Chocolate and Vanilla Market is Slated to Witness Tremendous Growth in Coming Years
The Global Chocolate and Vanilla Market size was USD 152.42 Billion in 2022 and is expected to reach USD 251.02 Billion in 2032, and register a revenue CAGR of 5.7% during the forecast period.
Rising consumer demand for chocolates and confectioneries, rising disposable incomes, and shifting consumer preferences toward expensive, high-quality chocolate goods are major factors driving the market revenue growth. A further factor driving the market revenue growth is the increasing habit of giving chocolates as gifts on auspicious occasions such as birthdays, anniversaries, and festivals.
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The main component used in making chocolate goods is cocoa beans. Rising demand for items made from cocoa, such as chocolate, cocoa butter, and Cocoa Powder, is a major factor driving the market revenue growth. Rising demand for fair trade and organic cocoa beans is also driving revenue growth of the market. Ivory Coast, Ghana, and Indonesia are the main cocoa-producing countries, together accounting for more than 60% of global cocoa production.
An essential component utilized in the creation of chocolate products is lecithin. Rising demand for natural and non-genetically modified organisms (GMO) lecithin products, increased knowledge of the health advantages of lecithin, and expanding lecithin use in food and beverage applications are major factors driving the market revenue growth. Lecithin's rising popularity in the pharmaceutical sector is another factor driving market revenue growth.
Another crucial component utilized in the creation of chocolate products is sugar. The market revenue growth is primarily fueled by variables such rising sugar demand in the food and beverage business, expanding sugar use in the pharmaceutical sector, and rising sugar demand in the cosmetics and personal care sector. Rising demand for healthy and low-calorie sweeteners is another factor driving market revenue growth.
Competitive Landscape:
- Mars, Inc.
- Mondelez International, Inc.
- Nestle S.A.
- Ferrero International S.A.
- Hershey Company
- Barry Callebaut Group
- Cargill, Inc.
- The Kraft Heinz Company
- Godiva Chocolatier, Inc.
- Chocoladefabriken Lindt & Sprüngli AG
The global market is further segmented into type and application:
| By Product Type Outlook |
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| By End-Use Outlook |
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Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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