Market Outlook:
The Global Seasonal Chocolates Market was estimated at USD 15,057.1 Billion in 2022 and is anticipated to reach USD 23,035.1 Billion by 2031, expanding at a CAGR of 5.06% during the forecast period.
Seasonal chocolates are confectionary that are brought by consumers on a special day or in a particular season such as Father’s Day, Mother’s Day, Halloween, Easter, and Diwali for self-consumption or gifting purposes. Seasonal chocolates are usually of four types such as dark chocolate, white chocolate, milk chocolate, and mixed chocolate. Such chocolates are popular among kids and adults due to its intense indulgence.
Dark chocolate is made up of 50-90% cocoa solids, cocoa butter, and sugar. It is a good source of iron, magnesium, copper, flavanols, zinc, and phosphorus. Dark chocolate helps in protecting the heart, as cocoa is rich in flavanols. It contains two to three times more flavanol-rich cocoa solid than milk chocolate.
Macro-economic Factors
Rising GDPs
GDP growth rate of a country, the overall economic growth, and stability of the countries significantly impacts the seasonal chocolates market in many countries. High GDP growth rates boost disposable income, and thus the spending on indulgent items such as confectionaries. The US upholds as the major global economy and richest country with GDP of 25.4 trillion. The annual GDP growth rate of the US is 1.6%. The world's GDP increased to 112.6 trillion in 2023 from 103.86 trillion in 2022. Countries such as Germany, Switzerland, and the US are key destinations for market expansion. Countries with high GDP growth rate tends to have high food, beverage, and confectionaries expenditure, which increases the demand for seasonal chocolates. Thus, rising GDPs of the various countries play a crucial role in fueling the market.
Market Dynamics
Market Driver- Increasing Demand for Seasonal Chocolates During Festive Seasons
Increasing demand for seasonal chocolates during festive seasons is boosting the global seasonal chocolates market. Rise of e-commerce platforms has increased customer access to seasonal chocolates globally, leading to an increase in sales. Additionally, the expansion of the specialty chocolate industry has led to an increased variety of seasonal chocolates in the market, catering to different tastes and preferences of customers.
According to a survey conducted by the National Confectioners Association in September 2023, 93% of people in the US reported that they share chocolate and candy with friends and family to celebrate Halloween. Halloween is an important festival that accounts for about $6 billion in confectionery retail sales each year. In 2020, the National Confectioners Association reported the people in the US spent around $4.6 billion on Halloween candy, with chocolate being the top choice among consumers. Furthermore, people in the US spent around $2.4 billion on Easter candy and $2.5 billion on chocolate during Christmas in 2019.
Market Driver- Evolving Consumer Taste and Preference for Seasonal Chocolates
The global seasonal chocolates market is impacted by the evolving consumer taste and preference for these products. Consumers are increasingly seeking unique and novel flavors, such as pumpkin spice, salted caramel, gingerbread, and other exotic flavors. Additionally, consumers are demanding healthy options, such as organic, low-sugar, and gluten-free chocolates.
Furthermore, the trend of gift-giving during festive seasons, especially in the US, is driving the seasonal chocolates market. Sales of unconventional Easter eggs made from dark chocolate, superfoods, and exotic flavors, such as sweet chili and ginger, rose by 59% in 2020 compared to the previous year in the UK. The trend of sustainable packaging is growing, with brands introducing biodegradable and recyclable packaging solutions.
Lindt launched its Excellence Easter range in 2021, which includes dark chocolate eggs with various fillings, such as orange, hazelnut, and sea salt. The company introduced its Lindor red velvet truffles for Valentine's Day, which features a combination of smooth white chocolate and red velvet flavor.
Market Restraint- Fluctuating Raw Material Prices
Fluctuating raw material prices have a significant impact on the global seasonal chocolates market. In 2020, the cocoa industry faced a severe crisis, due to the COVID-19 pandemic, which resulted in a sharp decline in cocoa prices. This, in turn, impacted the prices of seasonal chocolates, as cocoa is one of the major raw materials used in the production of chocolates.
Fluctuations in raw material prices can lead to cost variations for chocolate manufacturers, which ultimately affect the price of the final product. It can also impact the profitability of chocolate companies and result in changes in the industry's supply chain, such as increased competition and change in suppliers.
Market Opportunity- Expansion into Emerging Markets
Expansion into emerging markets creates significant opportunities in the global seasonal chocolates market. For instance, in November 2019, Cadbury opened its first chocolate store in Vietnam, which offers seasonal chocolates, including Easter and Christmas chocolates. This move by Cadbury aimed to meet the growing demand for chocolates in Vietnam, which is considered as an emerging market. In July 2020, Lindt opened a chocolate store in Chennai, India, offering a wide range of chocolates, including seasonal chocolates, such as Easter eggs and Christmas hampers.
