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Chocolate is one of the most popular food types and flavours in the world. It includes cakes, Pudding, chocolate brownies and others. Chocolates are the most profitable product among confectionary products. They are widely available in the market and is expected to reach new levels in the future. The demand for chocolate products has increased because of the high demand for the chocolates and confectionery items. The demand for milk chocolates is expected to rise which helps in reducing cardiovascular diseases.
The chocolate market is anticipated to flourish at a CAGR of 3.4% during the forecast period of 2018-2023. Further, the market is accounted for USD XXX billion by 2023 and the market is currently accounted for USD XXX billion in 2017. Further, the growing disposable income of the population in the developing countries and the changing consumer taste preference.
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(1) It may improve blood flow and lower blood
(2) It raises HDL and protects LDL from oxidation.
(3) It may reduce heart disease risk.
(4) It may protect your skin from the sun.
(5) It also helps in improving brain function.
(6) It is a powerful source of antioxidants.
The chocolate market is bifurcated based on type, sales and by distribution channel. By type, it is divided into dark chocolate, milk chocolate and white chocolate. By sales, it is divided into everyday chocolate, premium chocolate and seasonal chocolate. They are available in hypermarket, confectionary stores and online stores. Every segment contributes a portion of the overall revenue of the market.
The global chocolate market is segmented based on geography into key four regions as North America, Asia Pacific, and the rest of the world. North America and Europe are the major market leaders in the market, which has fueled the growth of the market. These markets are dynamic are change according to consumer preferences and market needs. Further, China and India are expected to grow at the fastest rate in the market because of the increasing disposable income of the consumers in the market.
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The major competitors in the marker are Nestle SA, Mars Inc, Cadbury, Moonstruck Chocolatier Co, Ghirardelli Chocolate Co, Ferrero Group, Hershey Foods Corp, Barry Callebaut, Amul (GCMMF), GODIVA and Other Major & Niche Players. All the companies are providing tough competition in the market thus pertaining plans and policies are revised from time to time to grab the largest market share.
The chocolate market is one of the leading markets and its growth is highly attributed to the changing western lifestyle and increasing awareness of the people towards the health benefits provided by the chocolates.