Dark chocolate contains antioxidants like flavonoids that may help reduce risk of heart disease and promote brain health. It helps reduce blood pressure as cacao contains flavonoids that can relax blood vessels. Dark chocolate helps improve mood and reduce stress levels due to serotonin release. It boosts cognitive function as flavonoids improve blood flow to the brain and raise beta-endorphins levels which create feelings of well-being.
The global Dark Chocolate Market is estimated to be valued at US$ 65615.7 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increased health benefits offered by dark chocolate consumption is estimated to drive the market growth. Dark chocolates antioxidant and anti-inflammatory properties help keep mind and body healthy. Rising health consciousness among people has increased consumption of dark chocolate for its numerous health benefits like lowering blood pressure and reducing risk of heart disease. Growing awareness about dark chocolates positive effects on mood and cognition is encouraging people to include it in their diet. This is estimated to drive the dark chocolate market growth during the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the dark chocolate market is low as it requires high initial investments and the market is dominated by few established players.
Bargaining power of buyers: The bargaining power of buyers is high as dark chocolate products are available from various companies and are viewed as differentiated products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as cocoa and sugar are major raw materials required and suppliers have control over the pricing and availability of raw materials.
Threat of new substitutes: The threat of new substitutes is moderate as other types of chocolates like milk chocolate are available in the market but dark chocolate has distinct health benefits.
Competitive rivalry: The competitive rivalry in the dark chocolate market is high due to the presence of various global and regional players.
SWOT Analysis
Strength: Dark chocolate contains high antioxidants that provide various health benefits. It has a robust global demand especially among health-conscious consumers.
Weakness: Dark chocolate has an intense bitter taste which limits its appeal. High cocoa content makes it pricey compared to other chocolates.
Opportunity: Growing awareness about health benefits is encouraging product innovations with Fillings/inclusions. Expanding retail channels like e-commerce provide new opportunities.
Threats: Volatility in cocoa bean prices impacts production costs. Intense competition from substitute products.
Key Takeaways
The Global Dark Chocolate Market Size is expected to witness high growth over the forecast period 2023-2030. The market size for 2023 is estimated at US$ 65615.7 Mn and is projected to reach over US$ 100000 Mn by 2030, expanding at a CAGR of around 10%.
Regional analysis: North America dominates the global dark chocolate market currently owing to high health awareness. Europe follows in terms of market share and is expected to grow steadily due to developments in product offerings. Asia Pacific is anticipated to be the fastest growing region during the forecast period with countries like China, India, and Japan emerging as high potential markets.
Key players: Key players operating in the dark chocolate market are 3M Company, Johnson & Johnson, Procter & Gamble, Reckitt Benckiser Group plc, Ecolab Inc. These companies are primarily focusing on new product launches, acquisitions and enhancing their distribution channels to expand globally.
For More Insights, Read: https://www.newswirestats.com/dark-chocolate-market-demand-growth-and-regional-outlook-by-2030/
