Seattle, WA -- (SBWIRE) -- 11/14/2019 -- Chocolates are one of the most popular food types and are an excellent source of antioxidants owing to the presence of cocoa as a raw material. Gourmet dates have numerous health benefits owing to its organic base. Moreover, gourmet dates can be filled with nuts, fruits, or chocolates. The market is projected to reach US$160.28 billion by the end of 2026, at a CAGR of 5.1% over the forecast period, and this can be attributed to rising consumption of organic food along with growing awareness regarding health benefits of both, chocolates, as well as gourmet dates.
Factors such as the manufacturing of various limited edition chocolates and stuffed gourmet dates are boosting the market growth of the chocolate and gourmet dates' market. Moreover, rising usage of chocolate and gourmet dates in confectionery products such as cookies, bread, candies, and others are further projected to propel the market growth.
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Distribution channels of chocolate and gourmet dates include hypermarkets & supermarkets, convenience stores, specialty stores, online stores, and others. Other distribution channels comprises grocery stores, retail stores, and departmental stores. The online channel segment is expected to grow at a faster pace over the forecast period and this increased penetration of the internet and mobile phones across the globe. For instance, as per the World Bank data, in 2010, the global number of internet users was 1.99 billion which increased and reached 3.41 billion users in 2016.
Among product types, demand for chocolates is projected to grow over the forecast period, owing to numerous health benefits such as it lowers blood pressure, improves blood circulation, and others. High cocoa content is a good source of antioxidant in chocolates and hence, supports slowing the aging process. Moreover, chocolate increases serotonin levels in the brain and the gut, and also enhance the immune system.
Among packaging types, the standard packaging segment is projected to gain a significant market share during the forecast period, and this can be attributed to lower prices as compared to gift packaging. Moreover, gourmet dates and chocolates are considered as good gift products because they are classified as premium food items and hence, the gift packaging segment's demand is expected to raise during festivals and occasions such as Thanksgiving, Easter, weddings, birthdays, Valentine's Day, and so on so.
The global chocolate and gourmet dates' market is expected to be valued at US$ 160.28 billion by 2026 and is expected to register a CAGR of 5.1% in terms of revenue over the forecast period (2019 – 2026).
Europe is the fastest-growing region and accounted for the largest market share of around 47.14% in 2017, owing to growing tourism and increasing production of chocolates. Moreover, key market players such as Lindt & Sprungli AG, Nestle S.A., Ferrero Group, Deliciously Dates, and Confiseur Laderach AG has its headquarters in Europe, leading to higher export from this region.
Furthermore, companies are focusing on limited edition chocolate and gourmet dates packaging. For instance, Lindt's strawberry edition, and travel pack available on airport retails led to an increased demand for its chocolates.
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Players operating in the global chocolate and gourmet dates' market are adopting various smart strategies such as mergers, acquisitions, and business expansion to meet the increasing demand for chocolates and gourmet dates. For instance, in 2015, Ferrero acquired Thorntons (a chocolate confectionery company). This helped Ferrero expand its presence in the U.K. chocolate market. Moreover, in January 2018, Ferrero acquired Nestlé's U.S. confectionery business. This added 20 brands in Ferrero's product portfolio and made Ferrero the third-largest confectionery company in the U.S. market. This acquisition helped the company to enhance its product portfolio and its presence in untapped regions.
Major players operating in the global chocolate and gourmet dates market include Mars Inc., Nestle S.A., Mondelez International, Ferrero Group, Godiva, Bateel International L.L.C., AL FOAH, Doyen Foods, Flyberry Gourmet, Sharjah Dates Factory, and others.
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