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The Europe Chocolate Market size is projected to increase by USD 17,691.38 million and the market size is estimated to grow at a CAGR of 4.95% between 2022 and 2027.
The increasing number of new product launches and rising demand for seasonal chocolates are driving the chocolate market growth in Europe. Some of the key drivers for the significant chocolate market growth in Europe include new product development, improvements in taste and versatility, packaging innovations, and a high focus on marketing and promotional campaigns. There is an increasing demand for several seasonal chocolates during festive seasons such as Easter, Valentine's Day, Christmas, and Halloween. Vendors like Ferrero and Chocoladefabriken Lindt and Sprungli have significantly contributed to the market growth. Hence, such factors are expected to drive the chocolate market growth in Europe during the forecast period.
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The rising trend of product premiumization in the chocolate market is expected to have a positive impact on the market in the coming years. There is a growing trend of product premiumization in Europe which is also influencing the chocolate segment as well. Some of the main buyers of the premium segment include consumers who are conscious of the brand and quality.
As there is an increasing demand for the premium chocolate segment, several vendors such as Ferrero, Chocoladefabriken Lindt and Sprungli, and Yildiz Holding have started positioning their products as gift items. Additionally, several prominent vendors in Europe are launching their own range of premium chocolates to attract consumers whose buying behavior is greatly influenced by price, packaging, ingredients, authenticity, provenance, and brand experience. For instance, In May 2019, Ferrero launched a new premium Chocolate brand, Ferrero Golden Gallery Signature. Hence, such factors are expected to drive the chocolate market growth in Europe during the forecast period.
Unstable cocoa prices will be a major challenge for the Europe chocolate market during the forecast period. One of the significant challenges faced by chocolate vendors in Europe is the fluctuating prices of cocoa which makes the cost of chocolate production more volatile and prevent manufacturers and marketers of chocolate products from estimating their production costs on a yearly basis.
One of the main problems with coca prices is that it depends on the growing conditions and can vary largely from month to month. Factors such as Crop disease, aging crops, and political instability in key cacao-growing countries such as Ghana and the Ivory Coast in Africa are determining the prices of cocoa around the world. Hence, such factors are expected to hinder the chocolate market growth in Europe during the forecast period.
Offline channels like supermarkets, hypermarkets, and convenience stores will dominate market growth. Online sales will also grow due to high internet penetration and smartphone usage. Overall, Europe's chocolate market is expected to thrive in both offline and online segments.
The milk chocolate segment is estimated to witness significant growth during the forecast period. Milk chocolate comprises 15%-20% of cocoa solids and dried milk solids. One of the most consumed chocolate segments in 2022 was milk chocolate.
The milk chocolate segment was the largest segment and was valued at USD 29,780.35 million in 2017.
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The growing demand for dark chocolates, especially in Western Europe, could impact market growth negatively. To stay competitive, vendors focus on product innovation, like Mondelez International leveraging Cadbury Dairy Milk Oreo Sandwich Bar's popularity in the UK and Ireland. Rising per capita consumption, new product launches, and organized retailing will drive segment growth in the forecast period.
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.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market 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.
The European Chocolate Market is dominated by European Chocolate Manufacturers, with Market Share distributed across various segments. Product Types range from Softlines/Selflines to Boxed Assortments and Seasonal Chocolates. Distribution Channels include Supermarkets/Hypermarkets, Specialist Retailers, and Online Retail, catering to diverse consumer preferences. The market is valued in USD million. While the craft chocolate segment faces challenges such as a decline in sales due to health concerns related to high sugar content, the industry witnesses a rise in demand for dark and organic chocolates. European Chocolate Market Trends reflect a shift towards "Better-for-you" and "Free-from" Products, including sugar-free and vegan chocolates, with leading players like Love Cocoa innovating with natural ingredients such as avocado. Notable regions in the market include Germany, known for its specialty cocoa and chocolate markets, and Belgium, home to renowned brands like Godiva.
The Europe chocolate market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends and growth opportunities from 2017 to 2027.
Scope |
|
Report Coverage |
Details |
Page number |
151 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.95% |
Market growth 2023-2027 |
USD 17691.38 million |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
4.29 |
Regional analysis |
Europe |
Performing market contribution |
Europe at 100% |
Key countries |
Western Europe and Central and Eastern Europe |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arcor Group, Barry Callebaut AG, Cargill Inc., Chocoladefabriken Lindt and Sprungli AG, Cloetta AB, Ezaki Glico Co. Ltd., Ferrero International S.A., General Mills Inc., Kerry Group Plc, Mars Inc., Meiji Holdings Co. Ltd., Mondelez International Inc., Montezumas Direct Ltd., Morinaga and Co. Ltd., Nestle SA, ORION Holdings Corp., Perfetti Van Melle Group BV, Tate and Lyle Plc, The Hershey Co., and The Kraft Heinz Co. |
Market dynamics |
Parent market analysis, Market forecasting, 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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