NEW YORK, Jan. 17, 2022 /PRNewswire/ -- The white chocolate market value is set to grow by USD 1.78 billion, progressing at a CAGR of 1.82% from 2020 to 2025, as per the latest report by Technavio.
The demand for white chocolate is expected to increase over the forecast period with rising disposable incomes coupled with increasing awareness. For instance, consumers in South America are getting more educated and increasingly seeking premium chocolate products such as white chocolates. Similarly, the market is witnessing strong growth in developing regions such as Africa with the proliferation of hypermarkets and supermarkets that sell premium varieties of chocolates. In addition, vendors are offering new and innovative products, which is generating more revenue in the market.
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White Chocolate Market: Increasing premiumization of chocolates
The increasing consumer awareness about the negative effects of the presence of synthetic ingredients in food products has been creating the demand for organic, sugar-free, vegan, and gluten-free chocolates. This shift is encouraging chocolate brands to launch a wide range of premium chocolates to attract consumers who are influenced by price, packaging, ingredients, exclusivity, and provenance. The demand for such products is high in developed countries and is gaining more traction in emerging economies such as China, India, and Brazil. The untapped potential in these countries is encouraging many prominent vendors such as Mars, Barry Callebaut, and Mondelez International to expand their presence by offering premium products. All these factors are expected to drive the growth of the global white chocolate market during the forecast period.
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Regional Market Analysis
With 43% of the growth originating from Europe, the region will record a slower growth rate than in APAC during 2020-2025.
The growing health awareness and high demand for premium chocolates are expected to boost the growth of the white chocolate market in Europe. The region is home to some of the largest chocolate manufacturing countries in the world. In addition, factors such as increasing product innovations and launches and the presence of major chocolate brands are contributing to the growth of the regional market.
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White chocolate Market: Segmentation Analysis
This market research report segments the white chocolate market by product (white chocolate bars, white chocolate bulk, and white chocolate truffles) and geography (Europe, North America, APAC, South America, and MEA).
The white chocolate bars segment accounted for maximum sales in 2020. The segment is driven by product innovations and the launch of new products by vendors. For instance, in August 2021, Cadbury announced three new white chocolate delights in the UK, with the White Chocolate Block, the White Buttons, and the White Chocolate Freddo Treasures. Similarly, other vendors are offering white chocolate bars entirely made from cocoa butter, sugar, and milk or contain filling and flavoring ingredients such as nuts, caramel, nougat, fondant, vanilla, orange, coffee, butterscotch, honey, and mint. Such product offerings are driving the growth of the segment.
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Related Reports:
Dark Chocolate Market by Distribution Channel and Geography - Forecast and Analysis 2021-2025
Chocolate Confectionery Market by Product and Geography - Forecast and Analysis 2021-2025
White Chocolate Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 1.82% |
Market growth 2021-2025 |
USD 1.78 billion |
Market structure |
Fragmented |
YoY growth (%) |
1.50 |
Regional analysis |
Europe, North America, APAC, South America, and MEA |
Performing market contribution |
Europe at 43% |
Key consumer countries |
US, China, Germany, France, and Canada |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Barry Callebaut AG, Cargill Inc., Ferrero International SA, Lindt and Sprungli (USA) Inc., Lotte Shopping Co. Ltd., Mars Inc., Mondelez International Inc., Nestle SA, Strauss Group Ltd., and The Hershey Co. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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