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The Middle East and Africa chocolate market size is forecast to increase by USD 3.94 billion, at a CAGR of 7.3% between 2023 and 2028. The market is experiencing significant growth due to the increasing consumer awareness of the health benefits associated with certain types of chocolate. Dark chocolate, rich in antioxidants and known to improve blood circulation, is gaining popularity as a preventive measure against heart disease and calcium deficiency. The food and beverage industry is responding by introducing premium chocolates made from specialty cocoa beans, catering to consumers' desire for high-quality, health-conscious options. The trend towards preventive healthcare is driving demand for these products, as consumers seek to mitigate the risks of oxidative stress and cholesterol buildup. The confectionery sector is innovating to meet this demand, offering a diverse range of antioxidant-rich chocolates that cater to various tastes and dietary preferences.
The market is experiencing significant growth due to the increasing popularity of high-quality chocolates and their associated health benefits. This market encompasses various types of chocolates, including vegan, organic, gluten-free, and sugar-free options, catering to diverse dietary needs. High-grade chocolates, such as premium and specialty chocolates, are in high demand. These chocolates are often made using the bean-to-bar concept, which involves the entire process of producing chocolate from cacao beans to the finished product. This approach ensures the highest quality and unique flavor profiles. Specialty cocoa beans, sourced from single-origin regions, are the foundation of these high-quality chocolates. Theobroma cacao, the cocoa tree from which these beans are harvested, is grown and fermented under specific conditions to optimize flavor development. The roasting process further enhances the chocolate's taste and aroma. Dark chocolate, a popular choice among health-conscious consumers, is rich in antioxidants. These compounds help combat oxidative stress, which contributes to various health issues such as heart disease and high cholesterol. Dark chocolate's antioxidant properties make it an attractive option for those seeking preventive healthcare measures.
Mental health benefits are another factor driving the market's growth. Dark chocolate consumption has been linked to improved mood and reduced stress levels. This association, combined with its delicious taste, makes dark chocolate a desirable treat for many. In the confectionery industry, chocolate remains a sought-after edible item. Its versatility allows it to be used in various applications, from baked goods to candy bars. As consumers become more health-conscious, the demand for organic and artisan chocolates continues to rise. The market's growth is fueled by the increasing awareness of its health benefits and the availability of various dietary options. This trend is expected to continue, making it an exciting space for innovation and growth in the food industry.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The milk segment is estimated to witness significant growth during the forecast period. Dark chocolate, a type of premium confectionery, derived primarily from specialty cocoa beans, is renowned for its health benefits in the realm of preventive healthcare. Dark chocolate, unlike milk chocolate, is made predominantly from chocolate liquor and sugar, resulting in a higher cocoa content. This higher cocoa content translates to various health advantages, such as improved heart health. Dark chocolate has been shown to enhance blood circulation, thereby reducing the risk of heart disease.
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The milk segment was valued at USD 3.55 billion in 2018. Moreover, it is a valuable source of calcium and other essential minerals, making it an excellent addition to a balanced diet. Dark chocolate is also rich in antioxidants, specifically flavonoids, which play a crucial role in neutralizing oxidative stress. Oxidative stress is a significant contributor to various health issues, including heart disease and cholesterol buildup. By eliminating free radicals from the bloodstream, antioxidants help maintain optimal cardiovascular health. Incorporating dark chocolate into your food and beverage choices can offer numerous health benefits.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising awareness regarding health benefits offered by chocolate is notably driving market growth. Chocolate, specifically dark chocolate, is renowned for its high cocoa content and numerous health benefits. These advantages include aiding in the prevention and slowing down of age-related diseases, such as cardiovascular diseases (CVDs). Dark chocolate's antioxidant properties, which help suppress blood pressure, and its assumed anti-aging qualities are significant factors influencing the market's growth.
Recent studies suggest that chocolate consumption can contribute to a more youthful appearance and stress relief. These factors are anticipated to intensify the demand for chocolate and related products in various markets. The Middle East and African regions are expected to witness notable growth in this sector due to these health benefits. Thus, such factors are driving the growth of the market during the forecast period.
