32% of the growth will originate from Europe for the dark chocolate market. Germany, Belgium, France, and the UK are the key markets for dark chocolate in Europe. However, the market growth rate in Europe will be slower than the growth of the market in other regions. The increasing number of product innovations and launches will facilitate the dark chocolate market growth in Europe over the forecast period. The dark chocolate market is set to grow by USD 15.93 billion at a CAGR of 5.29% from 2020 to 2025, according to the latest research report from Technavio.
The health benefits of dark chocolate are notably driving the dark chocolate market growth. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge. The dark chocolate market analysis report also provides detailed information on other upcoming trends that will have a far-reaching effect on market growth.
Many commodities are used to produce dark chocolates, and cocoa is the key ingredient. Other ingredients such as sugar, dairy products, nuts, and maize sweeteners are also used in dark chocolate production. The commodity market drives the prices for all the mentioned raw materials. It sets the prices based on demand and supply, resulting in varying commodity prices at different periods. The biggest price factor is the cost of cocoa. The production of cocoa butter is complex and expensive. Thus, any disruption in the supply of cocoa eventually results in fluctuating prices of dietary chocolates. Supply fluctuations result from several factors, including civil and political unrest, labor issues, and the effect of weather, diseases, and pests on crop yields. The limited supply of cocoa, coupled with the rise in the price of cocoa, will hinder the market’s growth. It will also affect the prices of raw materials, thereby posing a challenge to the growth of the market in focus.
