Crunchy Chocolate Market 2023 | Analysis, Share, Demand, Size and Forecast to 2030

Crunchy chocolate or wafer chocolate is mostly made by coating a piece of wafer with a layer of chocolate.

PORTLAND, OR, UNITED STATES, September 14, 2023/EINPresswire.com/ — 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.

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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 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.

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.

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.

Global Key Players:

Nestle SA,

Mars Inc.,

Mondelez International

Ferrero Group, A. Loacker Spa

Lindt & Spruengli AG,

Yıldız Holding,

Pierre Hermé Paris,

Maison Chaudun

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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.

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.

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.

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David Correa
Allied Analytics LLP
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