Craft chocolates are chocolates made from fresh raw cocoa beans sourced transparently and carved into chocolates by small scale chocolate makers. Artisans work closely with cocoa farmers to produce the highest quality beans, which are carefully roasted, grinded, and smoothened into chocolate. Besides cocoa beans and sugar they use few more ingredients to give it a unique flavor. The craft chocolate makers strongly emphasize on the inherent flavor of the beans while making chocolates.
Companies covered: Real Chocolate, Barry Callebaut, Blommer Chocolate Company, Bonnat Chocolates, Cocoa Processing Company, E. Wedel, Galle & Jessen, Ghirardelli, Hershey’s, Kraš, Laima, Amano Artisan Chocolate, Amedei, Castronovo Chocolate, Chocolaterie Robert, Amul, Askinosie Chocolate
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The corona virus outbreak in all over the globe has created medical emergency. Due to which there is an increase for the demand of food items, hygiene products, and medical products. COVID-19 has increased the sales of traditional, healthy, and staple food items. However, packaged food sweets and chocolate products have experienced a decline in its sale due to which there is a decline for the demand for craft chocolate in these industries.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The growth of the craft chocolate industry has been driven by an increase in rise in consumption chocolates. As consumers move from consuming traditional sweets to craft chocolates, the global market for craft chocolate is expected to experience growth. Craft chocolate is among the most popular and profitable ingredients in the global confectionery industry. It is something that is admired by children, youth, adults, and the elderly. The global market for craft chocolate has been a multibillion dollar industry since the last decade and its growth momentum is expected to continue during the forecast period.
The rise in purchasing power due to increase in the disposable incomes in developing countries is the major factor for increase in demand for this sweetmeat. It is now a preferred gift for all kinds of occasions–festivals, wedding anniversaries, birthday parties, valentines, and any other kind of celebration, which boosts the growth of the craft chocolate market.
The global craft chocolate market trends are as follows:
Promotional activities to gain competitive edge
Market players are running promotional activities to get consumer engaged in their chocolate products. The chocolate makers are organizing events for their customers to give information about their product and to build a brand image in the mind of the consumers. For instance, in May 2019, the Canopy Market suppliers of the finest chocolate craft in the world hosted a dedicated chocolate market in a special collaboration with Cocoa Runners where it displayed the finest chocolate crafts and held tastings, discussions and demonstrations, all under the beautifully restored Victorian glass and steel roof of the West Handyside Canopy in UK.
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Limited supply of cocoa hindering the market
Among the other commodities such as dairy products, nuts, corns and sugar the key ingredient in chocolate is cocoa. The prices of these commodities affect the price of craft chocolate and the prices are determined on the basis quantity of supply and demand of these ingredients. The major cost affects the craft chocolate maker is the cost of cocoa. The demand for cocoa is continuously increasing especially in ASEAN region. And the supply of cocoa is decreasing due to certain factors influencing it. Indonesia and Malaysia have been one of the Asia’s top cocoa bean producers for many years. But the quality and supply of cocoa from these regions is on a decline due to lack of financial assistance, to the land holders, for maximizing production and developing new plantations and the cocoa plantations in those regions are majorly done by small landholders.
Key benefits of the report:
- This study presents the analytical depiction of the global craft chocolate industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global craft chocolate market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global craft chocolate market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global craft chocolate market analysis based on competitive intensity and how the competition will take shape in coming years.
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