Chocolate studies show sector set to rise to $97 billion in a decade
Latest industry studies have revealed that the global industrial chocolate market is expected to exhibit promising growth opportunities, as values are expected to reach $97 billion by 2033, with rising awareness about the health advantages of consuming high-quality chocolates.
As per Fact.MR, a provider of market research and competitive intelligence, the segment is set to rise at an averageCAGR of 4.5% over the next ten years, with consumers continuing to favour premium brand product ranges within the category.
Global demand for sugar-free, vegan, gluten-free, and organic chocolates has been steadily rising in recent years because of the increasing preference for healthier and more sustainable food options. Additionally, during the COVID-19 pandemic, many people turned to chocolate as a means of boosting their mood and reducing stress levels.
The belief among consumers in the excellence of single-origin and bean-based chocolates over bar chocolates has resulted in increased investments by industry players to manufacture such products. Additionally, the growing preference for the bean-to-bar approach is driving the demand for premium and specialty chocolate products. Furthermore, the trend of single-origin cocoa is fueling innovation and the creation of new products.
Some health experts claim that moderate consumption of cocoa can increase levels of serotonin, which can work as an antidepressant to calm the human brain. Furthermore, cocoa is also responsible for the release of endorphins in the human body, which can quickly improve mood.
According to data provided by the World Population Review, 3.5% of the global population suffers from depression. Thus, the growing prevalence of mental illnesses, including depression and anxiety, can promote the demand for industrial chocolate-based products. Consumption of chocolate can reduce the release of cortisol, a stress hormone. The inclusion of chocolates in regular diets can help avoid reliance on medication and mitigate health issues.
Sales of chocolates are estimated to increase through 2033 due to their ability to induce happiness and relax the mind. Increasing awareness regarding preventative healthcare is expected to create profitable prospects for industry participants. The global industrial chocolate market is also expected to be influenced by the growing awareness of the health benefits associated with consuming dark chocolate.
A study conducted by Cleveland Clinic demonstrated that dark chocolate can enhance blood circulation and reduce the risk of heart disease. Moderate consumption of dark chocolate can also improve brain function and lower blood pressure, owing to the presence of crucial minerals such as iron, zinc, copper, phosphorus, and magnesium.
Last but not least, the implementation of eye-catching packaging solutions and the advancement of chocolate-based products to premium status to attract consumers’ attention are projected to create profitable opportunities for industrial chocolate suppliers.
“Global industrial chocolate market is estimated to grow substantially due to the rising awareness of the health benefits of dark chocolate and technological advancements in supply chain management systems,” says a Fact.MR analyst.
