PUBLISHER: DataM Intelligence | PRODUCT CODE: 1285080
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1285080
Global Hot Chocolate Market - 2023-2030
Market Overview
The global hot chocolate market reached US$ 3,789.2 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 5,771.2 million by 2030. The market is growing at a CAGR of 5.4% during the forecast period (2023-2030).
There has been a growing trend towards healthier and alternative hot chocolate options, such as dairy-free, vegan, and low-sugar varieties. Consumers are also looking for hot chocolate made with natural ingredients, such as raw cacao and organic sweeteners, which drives the hot chocolate market size. There is a growing market for premium and artisanal hot chocolate, which are made with high-quality ingredients and have unique flavor profiles. These products often come at a higher price point but offer a more elevated and indulgent hot chocolate experience.
According to a survey by the National Confectioners Association, seasonal chocolate sales make up 25% of the $36 billion U.S. chocolate market, with Valentine's Day and Halloween being the top-selling seasons. The majority of the sales are from hot chocolates, which drives the market growth.
Market Dynamics
The Increasing Health Benefits Associated With Hot Chocolate Products.
Hot chocolate made with high-quality ingredients, such as raw cacao and organic milk, can provide a source of nutrients, including calcium, magnesium, and iron. For instance, a 100-gram serving of dark chocolate can provide up to 70% of the recommended daily intake of iron according to USDA.
Some studies have suggested that the flavonoids in cocoa may help improve cognitive function and memory. For example, a study of older adults found that consuming cocoa flavanols improved cognitive performance and increased cerebral blood flow. For instance, on January 21, 2021, Cadbury launched "Hot Chocolate" which is having high nutrional values. There are 349 calories in 100 g of Cadbury Hot Chocolate and 8% fat, 86% carbs, 6% proteins.
The Key Players Spending Money On Advertising To Boost Sales.
Over the past few years, there has been a significant change in the premium chocolate market. Companies are adapting and stepping up their advertising and endorsement strategies across different distribution channels to attract consumer attention as a result of the growing significance of social media in a shopper's decision-making process. Premium chocolate producers spend a lot of money on advertising and product endorsements. For instance, Mondelez spent USD 1,564 million on advertising in 2021 and USD 1,376 million in 2020, indicating a sizeable strategic commitment to advertising.
Artificial Intelligence Analysis
AI could be used to analyze the quality of the raw materials used in hot chocolate production, such as cocoa beans and milk. By analyzing data on factors such as moisture content and fat content, AI could help ensure that only high-quality ingredients are used in the manufacturing process. With the increasing use of technology and AI, it may be possible for companies to offer personalized hot chocolate products based on individual preferences and dietary restrictions.
For instance, a customer could use a mobile app to customize their hot chocolate with specific ingredients and flavors. AI could be used to optimize the hot chocolate production process, such as by analyzing data on temperature, pressure, and mixing time to ensure that the product is consistent and of high quality. This could also help reduce waste and increase efficiency.
Segment Analysis
The global hot chocolate market is segmented based on type, distribution channel and region.
Flavor Taste Segment Accounts Sizable Share In The Global Hot Chocolate Market
Hot chocolate can have a range of flavor profiles, from rich and creamy to bitter and earthy. According to a survey by Mintel, the most popular flavor profiles for hot chocolate in the US are classic chocolate (39%), followed by chocolate with caramel (14%), chocolate with mint (10%), and chocolate with marshmallow (8%). The sweetness level of hot chocolate can vary based on the amount of sugar or sweeteners used. According to the same Mintel survey, 56% of US consumers prefer their hot chocolate to be moderately sweet, while 25% prefer it to be very sweet and 19% prefer it to be not very sweet.
For instance, on December 7, 2022, Hames Chocolates launched a new hot chocolate range. Hames Chocolates' new range includes Hot Chocolate drinks made with Hot Chocolate Bombes, real chocolate shavings packed in pouches, and Hot Chocolate Stirrer spoons completing the line-up.
Geographical Analysis
North America Holds The Largest Share In The Global Hot Chocolate Market
By region, the global hot chocolate market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east and America.
