A chocolate can be in form of paste
or a solid block, and is made from roasted and ground cocoa seeds, lecithin, a
product from soybean oil, and sweetened with flavors. The market for chocolates
has shown substantial growth over the last decade, and is expected to grow
faster in this decade.
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The market is segmented into various
products such as,
- Dark chocolate
- Milk chocolate
- White chocolate
Additionally, the market is
segmented on the basis of sales frequency such as
- Daily chocolate
- Premium chocolate
- Seasonal chocolate
Increasing demand for cocoa chocolate,
dark chocolate, health benefits offered by lecithin and cocoa, and demand for
new flavors are the major drivers for this market. Increased raw material
prices, unstable supply of cocoa, and increased labor costs are the restraints
for this market. Producing the best quality chocolate at affordable prices to
boost sales is a challenge for chocolate manufacturers.
Some of major players in this market
are Ferrero Group (Italy), Mars Inc (U.S.A.), Hershey Foods Corp (USA), Ghirardelli
Chocolate Co, August Storck KG (Germany), Mondelez International Inc (USA),
Moonstruck Chocolatier Co., Nestle SA (Switzerland), Meiji Co Ltd (Japan),
Kraft Foods (U.S.), Barry Callebaut (Switzerland), Russell Stover Candies Inc.,
Lotus Chocolate Ltd , and others.
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