushing seasonal chocolates dedicated to holidays and festivals are major drivers impacting the seasonal chocolate market growth. The popularity of seasonal chocolates is increasing at a fast pace, and thus, players are capitalizing on holiday consumerism for special day celebrations. For instance, in Japan, White Day was created when men were encouraged to buy white chocolate for women. Players like Lindt and Sprungli, and Champlain Chocolate Co. are selling seasonal chocolates specifically designed for special days like Mother's Day and Father's Day.
Players like Godiva Chocolatier Inc., Gayle's Chocolates, Zoe's Chocolate, and others have product lines dedicated to Thanksgiving Day, which is popular in Western regions like North America and Europe. These special days increase the overall sales of seasonal chocolates as they are an easy gifting option. Therefore, manufacturers pushing the sales of seasonal chocolates during holidays and festivals is expected to drive the growth of the seasonal chocolate market during the forecast period.
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Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
Personalized seasonal chocolates are one of the major trends influencing the seasonal chocolates market growth. Festivals (like Easter, Valentine's Day, and Diwali) and special days (like Mother's Day, Father's Day, and Thanksgiving) are occasions when people want to make their loved ones feel special. As the trend for personalization is popular, consumers often opt for personalized gifts on such occasions. Personalized seasonal chocolates are becoming common among consumers. Thus, players like Rebell Wrap, Beau-coup Favors, BabyGrams, Chocablock Chocolates, and My M and M's offer personalized seasonal chocolates.
Consumers usually opt for these personalized seasonal chocolates to add their creative touch. It is expected that the trend for personalized seasonal chocolates is going to increase during the forecast period, which will further increase the popularity and sales of the global seasonal chocolate market during the forecast period.
Product recalls are one of the major challenges impeding the seasonal chocolate market growth. Product recalls hamper market growth by tainting a company's reputation, lowering consumer trust and loyalty, and causing financial and operational burdens on the company. Products are recalled if they have the potential to cause health hazards, contain contaminants, contain allergens not mentioned on labels, and others. With people becoming increasingly health conscious, product recalls from companies due to factors such as contamination will erode the trust of consumers in the brand, leading to low loyalty and a shift to substitutes.
Recently, one of the popular seasonal chocolate players, Cadbury Dairy Milk, recalled its products. Thus, product recalls reduce a company's goodwill and increase consumers' propensity toward other brands. This results in decreasing profits and sales, thereby hindering the growth of the market.
The market research report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Seasonal Chocolates Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The seasonal chocolates market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Based on type, the market has been segmented into filled seasonal chocolates and unfilled seasonal chocolates. The filled seasonal chocolates segment will account for the largest share of this segment. Filled chocolates are chocolates with egg- or circular-shaped packaging and a filling (like chocolate, cream, and others). Consumption of these filled chocolates has increased over the past few years. Many popular players of filled chocolates, like Ferrero International S.A. is coming up with seasonal ranges for different occasions like Christmas, Halloween, Easter, and others. are even selling filled chocolates in their Easter egg and truffles ranges. As the popularity of Easter is quite high in Western regions like North America and Europe, the consumption of Easter eggs is also high in these regions. Such factors will increase segment growth during the forecast period.
The market share growth by the dark seasonal chocolate segment will be significant during the forecast period. Dark chocolates are considered a good gifting option among consumers, further prompting the major players to increase such products in their portfolios in seasonal chocolates. Seasonal chocolates with mint, wasabi, and whole grapes flavor, soaked and surrounded by rum, enhanced with naturally sweet strawberry pieces and passionfruit/lychee, are becoming popular among consumers, which will increase the market growth.
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The dark seasonal chocolate segment was valued at USD 13,362.29 million in 2017 and continued to grow until 2021. Dark chocolate contains 50%-60% cocoa and less milk compared with milk chocolate or no milk at all. The Cadbury Bournville is the most common dark chocolate range in India. Ingredients of seasonal chocolates are sugar, cocoa Solids (40%), cocoa Butter (10%), milk solids, emulsifiers (442, 476), and lactose. The claim that consuming dark chocolate has many health benefits is driving sales in the global seasonal chocolates market. Chocolates are also rich in fiber, antioxidants, iron, and magnesium.
The cocoa flavanols present in dark chocolate are believed to help improve cardiovascular health. It can help in improving cognitive functions and blood flow and is less detrimental to teeth than other forms of chocolate. So, with these positive attributes of dark chocolate, consumers are more inclined toward this category even while buying seasonal chocolates. Thus, the demand for dark seasonal chocolate is expected to increase in the next five years and will contribute significantly to the overall global seasonal chocolates market.
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Europe is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Europe is one of the largest chocolate manufacturers in the world. Western Europe has the highest per capita consumption of chocolate in Europe. Consumers are more inclined toward seasonal chocolates owing to their popularity as gift items during festive and special occasions. Moreover, the presence of major vendors such as Chocoladefabriken Lindt and Sprungli AG, Ferrero International S.A., Nestle SA and Mondelez International Inc. will drive the growth of the market in the region during the forecast period.
The COVID-19 pandemic negatively impacted the growth of the seasonal chocolates market in this region in 2020. However, lockdown restrictions were lifted in many countries in the region in 2021 because of large-scale vaccination drives across the region. It allowed the resumption of many commercial and developmental activities both in online and offline mediums. For instance, in 2022, Europe processed over 628,000 tons of cocoa beans to produce chocolates. After COVID-19, Europe is one of the leading countries all over the world to produce chocolates. Therefore, these kinds of developments are expected to increase the growth rate of the regional seasonal chocolates market during the forecast period.
The seasonal chocolates market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Seasonal Chocolates Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.99% |
Market growth 2023-2027 |
USD 9,005.63 million |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
5.29 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 33% |
Key countries |
US, Canada, UK, France, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AE Haigh Proprietary Ltd., Blue Frog Chocolates, Cemoi, Champlain Chocolate Co., Chocoladefabriken Lindt and Sprungli AG, Ferrero International S.A., Gayles Chocolates, Gilbert Chocolates Inc., Hotel Chocolat Group plc, Lotte Corp., Marks and Spencer Plc, Mars Inc., Meiji Holdings Co. Ltd., Mondelez International Inc., Nestle SA, Phillips Candy, Purdys Chocolatier, Savencia SA, The Hershey Co., and Yildiz Holding AS |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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