Demand for Premium Products Influencing Global Caramel Chocolate Market
Added: (Tue Dec 11 2018)
Pressbox (Press Release) -
The global caramel chocolate market is witnessing a steady growth due to the emerging trend of sweet and salty desserts, ascending expenditure on premium products, changing lifestyles and improving disposable incomes of the consumers.
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According to the latest report by IMARC Group, entitled “Caramel Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global caramel chocolate market reached a value of around US$ 4 Billion in 2017, expanding at a CAGR of nearly 8% during 2010-2017. Caramel chocolate refers to a type of confectionary product which has a roasted flavor due to the caramelization of chocolate. This roasted flavor makes the taste profile of white chocolate complex by giving it more depth and reducing the overall sweetness. Owing to this, caramel chocolate finds widespread applications in desserts like cakes, custards, ice creams and doughnuts. Moreover, due to the mounting popularity of gourmet sea salts, the demand for salted caramel chocolate treats is proliferating at a rapid pace.
As the sweet and salty combination has emerged as a significant dessert trend across the globe, there has been a rise in the demand for salted caramel chocolate products such as cupcakes, cookies, coffee drinks, martinis, pumpkin pies, truffle ice creams and nut protein bars. Another growth-inducing trend is the introduction of premium products which have better flavor and quality. Escalating disposable incomes and altering lifestyles have encouraged the consumers to splurge on premium food products, thereby catalyzing the growth of the caramel chocolate market. Further, rising health-consciousness amongst consumers has resulted in the burgeoning demand for caramel chocolates as they contain a lesser amount of fats and artificial sugar. In line with this, manufacturers are providing smaller-sized portions of caramel chocolate products for the consumers who wish to monitor their calorie intake. As a result of the aforementioned factors, the market value is projected to exceed US$ 6 Billion by 2023.
Based on distribution channels, the market has been segmented into supermarkets and hypermarkets, convenience stores, non-grocery retailers and others. At present, supermarkets and hypermarkets represent the dominant segment, holding the largest share. Supermarkets and hypermarkets are gaining traction worldwide as they offer a wide array of products with different prices and brands. Besides this, they offer regular discounts and deals in order to expand their consumer-base.
On a geographical front, the market has been segregated into Western Europe, North America, Eastern Europe, Asia, Latin America, Middle East and Africa, and Australasia. Currently, Western Europe represents the biggest market of caramel chocolate, accounting for the majority of the global share.
The competitive landscape of the global caramel chocolate market has also been examined with detailed profiles of the key players.
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