Chocolate - Procurement Best Practices & Sourcing Strategies

Procurement Market Intelligence Report

Chocolate – Procurement Best Practices & Sourcing Strategies

Chocolate Market – Executive Summary, Market Analysis, Industry Analysis, Market Monitoring Insights, Supplier Section, Purchasing Process

1. Executive Summary
1.1. Supply Market Outlook
1.2. Demand Market Outlook
1.3. Industry Best Practices
1.4. Category Strategy
1.5. Category Opportunities & Risks
1.6. Category Summary: COVID-19 Impact
1.7. Negotiation Leverage
1.8. Talking Points: Acetic Acid
2. Market Analysis
2.1. Global Market Outlook
2.1.1. Demand–Supply Trends and Forecast
2.1.2. Export–Import Trends and Forecast
2.2. Regional Market Outlook
(North America, EU, and Asia)
2.2.1. Regional Market Snapshot
3. Industry Analysis
3.1. Porter’s Five Forces Analysis
3.2. Industry Drivers and Constraints
4. Market Monitoring Insights
4.1. Cost Analysis
4.1.1. Cost Structure Analysis
5. Supplier Section
5.1. Key Global Suppliers
5.2. Supplier Profile
5.3. SWOT Analysis
6. Purchasing Process
6.1. RFP/RFI Questionnaire

What is the projected CAGR for the global chocolate market from 2021 to 2026?

 

The global chocolate industry will witness a significant CAGR of 4.75% from 2021 to 2026.

 

What are the driving forces behind the surge in chocolate consumption in recent years?

 

Chocolate consumption rises from product offerings innovations and consumer demand for health-oriented alternatives.

 

What trends are fueling market growth in the chocolate market?

 

Growing consumer preference for artisanal and premium chocolates, launches of organic chocolates, and the rising popularity of dark chocolate emerge as the key market trends.

 

What are the leading distribution channels in the chocolate market?

 

The supermarket and hypermarket segment emerges as the fastest-growing distribution channels in 2022, and the research reports its dominance will continue during 2023 and 2026, owing to higher convenience and a wide range of product offerings.

DESCRIPTION

Global Chocolate Market Size

 

The rise in the consumption of chocolate over the past few years has responded to various chain reactions perfectly matching changing consumer tastes and overall industry conditions dynamics. According to data from ELINT Market Research, the global chocolate market’s Compound Annual Growth Rate (CAGR) is projected to rise to an incredible 4.75% from 2021 to 2026. It reflects an industry that is robust and invigorated, growing with the changing needs of consumers around the globe. In addition, the chocolate industry forecasts vigorous growth in supply. The latest research expects 3% to 4% growth for 2023 compared to 2022. Diverse consumer demands for healthy eating are pushing this trend upward, with continuous efforts within the industry to meet their requirements. The directions on the landscape represent the long-term growth of the global chocolate industry, from exciting and innovative flavors to healthy foods and a vow by chocolatiers everywhere to make something outstanding every time.

 

A growing awareness of health problems – especially diabetes-related ones, is undoubtedly one crucial trend driving the chocolate market to expand. As people become more concerned about health, lifestyle changes have already begun. The shift in this paradigm has led to a demand for high-grade, sugar-free chocolates, and the different players in the industry are all looking for appropriate substitutes to reduce costs or raise their quality of indulgence. A fine example is Russell Stover Chocolates, a Lindt & Sprüngli brand. They started their line of Joy Bites chocolate bars in 2021. These bars are not only for detox freaks or health nuts but also with Fairtrade cocoa and stevia extract. It also aligns with global campaigns to boost the standard and quality of food.

 

Market Definition

 

The chocolate market, an ever-changing landscape within the confectionery industry, can be described as the space where producers manufacture and distribute their products to retail points of sale. This vibrant sector includes everything from milk chocolate to top-quality dark chocolate, appealing to the taste buds of a broad spectrum of consumers. In many ways, the chocolate market reflects its resilience and adaptability. It responds to numerous complex factors that shape consumers ‘tastes and spot industry and social conditions. Factors like changing cultural preferences, breakthroughs in manufacturing technology, and health & wellness trends are all making their impact felt.

 

Chocolate Market Drivers

 

  • Health Benefits of Dark Chocolate:

 

Consumers looking for health-related reasons to enjoy chocolate rank it as one of their favorites, as dark chocolate contains antioxidants and has some cardiovascular benefits. It develops the market outside the traditional delimitation lines of confectionery products.