North America is projected to expand at a CAGR of 8.9% from 2023 to 2030. The demand for chocolates, including hot chocolate, is predicted to decline due to the rise in chronic diseases in the area, including diabetes, cardiovascular disease, and obesity. However, recent research has shown that eating chocolate lowers the risk of cardiovascular diseases because it contains flavonoids, which make arteries and veins more flexible. This has increased the demand for hot chocolate in the area.
For instance, on November 21, 2021, Dunkin' and Frankford Candy launched a new hot chocolate bomb. The two varieties are the Dunkin' Mint Hot Chocolate Bomb and the Dunkin' Hot Chocolate Bomb, both of which have an exterior made of Belgian milk chocolate and a mint flavoring. Both are filled with miniature marshmallows.
Competitive Landscape
The major global players include: Cadbury, W.T Lynch Foods, Starbucks, Chocomize, Land O" Lakes, Chek Hup Sdn. Bhd, The Hershey Company, Nestle S.A., Swiss Miss, and GODIVA Chocolaiter.
Why Purchase the Report?
- To visualize the global hot chocolate market segmentation based on type, distribution channel, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of Hot chocolate market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global Hot chocolate market report would provide approximately 53 tables, 46 figures and 195 Pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
Table of Contents
1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
2. Definition and Overview
3. Executive Summary
- 3.1. Snippet by Type
- 3.2. Snippet by Distribution Channel
- 3.3. Snippet by Region
4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.2. Restraints
- 4.1.3. Opportunity
- 4.1.4. Impact Analysis
5. Industry Analysis
- 5.1. Porter's Five Forces Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID-19
- 6.1.2. Scenario During COVID-19
- 6.1.3. Post COVID-19 or Future Scenario
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
7. By Type
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 7.1.2. Market Attractiveness Index, By Type
- 7.2. Original Taste*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Flavor Taste
8. By Distribution Channel
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 8.1.2. Market Attractiveness Index, By Distribution Channel
- 8.2. Offline *
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Online
9. By Region
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 9.1.2. Market Attractiveness Index, By Region
- 9.2. North America
- 9.2.1. Introduction
- 9.2.2. Key Region-Specific Dynamics
- 9.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 9.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution channel
- 9.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 9.2.5.1. The U.S.
- 9.2.5.2. Canada
- 9.2.5.3. Mexico
- 9.3. Europe
- 9.3.1. Introduction
- 9.3.2. Key Region-Specific Dynamics
- 9.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 9.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution channel
- 9.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 9.3.5.1. Germany
- 9.3.5.2. The U.K.
- 9.3.5.3. France
- 9.3.5.4. Italy
- 9.3.5.5. Spain
- 9.3.5.6. Rest of Europe
- 9.4. South America
- 9.4.1. Introduction
- 9.4.2. Key Region-Specific Dynamics
- 9.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 9.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution channel
- 9.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 9.4.5.1. Brazil
- 9.4.5.2. Argentina
- 9.4.5.3. Rest of South America
- 9.5. Asia-Pacific
- 9.6. Introduction
- 9.7. Key Region-Specific Dynamics
- 9.7.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 9.7.2. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution channel
- 9.7.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 9.7.3.1. China
- 9.7.3.2. India
- 9.7.3.3. Japan
- 9.7.3.4. Australia
- 9.7.3.5. Rest of Asia-Pacific
- 9.8. Middle East and Africa
- 9.8.1. Introduction
- 9.8.2. Key Region-Specific Dynamics
- 9.8.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 9.8.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution channel
10. Competitive Landscape
- 10.1. Competitive Scenario
- 10.2. Market Positioning/Share Analysis
- 10.3. Mergers and Acquisitions Analysis
11. Company Profiles
- 11.1. Cadbury *
- 11.1.1. Company Overview
- 11.1.2. Grade Portfolio and Description
- 11.1.3. Financial Overview
- 11.1.4. Key Developments
- 11.2. W.T Lynch Foods
- 11.3. Starbucks
- 11.4. Chocomize
- 11.5. Land O" Lakes
- 11.6. Chek Hup Sdn. Bhd
- 11.7. The Hershey Company
- 11.8. Nestle S.A.
- 11.9. Swiss Miss
- 11.10. GODIVA Chocolaiter
LIST NOT EXHAUSTIVE
12. Appendix
- 12.1. About Us and Services
- 12.2. Contact Us
