Crunchy Chocolate Market Expected to reach $27,860.0 million by 2030 Allied Market Research

According to a new report published by Allied Market Research, titled, “Crunchy Chocolate Market by Type, Distribution Channel, Age Group and Price Point: Global Opportunity Analysis and Industry Forecast, 2021-2030,”

The crunchy chocolate market size is expected to reach $27,860.0 million by 2030, registering a CAGR of 5.1% from 2021 to 2030.

Crunchy chocolate or wafer chocolate is mostly made by coating a piece of wafer with a layer of chocolate. However, sometimes nuts, fruits, cereals, etc. are also added along with a filling of delectable flavors such as honey, caramel and butterscotch to enhance its flavor.

Numerous applications of the crunchy chocolate has been influencing its demand as crumbs and chunks of crunchy chocolate are used with beverages such as coffee and smoothies, or are used to make chocolate sandwiches. Premiumisation, thriving fast-food industry and expanding distribution channels are some of the other factors responsible for increasing crunchy chocolate market demand.

The outbreak of COVID-19 has negatively impacted crunchy chocolate market demand. This is attributed to the lockdown implemented across various countries. The pandemic has generated severe negative impacts on the economy as a whole as well as per capita income of individuals across the globe. According to the International Monetary Fund (IMF), the global growth is projected at -4.9% in 2020, with a drop of -8.0% in advanced economies and -3.0% in the emerging markets & developing economies. As numerous consumers have been living on reduced incomes or no incomes, their household expenditure has been restricted to essential purchases. Thus, reduced income, restriction on traveling and irregular supply raw material were majorly attributed for negative crunchy chocolate growth during COVID-19 pandemic period.     

According to the crunchy chocolate market analysis, the market is segmented into type, distribution channel, age group, price point and region. On the basis of type, the market is categorized into bar, toffee bites, truffles, balls and others. On the basis of distribution channel, the market is segmented into, supermarket/hypermarket, convenience stores, dollar stores, food services, duty-free outlets, e-commerce and others. By age group, market is categorized into, millennial, Gen A/Z and gen X/boomers. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia and Rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Turkey and Rest of LAMEA).

According to the crunchy chocolate market trends, on the basis of type, the truffles segment has been gaining significant share in global market and is estimated to reach $2,724.6 million by 2030 at a CAGR of 6.6%. The demand for sugar-free truffles crunchy chocolate has gained greater significance in the industry, owing to health concerns over snacking calories and sugar consumption. Therefore, truffles marketers are not only innovating fun and flavorful products but also modernizing with non-caloric sweeteners. Furthermore, the truffle chocolate market is driven by the growing popularity of online distribution channels. E-commerce enables customers to access regional and global brands of truffle chocolates. The significant rise in the number of e-commerce vendors across the world is fueled by the increased global penetration of smartphones. Brand-owned online platforms and pure-play e-retailers are offering truffle chocolates. Amazon.com (Amazon) and eBay Inc. (eBay) are among the major online retailers of truffle chocolates globally.                                                                          

According to the crunchy chocolate market trends, on the basis of distribution channel, the e-commerce segment is growing at significant CAGR growth rate and is estimated to reach $3,253.1 million by 2030. E-commerce distribution of the crunchy chocolate is gaining major popularity owing to proliferation of internet of things at commercial level. Surge in e-commerce sales, improvements in logistics services, and ease in payment options for major brands boost the crunchy chocolate market growth. E-commerce distribution is one of the fast-emerging sales channels in the product market. Consumers prefer online platforms due to ease of accessibility and convenience. This platform offers a number of discounts on online purchase of crunchy chocolate to attract more customers. Emergence of advanced technology fosters the growth of online business worldwide. Online sales have significantly contributed to the revenue of companies operating in the market. The key players are increasingly collaborating with e-commerce sites to improve their market presence.

According to the crunchy chocolate market forecast, on the basis of age group, the Gen X/Boomers segments accounted for around 23.9% crunchy chocolate market share in 2020, with and is expected to grow at CAGR of 3.6% during the forecast period. The demand for sugar-free chocolate bars has gained greater significance in the industry, owing to health concerns over snacking calories and sugar consumption. Therefore, chocolate marketers are not only innovating fun and flavorful products but also modernizing with non-caloric sweeteners. For instance, in February 2021 Mondelēz International Company launched Cadbury dairy milk with Oreo in Mint and Strawberry. Growing product launches with low sugar and gluten free chocolates is likely to reflect the demand from Gen X/boomers segment.

According to the crunchy chocolate market analysis, on the basis of price point, the premium segment is estimated to reach $12,362.8 million by 2030 at a CAGR of 6.2%.The premium segment accounts for those products that are extremely high-end, expensive, and targeted to a limited audience. Consumers in this segment prefer sophisticated products usually exclusive or hand-made by artisan chocolate makers. They prefer a personal touch in their purchases and also tend to have specific packaging preferences. Consumers in this segment pick experience as compared to possession. Premium brands are intended to have symbolic and experiential benefits in terms of prestige and social status. The ingredients used in premium crunchy chocolate are of a premium quality and naturally sourced. The major regions and countries that have gained success in the premium segment include Europe, North America, Japan, China, India, and Russia. Consumers purchasing premium crunchy chocolate confectioneries prefer to shop in boutiques to enjoy the purchase experience.

According to the crunchy chocolate market opportunities, region wise, Asia-Pacific market is expected to witness highest growth at a CAGR of 5.8% during the forecast period. Increase in investments by several small and midsized food manufacturing companies in developing countries supports the crunchy chocolate market growth. The major drivers of the Asia-Pacific crunchy chocolate market are presence of high population base, changes in taste & preferences of consumers, increased demand for confectionary especially chocolate owing health benefits such as  improve blood flow and lower blood pressure and reduce heart disease risk.

The players operating in the crunchy chocolate industry have adopted product launch and business expansion as their key developmental strategies to expand their market, increase profitability, and remain competitive in the crunchy chocolate industry. The key players profiled in this report include Nestle SA, Mars Inc., Mondelez International, Ferrero Group, A. Loacker Spa, Lindt & Spruengli AG, Yıldız Holding, Pierre Hermé Paris, Maison Chaudun and Неrѕhеу'ѕ'.

Key Findings Of The Study 

• The crunchy chocolate market size was valued at $16,867.1 million in 2020, and is estimated to reach $27,860.0 million by 2030, registering a CAGR of 5.1% from 2021 to 2030. 
• By type, the truffles segment is estimated to witness the significant growth, registering a CAGR of 6.6% during the forecast period.
• In 2020, depending on distribution channel, the supermarket/hypermarket segment was valued at $5,778.8 million, accounting for 34.3% of the global crunchy chocolate market share.
• By age group, the millennial segment is estimated to witness the significant growth, registering a CAGR of 6.1% during the forecast period.
• By price point, the premium segment is estimated to witness the significant growth, registering a CAGR of 6.2% during the forecast period.
• In 2020, the France was the most prominent market in Europe, and is projected to reach $1,516.3 million by 2030, growing at a CAGR of 6.1% during the forecast period.