According to National Confectionary Association( NCA), Germany led one-fourth of the Western European in sales and consumption in 2016.
2. Asia Pacific is the fastest growing region in the global chocolate market. It is valued at US $ 26.75 billion in 2016 and it is growing at a CAGR of 8.5 %, owing mainly to the rise in disposable incomes of the consumers. Moreover, influence of western habits and culture have augmented the growth of multinational companies, such as Mars, Hershey’ s, Ferrero, and Ghirardelli in this region. The economies such as Japan, China, South Korea, and India are the major markets of these brands and contribute to the growth of chocolate market globally. Cadbury India, was associated with the highest sales over the past few decades, owing to the most attractive brand during the festive reason of this country.
3. North America is projected to be the largest region in chocolate market. The growth is mainly attributed to the presence of international brands and high rate of consumption. The U. S. is the major player of chocolate market in this region. According to National Center for Biotechnology Information( NCBI), the U. S. population consumes one or more than one chocolate candy of the three days of food intake. Moreover, chocolate is consumed more in winters of about 30-90 grams / day.
4. The Middle East and Africa are witnessed to have a significant growth in the chocolate market. The major regions such as the U. S. and Europe are expanding their business in Africa and the consumption rate of the premium chocolates, such as Ferrero and Lindt are increasing at a fast pace in the Middle East. According to the Gulf News, chocolate market is huge in UAE with an estimated business of US $ 54.4 million annually.
Some of the major players in the Chocolate market include Mars, Hershey, Nestlé, Barry Callebaut, Kraft Foods, Ferrero, Moonstruck Chocolatier Co., Ghirardelli Chocolate Co., and Mondelez International( Cadbury).
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