Global Hot Chocolate Market Overview:
Hot chocolate, also known as melted chocolate or drinking chocolate, is made of milk, hot water, or even cream. It also contains various flavors including vanilla, cocoa butter, and others. Hot chocolate is also used as a treatment for stomach and liver diseases, and also used as a special drink. The major trend in this industry is vegan hot chocolates. With the increasing trends for the plant-based chocolate are the perfect way to enhance the Hot Chocolate segment from an indulgent-only beverage into the health & wellness arena. These are also rich in vitamins and minerals, and contains low fat and ideal for slow digestive systems, beverages. Another major trend is increasing consumer demand. For instance, hot chocolate almost overtook both coffee and tea across England. One of the leading retail chain known as Harrods revealed that they experienced double-digit revenue generation of hot chocolate products compared to the last year.
As per latest study released by AMA Research, the Global Hot Chocolate market is expected to see growth rate of 5.85%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
High adoption of high-quality cocoa and Development in packaging technique
Market Growth Drivers:
Surging disposable income of the middle class in emerging economies such as China, India, Brazil and Others, Growing demand for chocolate is at its peak during seasonal and festive occasions and Increase in availability of various flavor in hot chocolate
Challenges:
Fluctuating prices of raw materials, especially high-quality cocoa
Restraints:
The bitter taste of dark chocolate
Opportunities:
Because of the increasing level of sugar in retail chocolate bars, end users are highly concerned regarding the sugar content in hot chocolate, because of this leading manufacturers are offering no-sugar hot chocolates
Competitive Landscape:
The key manufacturers are targeting the innovations of the products with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions to maintain their presence in the market
Some of the key players profiled in the report are Nestle (Switzerland), Starbucks (United States), Conagra Brands Inc. (United States), The Hershey Company (United States), Mondelēz International (United States), W.T.Lynch Foods (Canada), GODIVA Chocolatier (United States), Cadbury (United Kingdom), Land O'Lakes (United States) and Chocomize (United States). Additionally, following companies can also be profiled that are part of our coverage like Chek Hup Sdn. Bhd. (Malaysia) and Cissé Cocoa Co (United States). Analyst at AMA Research see United States Vendors to retain maximum share of Global Hot Chocolate market by 2030. Considering Market by Distribution Channels, the sub-segment i.e. Supermarket/Hypermarket will boost the Hot Chocolate market. Considering Market by Packaging , the sub-segment i.e. Canned will boost the Hot Chocolate market.
Latest Market Insights:
On May 24, 2023, Reliance Retail Ventures completed the acquisition of a 51% stake in Lotus Chocolate Company. This move is part of Reliance Retail's strategy to grow its FMCG market presence.
On June 25, 2022, Tiggle, a D2C hot chocolate brand, launched its Cleanest Hazelnut Hot Chocolate. The product is made from real Turkish hazelnuts and aims to elevate the hot chocolate drinking experience.
What Can be Explored with the Hot Chocolate Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Hot Chocolate Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Hot Chocolate
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Hot Chocolate market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Hot Chocolate market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.