The market research firm’s recently published report ‘Global Dark Chocolate Market 2015-2019’ said dark chocolate value sales would climb from $34.25bn to $51.7bn by 2019 – a compound annual growth rate (CAGR) of 8.58%.
“Growing awareness among consumers about the health benefits of dark chocolate is likely to lead to considerable rise in demand in the next five years,” said the report.
Cocoa – and dark chocolate by association – has been tied to a series of health benefits such as enhanced cognition and improved metabolism.
Barry Callebaut also won an EU-approved health claim in 2013 to say that 200 mg of cocoa flavanols in cocoa beverages or dark chocolate contribute to normal blood flow. The claim has so far been used by only a handful of companies.
Developing nations turn to luxury items
Technavio added dark chocolate sale would rise as consumers in developing nations had greater access to products as the organized retail sector grows.
“The growing demand for dark chocolate in developing countries is driven by a rise in income levels and changes in eating habits with growing urbanization in many of these countries,” it said in the report.
Analysts predict India will be the fastest growing chocolate market in the world for the next few years, partly driven by rising demand for premium chocolate. Nestlé recently introduced a dark chocolate version of its new Kit Kat Senses SKU to capitalize on rising incomes in the Indian market.
The Brazilian Association of Cocoa, Chocolate, Peanut, Candy and By-products’ Industries (ABICAB) told this site last year that its domestic dark chocolate market was set to grow 26% a year driven by the growing middle classes and strong demand for imported chocolate with higher cocoa percentages.
Key players and challenges
Technavio said of the global market: “The introduction of new varieties of dark chocolate, such as those with dry fruits, toffee, and sea salt, has also resulted in increase in market sales.”
The research organization said increasing raw material prices, such as cocoa, and intense competition were the biggest obstacle to growth in the dark chocolate sector.
Technavio identified Ferrero, Mars, Mondelēz and Nestlé as the biggest players in the dark chocolate space.
Europe makes up 45% of the global dark chocolate market, followed by 32% in the Americas, 12% Asia-Pacific and 11% for the rest of the world, it said.