Rising Demand: Global Wine Chocolate Market Foreseen to Hit $1,219.5 Million, Growing at 7.0% CAGR from 2021 to 2028 [170-Pages] | Available at Research Dive
Rising demand for wine chocolates among consumers due to their health benefits is fueling the global wine chocolate market growth. The COVID-19 pandemic has adversely impacted the market. The Asia-Pacific region is likely to lead the market.
NEW YORK, June 2, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Wine Chocolate Market by Product Form (Solid and Liquid), Wine Type (Red Wine and White Wine), Sales Channel (Super Market/Hyper Markets, Convenience Stores & Specialty Stores, and Online), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028".
The global wine chocolate market is expected to garner $1,219.5 million by 2028, growing at a CAGR of 7.0% from 2021 to 2028. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
Market Dynamics
The keys factor fueling the growth of the global wine chocolate market is a significant rise in the demand for flavoured chocolates by customers due to varied taste likings and rising awareness regarding the benefits of red wine for health. In addition, increasing advancements and novel product launches in red wine chocolates by chocolate manufacturing companies is expected to open doors to innovative opportunities for the market growth in the projected period. However, high cost of red wine chocolates is projected to hinder the market growth during the forecast period.
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Key Segment Findings of the Wine Chocolate Market:
The wine chocolate market is segmented based on product form, wine type, sales channel, and region.
- The solid wine chocolate sub-segment of the product form segment is anticipated to hold highest share of the market and surpass $693.4 million in the estimated period. This growth of the sub-segment of the global wine chocolate market is mainly owing to the significant rise in the purchase of solid form of wine chocolates by people due to the growing popularity of this type of chocolate as an ideal gifting option to friends and families for special events like birthdays, festivals, and weddings.
- The red wine chocolate sub-segment of the wine type segment is anticipated to observe highest growth and collect a revenue of $776.7 million in the estimated period. This growth is mainly because of the surging demand for red wine-based chocolate products due to their numerous health benefits.
- The online sub-segment of the sales channel segment is anticipated to witness augmented growth by gathering $278.0 million in the estimated period. This growth is mainly because of growing preference for online shopping by working professionals.
- Among region, the Asia Pacific region market is projected to observe significant growth and garner $311.0 million in the estimated period. The growth of this region market is mostly owing to the increasing pool of flavored chocolate lovers in nations such as Japan and China in this region.
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Impact of the COVID-19 Pandemic on the Wine Chocolate Market:
The COVID-19 pandemic has made a negative impact on the growth of the global wine chocolate market in 2020. In the pandemic period, various chocolate manufacturing industries have been greatly impacted owing to the steep fall in the sales as well as halt in production cycles, resulting in a great decline in the growth of the market. Moreover, people are concentrating on vital items as well as health and wellbeing due to which the demand for extravagance products, such as wine chocolates, has considerably plummeted during the pandemic.
Check out Wine Chocolate Market demand growth after COVID-19 Pandemic. Speak with our Expert Analyst
Top Players of the Wine Chocolate Market Industry
The major players of the global wine chocolate market are
- Halloren
- Alfred Ritter
- NEUHAUS
- Raaka
- Toms International
- Ferrero S.p.a.
- Amedei Tuscany
- Yildiz Holdings
- Duc d'O
- Underberg AG, and others.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. – Grab full report here
For instance, in February 2021, Sula Vineyards, the pioneers of winemaking in India, unveiled a novel dark vegan chocolate, 'Dindori Reserve Shiraz' with Paul & Mike, an artisanal chocolate brand based in Kerala, India.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
More about Wine Chocolate Market:
- Partnerships Like that of Raaka Chocolate and Willa's Kitchen to Drive the Global Wine Chocolate Market
- 5 Rarely Known Health Benefits of Wine Chocolates
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