19-Feb-2020 | Syndicate Market Research
Chocolate is among the most well-liked and consumed food products among people worldwide. Over the years, a lot of momentum is achieved by the kinds of chocolates like milk, white, and dark on account of the rise in their rate of consumption. Further, the extensive accessibility of chocolate products along with the rise in customer inclination to confectionery items has helped to surge the chocolate demand in recent years. The stipulate for cocoa within chocolate products has escalated that has compelled the makers to combine superior quality products to fulfill the rising preferences of the customers. In addition, chocolates are also known to be used in the anti-aging confectionery items and as pressure suppressants, which is further anticipated to drive the requirement for chocolate-based products.
Additionally, the rising recognition of milk-flavored confectionery items and chocolate products are projected to boost the inclination of customers to such novelty products. Also, the requirement for milk chocolates is projected to escalate because of its advantages linked to alleviating cardiovascular diseases. Moreover, the rising affordability of such items is anticipated to surface more opportunities for the expansion of the chocolate market. Also, a surge in demand is witnessed for dark chocolate owing to the rising awareness about its health benefits such as antioxidant capacity. Further, the rising demand for seasonal and premium chocolates during festive seasons is also another key factor contributing to the growth of the global chocolate market. A broad chocolate range is being introduced by several companies during events, such as Easter, thus boosting the market growth. Also, premium chocolates are increasingly preferred by customers as gifts as they are more cognizant of the quality and brand they consume.
Moreover, factors like packaging and shape of chocolates are the major approaches implanted by firms to achieve the utmost retailing during a festive period. Grown-ups and kids keep purchasing chocolates regardless of their financial status as chocolates are associated with impulse purchases and are linked to moments of happiness and rewards. A significant role is played by the packaging and color of the chocolates in their purchase. The eye-catching color and packaging assist the makers in getting a prompt reaction from customers. The topmost influential color was purple trailed by red and blue in encouraging the buying of chocolate products. Furthermore, customers are stimulating chocolate firms to make more organic, sugar-free, gluten-free, and vegan chocolate, making them a major market trend in the near future.
Though price variations linked to cocoa is projected to hamper the growth of the global chocolate market, the rise in the requirement for chocolate-based products like shakes, gourmet products, and drinks are anticipated to generate lucrative avenues for the market. As the market is greatly propelled by the customers’ taste preferences, it is essential that firms concentrate on marketing strategies and product development to grab new markets and achieve a wider customer base.
To cite, the American confectionery manufacturer’s Indian subsidiary, Hershey India Private Ltd, recognized for its spreads and syrups, declared the introduction of chocolate bars within its key Hershey’s brand. The firm, with this, has also launched Hershey’s Kisses on a national scale. Its renowned drop-shaped chocolate Kisses were rolled out in 2018 in the South. In a statement, Herjit S. Bhalla, the Managing Director of the firm, stated that Hershey’s Bar is the topmost molded bar within America and obtainable in 80 countries as well. He said, “We are publicizing possibly our main play in chocolates. Thus far, we were operating in smaller types such as syrups and spreads. However, the Hershey’s brand within India has extremely strong value. It is aspirational and premium. It is that value we are leveraging now." Hershey India, with the introduction of the bars, gets into the chocolate market ruled by Mondelez.
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