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The spirulina chocolates market size is projected to increase by USD 209.04 million and the market size is estimated to grow at a CAGR of 10.04% between 2022 and 2027. This spirulina chocolates market report extensively covers market segmentation by distribution channel (offline and online), type (chocolate bars and chocolate powder), and geography (Europe, North America, APAC, South America, and Middle East and Africa). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
One of the key factors driving the spirulina chocolates market growth is the growing prevalence of malnutrition. Malnutrition and poor diet are significant contributors to the global burden of disease. Malnutrition significantly impacts the growth and development of a person, as individuals who are malnourished are vulnerable to infections. The main cause of malnutrition is insufficient nutrient intake. In addition, it can lead to lethargy and diminished physical capabilities, which adversely impact their ability to perform any physical activities. Thus, the increasing prevalence of malnutrition fuels the demand for nutritional products in the market. There is an increasing consumption of spirulina chocolates as it contains spirulina, which has cyanobacteria with a high content of proteins, vitamins, omega-3 and six fatty acids, and essential amino acids. Hence, such factors are positively impacting the market. therefore, it is expected to drive the market growth during the forecast period.
The Spirulina Chocolates Market shows an accelerated CAGR during the forecast period.
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A key factor shaping the spirulina chocolate market growth is the increasing consumer spending. Increasing consumer spending is one of the primary trends in the global spirulina chocolate market. There is a growing popularity for spirulina chocolate among health-conscious consumers due to its numerous health advantages. In addition, a majority of consumers are seeking healthier alternatives to traditional chocolates as they become more careful about what they eat.
Moreover, spirulina is a blue-green algae that is full of vital elements such as proteins, vitamins, minerals, and antioxidants. There is an increasing consumption of spirulina among vegetarians and vegans as it is a primary source of plant-based protein. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Fluctuations in raw material prices are one of the key challenges hindering the spirulina chocolate market growth. One of the growing concerns among food industries and manufacturers is the price volatility of raw materials. The increasing price of raw materials including cocoa, dairy products, nuts, and sugar is one of the main factors significantly contributing to the fluctuation costs.
Moreover, the price of cocoa significant factor fuelling the overall price of the end product. Some of the main factors that are significantly influencing the fluctuations in the supply of cocoa include political and civil unrest, labor issues, the effects of erratic weather conditions, diseases, and pests on crop yields in major cocoa-producing regions, such as the Ivory Coast and Ghana. Hence, such factors can negatively impact the market. Therefore, it is expected to hinder the market growth during the forecast period.
The health advantages offered by the chocolate bar segment will increase the market growth. The chocolate bar segment in the global spirulina chocolate market mainly comprises chocolate bars that are infused or enhanced with spirulina, a form of blue-green algae that is rich in nutrients. There is a growing popularity for spirulina chocolate bars due to the rising desire for natural and nutritious food products. There is an increasing consumption of spirulina chocolate bars among health-conscious consumers due to its high protein content, vitamins, minerals, and antioxidants. In addition, this segment is often marketed as a guilt-free treat that offers flavor and nutrients. Some of the main flavors of this chocolate bar segment include dark chocolate and spirulina, milk chocolate, and spirulina, as well as vegan and organic versions. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period. The offline segment comprises conventional brick-and-mortar retail establishments where goods are sold to customers directly. Some of the main retail formats in the offline segment include supermarkets and hypermarkets, convenience stores, specialty shops, health food stores, independent retailers, drugstores and pharmacies, gourmet food shops, and duty-free shops.
The offline segment was the largest segment and was valued at USD 172.69 million in 2017
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Supermarkets and hypermarkets are one of the significant contributors to the growth of this segment. It comprises large-format retail establishments that offer various goods, such as food and beverages. They give manufacturers of spirulina chocolate an opportunity to showcase their goods to a wider audience. Another main retail format in the offline distribution channel is the convenience store. These stores comprise smaller retail locations that are frequently open later than other types of establishments, making it easier for customers to buy goods while on the go. Brands of spirulina chocolate can significantly profit from convenience stores' high visibility and high rate of impulse purchases. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Europe is estimated to contribute 37% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that are significantly contributing to the growth of the global spirulina chocolate market in Europe is the growing customer desire for better-for-you food products. There is a growing awareness regarding health among people and as a result, several individuals are constantly seeking methods to incorporate nutrient-dense foods in their diets. In addition, e-commerce is one of the key distribution channels of spirulina chocolate in Europe. There is an increasing preference for online platforms among consumers as they offer them a practical option to buy specialty and premium goods such as spirulina chocolate. Several new players are entering the market as well as established players are expanding in the region as well. As a result, it will increase the competition in the global spirulina chocolate market which in turn will fuel new innovation in the region. Hence, such factors are driving the market growth in Europe during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global spirulina chocolate market witnessed significant growth as there was an increase in demand for wholesome food among consumers in Europe. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to increase in demand for spirulina chocolates. Such factors are expected to drive the market during 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 spirulina chocolates market report also includes detailed analyses of the competitive landscape of the market and information about 20 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 spirulina chocolate 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.
Spirulina Chocolates Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.04% |
Market growth 2023-2027 |
USD 209.04 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.49 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 37% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akal, Bio Benjamin, Bloom Delight, Giddy Yoyo Inc., Healthy Little Vittles, Hello Chocolate, Landish, Lifestream NZ, LUCHINO SRL, MERAVIGLIE Srl, Nestle SA, Nurture Brands Ltd., Nutrezy, Pierre Marcolini Group, Sari Foods Co, Sonalis Consumer Product Ltd., Suncore Foods Inc., The Algae Factory BV, Vosges Haut Chocolat Ltd., and ZEON BIOTECH PVT LTD. |
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, and Market condition analysis for the 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 Distribution Channel
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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