Adoption of chocolates as a gifting option during various festivities is increasing, which is driving the demand for seasonal chocolates in emerging markets. Overall, the expansion into emerging markets provides lucrative opportunities for the market players to grow and establish a strong presence in these regions.
Scope of the Report
The report on the global seasonal chocolates market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Seasonal Chocolates Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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By Product (Dark Seasonal Chocolate, White Seasonal Chocolate, Milk Seasonal Chocolate, and Mixed Chocolate), By Occasion (Christmas, Halloween, Diwali, Wedding, New Year, Valentine's Day, Easter, Mother's Day, Father's Day, and Others), By Age Group (Kids, and Adults), By Sales channel (Offline and Online)
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Regional Scope
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Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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Mars Incorporated, Mondelez International, Ferrero, Nestle, THE HERSHEY COMPANY, Chocoladefabriken Lindt & Sprüngli AG, LOTTE, Yildiz Holding (Pladis), HAIGH'S CHOCOLATES, Wilson Candy, OAKMONT BAKERY, Munson’s Chocolates, Alfred Ritter GmbH & Co. KG, Choc Affair Handmade Chocolate, Chocolate Storybook, and others
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Segmental Outlook
Based on product, the global seasonal chocolates market is segmented into dark seasonal chocolate, white seasonal chocolate, milk seasonal chocolate, and mixed chocolate. The dark seasonal chocolate segment is projected to expand at a substantial CAGR during the forecast period, as it provides several health benefits.
Based on occasion, the global seasonal chocolates market is segmented Into Christmas, Halloween, Diwali, Wedding, Easter, Valentine’s Day, New Year, Mother’s Day, Father’s Day, Others. The Christmas segment is projected to expand at a significant CAGR during the forecast period, as people often exchange chocolate as gifts during the Christmas season.
Based on age group, the global seasonal chocolates market is segmented into kids and adults. The kids segment is projected to expand at a significant CAGR of during the forecast period, as chocolates are highly preferred by children and teens.
On the basis of sales channel, the global seasonal chocolates market is offline and online. The offline segment is expected to hold a significant share of the market, due to the growing adoption of confectioneries by independent retailers and stores.
Regional Outlook
On the basis of region, the global retirement community market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA).
The market in North America is projected to expand at a CAGR of 5.33% during the forecast period, owing to the rising consumer consciousness about the health benefits of consuming high-quality chocolates.
For instance, according to a finding of a survey called ChocoLogic conducted by Cargill, a US based food company, 52% of consumers choose dark chocolate, as they believe it is healthier than other chocolates.
Key Developments
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In July 27, 2023, Mondelēz International has decided to invest in chocolate production in India. The investment is projected to increase the chocolate-making capacity over the next three years at the Cadbury facility. The Oreo and Cadbury’s Dairy Milk (brands of the company) owners are expanding the capacity of their plant in Sri City in the state of Andhra Pradesh. This investment is projected to increase the revenue of the company.
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In June 29, 2023, Ferrero acquired wells enterprises and a maker of ice cream brands blue bunny and bomb pop. The acquisition is part of Ferrero’s strategic growth ambitions for the ice cream category and Wells’ vision for accelerated growth.
Key Benefits for Industry Participants & Stakeholders
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In-depth Analysis of the Global Seasonal Chocolates Market
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Historical, Current, and Projected Market Size in Terms of Value
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Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
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Industry Drivers, Restraints, and Opportunities Covered in the Study
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Recent Industry Trends and Developments
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Competitive Landscape & Strategies of Key Players
Segments
By Product
- Dark Seasonal Chocolate
- White Seasonal Chocolate
- Milk Seasonal Chocolate
- Mixed Chocolate
By Occasion
- Christmas
- Halloween
- Diwali
- Wedding
- New Year
- Valentine's Day
- Easter
- Mother's Day
- Father's Day
- Others
By Age Group
By Sales channel
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Mars Incorporated
- Mondelez International
- Ferrero
- Nestle
- THE HERSHEY COMPANY
- Chocoladefabriken Lindt & Sprüngli AG
- LOTTE
- Yildiz Holding (Pladis)
- HAIGH'S CHOCOLATES
- Wilson Candy
- OAKMONT BAKERY
- Munson’s Chocolates
- Alfred Ritter GmbH & Co. KG
- Choc Affair Handmade Chocolate
- Chocolate Storybook
Competitive Landscape
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Key players operating in the Global Seasonal Chocolates Market are Mars Incorporated, Mondelez International, Ferrero, Nestle, THE HERSHEY COMPANY, Chocoladefabriken Lindt & Sprüngli AG, LOTTE, Yildiz Holding (Pladis), HAIGH'S CHOCOLATES, Wilson Candy, OAKMONT BAKERY, Munson’s Chocolates, Alfred Ritter GmbH & Co. KG, Choc Affair Handmade Chocolate, and Chocolate Storybook.
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Market players are pursuing strategies such as acquisitions, product launches, collaborations, and geographic expansion to leverage untapped opportunities in the Global Seasonal Chocolates Market.