Chocolate is a sweet food or food ingredient sourced mainly from, cocoa beans. Some of the other ingredients of chocolate include sugar, emulsifiers such as lecithin, and additional flavors enhancer such as vanilla. It is commonly found in the form of a liquid, paste, powder or in blocks. Apart from the sweet taste chocolate contains antioxidants and minerals, which offers health benefits such as reduce risk associated with heart attacks and cancer.
The global market of Chocolate can be segmented in three broad categories namely dark chocolate, milk chocolate and white chocolate. Whereas on the basis of sale frequency the global chocolate market can be further segmented into three broad categories namely daily chocolate, premium chocolate and seasonal chocolate.
The growing influence of western culture, rising middle classes with higher disposable income, and changing eating habits of consumers are some of the major driver of chocolate market in Asia Pacific. Moreover increasing storage and retail convenience due to rising food retail industry such as super market and hyper market in growing countries of Asia Pacific is further driving the chocolate market in this region.
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Innovation in the field of new products with heath claims, additive and preservative free, gelatin free, organic and vegetarian benefits is driving the demand for chocolate in maturing market of Europe and North America. Moreover the increasing use of chocolate in functional food and beverages such as chocolate milk and chocolate cake is offering new opportunity for the global chocolate market.
The unorganized supply chain management in African countries such as Ghana, Nigeria and Cameroon (major producers for cocoa seeds) lead to demand and supply gap of cocoa. Moreover the cold storage related issue in hot and humid climatic region of the world is posing a significant challenge for the...