Pune India, 28 July 2022 (GLOBE NEWSWIRE) — The market has been studied for the segmentation and regional analysis mentioned below for North America, Europe, Asia, South America, Middle East and Africa. These are the key regions where dark chocolate sauce market currently operating and expected to expand in the near future. Manufacturers and suppliers involved in the dark chocolate sauce market is present in various countries of the aforementioned regions.
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The report provides a detailed understanding of the market segments that have been formed by combining different perspectives such as package type, distribution channel, etc. Apart from this, the major driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The main players operating in the world dark chocolate sauce market are MONIN INCORPORATED, Syndigo LLC, Ghirardelli Chocolate Company, The Hershey Company, Torani, Callebaut, Kerry, Food Service (India) Pvt. Ltd., Sephra and Santa Cruz Natural Incorporated, among others. To gain a substantial market share in the global dark chocolate sauce market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, The Hershey Company is one of the most prominent manufacturers and distributors present in the global dark chocolate sauce market.
Dark chocolate is generally bitter and less sweet than chalky milk chocolate. However, dark chocolate sauce is a thick, smooth sauce that is often used as a topping for various desserts, including ice cream, pastries, and cakes. It is made up of ingredients including cocoa powder along with sweetener, chocolate liquor, water and others. Different ingredients are used for different characteristics of dark chocolate sauce.
There is a growing trend of using dark chocolate sauce to drizzle the cake. Additionally, dark chocolate sauce is used as a flavor enhancer or topping in cakes and cupcakes. Hence, the huge popularity of celebrating different kinds of successes and special occasions through cake cutting has boosted the demand for dark chocolate sauce. Additionally, there is an increase in demand for cupcakes as after-meal desserts during weekend parties and dining out among Gen Z and millennial consumers. This has further fueled the demand. of cupcakes, driving the growth of the dark chocolate sauce market.
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Scope of the Dark Chocolate Sauce Market Report
|Year of reference||2021|
|Market share unit||Billions of dollars|
|Segments Covered||Type of packaging, distribution channel|
|Regions covered||North America, Europe, Asia-Pacific, South America and Middle East & Africa|
|Main actors||MONIN INCORPORATED, Syndigo LLC, Ghirardelli Chocolate Company, The Hershey Company, Torani, Callebaut, Kerry, Food Service (India) Pvt. Ltd., Sephra and Santa Cruz Natural Incorporated, among others|
The pouches and sachets segment is expected to be the fastest growing segment in 2021.
The Packaging Types segment includes bottles and jars, pouches and sachets, others. The pouches and sachets segment is expected to witness the highest growth rate during the forecast period. Pouches and Sachets packaging are easily recyclable and require less energy to produce compared to other packaging alternatives. This factor has mainly driven the growth of this segment. Furthermore, the current trend of flexible packaging in the food and beverage industry to create pouches of all sizes and shapes to meet product needs is further expected to create lucrative growth opportunities for the segment growth in years to come.
The online retail segment is expected to be the fastest growing segment in 2021.
The distribution channel segment includes supermarkets and hypermarkets, convenience stores, online retail and others. The online retail segment is expected to witness the highest CAGR during the forecast period. The increased internet penetration in different countries and the growing reliance of millennials and Gen Xers as well as Gen Z parents on e-commerce and the internet are opportunistic for the growth of this segment. In addition to this, factors such as increasing preference for customization, widespread availability of greater discounts compared to offline stores, and greater consumer convenience are contributing to the growth of this segment.
The regional analysis provides a detailed view of key regions and countries. Some of the major countries analyzed for dark chocolate sauce are USA, Canada, Mexico, Germany, France, UK, Italy, Spain, Russia, China, Japan, India, Brazil, Peru, United Arab Emirates, South Africa and Saudi Arabia.
The Europe region recorded a significant share. The growing popularity of dark chocolate products in this region is the major factor contributing to the growth of the market. Additionally, consumer preference for high-quality dark chocolate sauce products that are good for health and the environment has further boosted the market growth. However, Asia-Pacific is expected to witness a tremendous growth rate over the forecast period. Rising demand for dark chocolate and chocolate flavored products in the region is driving the growth of the market.
Analysis by country
Germany Dark Chocolate Sauce Market size was valued at USD 4.51 Billion in 2021 and is projected to reach USD 6.12 Billion by 2029, growing at a CAGR of 4.0% from 2022 to 2029.
Germany is one of the main consumers of chocolate in Europe. In addition, the country is the largest chocolate producer in the EU, ahead of Italy, Belgium and France. Also, manufacturers in the industry in this country are responsible for creating some of the most well-known products. This importance of chocolate in the food industry in Germany is mainly contributing to the growth of the dark chocolate sauce market.
Moreover, increased consumer awareness of dark chocolate sauce and increasing consumption of chocolate among teenagers in this country have boosted the demand for dark chocolate sauce.
The Chinese Dark Chocolate Sauce Market size was valued at USD 6.31 Billion in 2021 and is projected to reach USD 10.68 Billion by 2029, growing at a CAGR of 6.9% from 2022 to 2029. Rising disposable income in China has boosted demand for dark chocolate sauce. Moreover, this country is one of the main producers and consumers of chocolate products in the world. This has significantly boosted the growth of the dark chocolate sauce industry in the country. Additionally, globalization, increase in purchasing power, and growing importance of international brands such as Mars, Nestle, and Ferraro in this country are expected to create lucrative growth opportunities for the market.
India Dark Chocolate Sauce Market size was valued at USD 1.80 Billion in 2021 and is projected to reach USD 2.51 Billion by 2029, growing at a CAGR of 4.4% from 2022 to 2029. India is one of the fastest growing economies in Asia. The factors such as increasing youthful population, increasing disposable income and changing lifestyle have boosted the growth of the Indian dark chocolate sauce market. The growing consumption of chocolate in India is further fueling the demand for dark chocolate sauce. For example, the average consumption of chocolate per capita in this country is around 100-200 g per person.
Additionally, new product developments coupled with growing local trends including smaller package sizes, reduced sugar, and unique flavors have created lucrative growth opportunities for the market.
Impact of Covid-19
Covid-19 has had a major impact on almost every industry such as construction, manufacturing, oil and gas, automotive, etc. Demand for dark chocolate sauce declined over the period due to social distancing regulations and supply chain disruptions. In most regions, dark chocolate sauce manufacturing facilities were closed during the second and third quarters of fiscal 2020. Major end users were also temporarily closed during this period and as a result demand of dark chocolate sauce has decreased considerably.
However, the pandemic has caused an increase in online sales of Dark Chocolate Sauce. Moreover, this situation has led to an increase in the demand for dark chocolate sauces because they contain less sugar. Hence, the dark chocolate sauce market is expected to witness considerable growth post-pandemic.
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