Impulse purchasing behavior of consumers is the key trend in the market. Chocolate's allure transcends demographics and economic situations, making it a popular impulse purchase for consumers worldwide. Impulse buying, defined as a sudden and unplanned decision to acquire a product or service, is a significant factor driving chocolate sales. While consumers may not initially intend to buy chocolate during their grocery shopping, its enticing display at strategic locations in stores can pique their interest and lead to an impulse purchase. Beyond eye-catching displays, rising income levels and evolving lifestyles contribute to the increasing demand for chocolate. High-quality chocolate, including vegan, organic, gluten-free, sugar-free, and premium options, caters to diverse consumer preferences.
Bean-to-bar chocolate, a concept that focus the traceability of cocoa beans from farm to finished product, adds to the appeal of specialty and single-origin chocolates. Mental health benefits associated with chocolate consumption further strengthen its popularity. Chocolate, particularly dark chocolate, is known to improve mood and reduce stress levels. As a result, consumers often view chocolate as a reward or indulgence, making it an appealing choice for impulse purchases. In conclusion, the allure of chocolate, coupled with its versatility and health benefits, makes it a popular impulse buy for consumers worldwide. Retailers capitalize on this trend by strategically placing displays and offering a wide range of high-quality, specialty, and organic chocolate options to cater to diverse consumer preferences. Thus, such trends will shape the growth of the market during the forecast period.
Shortage of vanilla is the major challenge that affects the growth of the market. The market is currently facing a major hurdle due to the scarcity of vanilla, an essential ingredient in numerous chocolate products. This scarcity can be attributed to the adverse effects of climate change and extreme weather conditions in Madagascar, which accounts for approximately 80% of the world's vanilla production. Cyclones and droughts have wreaked havoc on vanilla crops, resulting in a diminished supply and soaring prices. In response, chocolate manufacturers in the MEA region are grappling with escalating production costs, which are frequently transferred to consumers through higher prices or smaller product sizes (shrinkflation).
To circumvent these issues, companies are investigating alternative flavorings and ingredients, such as synthetic vanillin or other natural extracts, to preserve product quality and affordability while catering to consumers' growing demand for healthy snacking options, including energy bars, during physical activities and fitness awareness campaigns. These healthy snacks, often packaged in small portions, provide instant energy and essential nutrients, aligning with the need for balanced diets and healthy ingredients. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting 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 market growth analysis strategies.
Customer Landscape
Companies 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.
Arcor Group - The company offers chocolate products such as Cofler, Aguila, and Tofi.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Chocolate, an edible item derived from the Theobroma cacao tree, is a beloved treat enjoyed by people worldwide. Its production involves harvesting, fermenting, drying, and grinding cacao seeds to extract cocoa, which is then used to make chocolate. High-quality chocolate comes in various forms, including dark, premium, specialty, and artisan, catering to diverse dietary needs such as vegan, organic, gluten-free, sugar-free, and bean-to-bar. Chocolate offers numerous health benefits, making it a popular choice for preventive healthcare and mental health. Dark chocolate, rich in antioxidants, helps reduce oxidative stress and improves heart health by enhancing blood circulation and lowering cholesterol levels. It also aids in preventing heart disease and calcium deficiency.
The food and beverage industry incorporates chocolate into various products like bakery items, puddings, cakes, brownies, cookies, and chocolate-flavored snacks. Chocolate-making processes include roasting and alkalization, which affect the chocolate's flavor profile. Premium chocolates and specialty cocoa beans are increasingly popular due to their unique taste and health benefits. Chocolate's versatility extends to various industries, including mental health, sports nutrition, and the energy bars market. Athletes and those engaging in physical activities often consume chocolate or chocolate-based products for instant energy and balanced diet essentials. Chocolate's anti-aging properties and role as a gourmet and fair-trade item make it a staple for festive and seasonal occasions.
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Market Scope |
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Report Coverage |
Details |
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Page number |
139 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.3% |
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Market Growth 2024-2028 |
USD 3.94 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.6 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Arcor Group, AUGUST STORCK KG, Barry Callebaut AG, Cacau Show, Chocoladefabriken Lindt and Sprungli AG, Chocolat Bernrain AG, Ezaki Glico Co. Ltd., Ferrero International S.A., Godiva Chocolatier Inc., Kellogg Co., La Maison du Chocolat, Mars Inc., Meiji Holdings Co. Ltd., Mondelez International Inc., Morinaga and Co. Ltd., Nestle SA, Patchi, The Hershey Co., Theo Chocolate Inc., and Thorntons Ltd. |
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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 market forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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