Technavio market research analysts forecast the dark chocolate market in the USto grow at a CAGR of more than 8% during the forecast period, according to their latest report.
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Technavio has published a new report on the dark chocolate market in the US from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global marketfor 2017-2021. The report also lists organic and inorganic dark chocolate as the two major product segments, of which inorganic dark chocolate accounted for close to 98% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the dark chocolate market in the US:
- Health benefits of dark chocolate
- Increased number of product launches
- Growing demand for premium and seasonal dark chocolates as gifts
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Health benefits of dark chocolate
The health benefits of the consumption of dark chocolate will drive sales in the market. As per various researches, the high antioxidant content in dark chocolate helps in providing protection against disease-causing free radicals, while flavonoids present in these chocolates help in cancer prevention and improve heart health and cognitive ability. According to various studies, cocoa polyphenols in dark chocolate help in controlling cholesterol, while some studies validate that the antioxidant capacity of dark chocolate is higher than many superfoods.
As consumers in the US are more informed about the health benefits of dark chocolate and the overall demand for packaged products is high, they are increasingly inclined towards opting for dark chocolate as a dessert option.
Increased number of product launches
Product development, improved taste and versatility, and high levels of marketing support will increase the demand for chocolates in the US over the next five years. Several vendors are currently launching new dark chocolate ranges to expand their portfolio of chocolate products. For instance, in 2017, Praim Group announced its plans to manufacture bakery-inspired chocolate bar ranges with flavors like dark chocolate raspberry burst and dark chocolate mint cookie crunch. It is expected that with the growing demand for dark chocolates in the country, more vendors will launch different varieties within this chocolate category to attract new consumers.
According to Manjunath Reddy, a lead analyst at Technavio for food research, "Vendors are coming up with innovations in terms of chocolate-manufacturing processes to open new revenue streams for themselves and to compete better with their counterparts. Innovations have been brought by dark chocolate manufacturers to retain old consumers and attract new ones toward their product offerings."
Growing demand for premium and seasonal dark chocolates as gifts
Vendors such as Lindt and Godiva are positioning their premium dark chocolates as gifting options. Many consumers who are more inclined toward the brand and quality of the chocolate buy these premium dark chocolates. Currently, many vendors are launching premium dark chocolates to attract consumers who are influenced by price, packaging, ingredients, provenance, point of purchase (POP), authenticity, and brand experience. For instance, Vivra Chocolate is currently targeting the US premium chocolate market for its product offerings, which include both milk and dark chocolates
"Vendors such as Lindt and Lake Champlain Chocolates are capitalizing on holiday seasons for increasing their sales with specifically designed chocolates for special days like Mother's Day and Father's Day. The products include dark chocolate raspberry crème egg with new flavors. Also, the demand for artisanal products is increasing as they are often considered authentic and high-quality products. Thus, many vendors are manufacturing artisanal dark chocolates to attract consumers," says Manjunath.
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