 

  • Innovations in Product Development:

 

Continued innovation, such as flavors in unexpected combinations, sustainable harvesting of sources, and ethical production practices, give power to the market. Manufacturers constantly introduce new products to meet changing consumer tastes.

 

  • Rising Consumer Affinity for Premium Chocolates:

 

Quality and unique flavor profiles have become increasingly emphasized, and consumers spend more on high-quality chocolates. Manufacturers are offering premium packaging designs to attract consumers.

 

Chocolate Market Challenges

 

  • Cocoa Bean Supply Chain Issues:

 

A stable and sustainable cocoa bean supply chain is the main factor for the chocolate industry that depends on it. The availability and pricing of cocoa depend on several factors. It is affected by climatic variations, weather generating a shortage, droughts producing a surplus, labor problems, and geopolitical factors.

 

  • Health and Wellness Concerns:

 

Although health considerations seem to point toward a rosy future for the industry, consumers are becoming increasingly aware of sugar content and obesity concerns. In turn, manufacturers must strike a balance between indulgence and health.

 

Chocolate Market Opportunities

 

  • Rising Demand in Emerging Markets:

 

As disposable incomes rise in emerging markets, there is an increasing demand for premium chocolate products. It allows manufacturers to expand their outlets in these regions and adjust offerings to suit local tastes.

 

  • E-commerce Boom:

 

Online shopping has cracked new channels for chocolate. Through e-commerce platforms, chocolate brands can make their products available to a larger audience. Their wide distribution makes it easy for consumers to buy and consume them in ample quantities.

 

Chocolate Market Trends

 

  • Sustainable and Ethical Practices:

 

Chocolate consumers are demanding increasing transparency and accountability in the industry. In particular, sustainable and ethical sourcing practices, with fair trade and environmentally friendly grades, are becoming established parts of a brand’s identity and focus points for consumer loyalty.

 

  • Flavor Fusion and Exotic Ingredients:

 

Highly innovative flavor combinations and the use of exotic ingredients are becoming fashionable. Manufacturers are also pushing the boundaries of traditional flavor profiles, producing spicy chocolates from chili or sweetened with lavender.

 

Chocolate Market Segmentation

 

  • Product Form: The research classifies the market into Bars, Truffles, Bites, and Chocolate-covered Nuts and Fruits.

 

  • Distribution Channel: The research divides the market into Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Specialty Stores.

 

  • Consumer Age Group: As per age group, the research classifies the market into Children, Teenagers, and Adults.

 

  • Geographical Segmentation: Regarding the geographical outlook, the research divides the market into Europe, Latin America, Asia-Pacific, North America, the Middle East, and Africa.

 

Regional Dynamics

 

It is essential to capture its regional dynamics to understand the chocolate market’s global landscape. The critical importing, producing, and exporting countries hold the power to determine market trends and shape the supply chains. As for imports, the United States is a significant importer; it accounts for 14% of chocolate imports worldwide, followed by France at 10% and Germany at 9%. Together, these countries determine the intensity of market demand and reflect a change in consumer tastes. The chocolate industry, which enriches and expands the range of chocolates worldwide, is headed by Germany with a 23% share. Behind this figure comes Belgium at 14%, Poland at 8.3%, and the Netherlands accounting for 6%. Germany, Belgium, Poland, and the Netherlands have control over 50% of the global chocolate export market. These countries define the international chocolate scene in their unique ways.

 

Recent Activities in Chocolate Market

 

  • Reliance has strategically acquired a significant 51% holding in the Lotus Chocolate Company. Such industry activities often influence the industry’s competitive structure. The acquisition will likely increase Reliance’s presence on the market and add to its inventory of products, perhaps even changing the nature of the chocolate market.

 

  • The DS Group has taken a big step forward in raising its confectionery business by buying the famous chocolate manufacturer LuvIt. This strategic business move places DS Group in a position to reap the benefits of increasing consumer demand for chocolate products. The acquisition expands DS Group’s product range and gives it a more substantial base in the cutthroat confectionery market.

 

Chocolate Market Players

 

In this highly competitive chocolate market, leading players excel through strict adherence to quality and persistent exploration of new strategies. Among the standouts featured in this industry are Ah Cacao Real Chocolate, Davis Chocolate, and Bloomers Chocolate Company, which offers refined and superior chocolate experiences. Other major companies like Stollwerck, Barry Callebaut, Valrhona, Cemoi Belyzium, and Nutriart apply different strategies to dominate the market.

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