Global Dark Chocolate Market: Overview
Chocolate is among the widely popular and most consumed food product among the consumers all over the world. On the basis of cocoa added in it while preparation, several varieties of chocolates are produced. On such product is dark chocolate, where the amount of cocoa is comparatively higher, ranging from 70% to 100%, than the normal chocolates. With the growing awareness about the benefits of dark chocolate the global dark chocolate market is anticipated to grow significantly in coming years.
A big range of applications of chocolates such as flavored food and confectionary products are foreseen to fuel the demand for dark chocolate in the global market. Moreover, the utilization of chocolate as functional foods owing to its high nutritional content, along with its stress reducing ability makes it a preferred choice among the consumers worldwide. Besides, trend of gifting chocolates is on rise on occasions and festivals, which is likely to propel the growth of dark chocolate in the upcoming years.
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Global Dark Chocolate Market: Trends and Opportunities
Positive point of view among consumers about the medical advantages of dark chocolates will keep on driving demand. Dark chocolates are considered as great source of cancer prevention agents, and rising awareness among consumers on the medical advantages of anti-oxidants is adding to the development even further. Looking at consumers’ preference and rising demand the manufacturing firms are concentrating on fusing natural and clean level ingredients in their products. Usage of natural ingredients, particularly sweeteners, for example, stevia and coconut sugar is expected to witness an expansion within the forecast period.
In spite of the fact that demand for natural dark chocolate is developing at a high pace, traditional dark chocolates still account for the main revenue share in the market. Natural variations are generally costly than conventional dark chocolates, and their sales are presently high only in regions with good disposable income and demographics. Nevertheless, the unavoidable, cross-industry ‘health and wellness” trend is affecting the dark chocolate market also, as demand for natural dark chocolate experiences a rise.
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Among several applications, the food industry has ideally sustained as a key application segment in dark chocolate market. This lead is expected to remain as it is in coming years as well. The demand for dark chocolate is also foreseen to rise in beverage industry owing to various experiments being carries out in terms of flavors, taste and health by the manufacturers. Premium or specialty dark chocolate as a flavoring agent in beers and energy drinks gaining attention since past few years, which is likely to increase the demand for dark chocolate in beverage industry.
Global Dark Chocolate Market: Regional Outlook
Owing to the development in North America and Europe, which are the two biggest markets in the world, the dark chocolate market appears to be growing really well. Switzerland, Denmark, and Belgium are the major spots for the consumption and production of dark chocolate. However, in North America region, the US holds the highest revenue share. Along with this, dark chocolate market in Europe region is foreseen to expand at a healthy CAGR as well within the forecast period.
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Global Dark Chocolate Market: Competitive Landscape
Owing to the evolution in consumer preferences, the manufacturers are working consistently on developing their product in terms of flavor, taste, quality, and price. People are also looking forward to try out new flavors which is significantly encouraging the market players. Fairtrade and Rainforest Alliance and UTZ are among the key certification schemes for cocoa.