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Pulished Date March, 2021
ID: 11321
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Brazil Chocolate Market Segmented by Type of Chocolate (Milk, Dark, and White), by Sales Category (Premium Chocolate, Everyday Chocolate, and Seasonal Chocolate), by Distribution Channel (Convenience Store, Supermarket/Hypermarket, and Online) & by Geography - Forecast (2021-2026)

Pulished: March, 2021
ID: 11321
Pages: 145

Brazil Chocolate Market Growth and Forecast (2021-2026):

The Brazil Chocolate Market was at US$ xx million in 2021, and it is predicted that it will reach a valuation of US$ xx million by the end of 2026 with a progression rate (CAGR) of xx% between 2021 and 2026.

Market Overview:

Chocolates are well known, most consumed and highly profitable components in the confectionery industries. Different types of chocolate are produced around the world depending on the amount of cocoa. Consuming chocolate often suppresses the secretion of cortisol, the stress hormone. Instead of relying on drugs, consumers regularly included foods that alleviate health problems in their diets. Chocolate is expected to continue to increase in terms of sales in the future to relax the mind and induce happiness.

Recent Developments in Brazil Chocolate Industry:

  • In June 2019, oil and fat supplier AAK launched COBAO Pure, a new cocoa butter product that provides a bloom retarding effect in chocolate.
  • In February 2019, Cargill Cocoa and Chocolate added a new cocoa powder, Gerkens CT70, to Gerkens' portfolio of cocoa powder brands.

Brazil Chocolate Market Growth:

Awareness of the health benefits of daily chocolate consumption will continue to be a key booster in the Brazil Chocolate market for years to come.

Drivers:

Increasing consumer preference is a vital factor that ultimately helps companies focus on product development and marketing strategies to expand their broader consumer base and capture new markets and is driving the growth of the Brazil chocolate market. The local market is largely driven by consumer tastes, so companies must focus on product development and marketing strategies to secure a broader consumer base and capture new markets. Consumers in Brazil are increasingly sophisticated and are looking for premium chocolate products that differ from the brands commonly found in the retail sector. This has led to an increase in demand for high-quality premium chocolate products. For example, the presence of Lindt and Ferrero about 10 years ago greatly increased the status of premium chocolate in Brazil. According to Brazilian Association of the Chocolate Industry, around 88% of the customers prefer high quality chocolate for their own consumption. Chocolate is the most consumed food in Brazil, with 2.2 kg of chocolate consumed per person. According to Confectionery News, the Brazilian premium chocolate market is expected to grow 26% by 2020 as demand for chocolate by the Brazilian population continues to increase. The popularity of dark chocolate is supposed to increase in the coming years as it helps prevent heart disease and has other benefits as well. The growth of the Brazil chocolate market is primarily due to growing consumer awareness of the health benefits associated with dark chocolate rich in cocoa. Some of the notable advances identified in the industry include the health benefits associated with dark cocoa-rich chocolate, increased demand for premium gift-made dark chocolate, seasonal chocolate more regulated by producers, and thriving initiatives of marketing. The demand for chocolate peaks during the seasons and festivals. The impulsive buying behavior of consumers is increasing chocolate sales around the region. Consumers in shopping stores cannot specifically purchase confectionery such as chocolate. However, related pastries displayed in a conspicuous place attract the attention of shoppers and cause impulsive buying behavior.

Rising consumer income levels and lifestyle changes are key factors in increasing consumer impulse buying. Because chocolate is associated with impulsive purchases and with rewards and moments of happiness, children and adults continue to buy chocolate regardless of their financial situation. The color and packaging of the chocolate play an important role in your purchase. Attractive packaging and colors help manufacturers get immediate response from consumers. Violet was the most influential color to stimulate the purchase of chocolate products, followed by red and blue. Another factor contributing to the expansion of this market is the huge demand for chocolate for seasonal and holiday events. While the chocolate market is established and thriving in the region, changes in consumer tastes and increased spending on chocolate and other confectionery products have been prominently identified as the main drivers of market boom. Much of the chocolate goes to the convenience food sector, which includes a host of products like cakes, cookies, and more. It is also an essential ingredient in some ice creams and is widely used in the flavor industry. The expansion of prepared food has led to the growth of the regional chocolate business. Most of the chocolates that reach consumers are sweet, so given growing health concerns, there is still room for low-fat, sugar-free milk chocolate to expand the Brazil chocolate market. Increasing urbanization and the wide availability of chocolate and derivatives will continue to be another key factor driving the Brazilian chocolate business.

Restraints:

Chocolate is still considered an affordable luxury in some parts of the region. Price sensitivity can slow down the penetration of the chocolate market in some underdeveloped regions of the country. Fluctuations in the price of commodities, especially cocoa, supply instability, and political instability in cocoa-producing countries are likely to slow the Brazil chocolate market growth in the coming years. Furthermore, the uncertain cocoa supply economics is likely to drive up chocolate prices, which is expected to be a major challenge for the Brazil chocolate market size.

Brazil Chocolate Market Segmentation Analysis:

By type, the Brazil chocolate market can be divided into milk, black and white. The dark chocolate segment is expected to achieve the highest market share during the forecast period. Dark chocolate has several health benefits, including lowering blood pressure, protecting skin from the sun, improving brain function, improving blood flow, and reducing the risk of heart disease. This helps attract more consumers. It is also rich in antioxidants and contains water soluble fiber, minerals, and bioactive compounds.

Based on the sales, the Brazil chocolate market is segregated as premium chocolate, daily chocolate, and seasonal chocolate. Among these, the everyday chocolate segment is supposed to provide more market share in terms of value compared to other segments which is majorly due to its affordable prices.

Based on the distribution channels, the Brazil chocolate market is segmented into convenience stores, supermarkets and hypermarkets and online. The online segment is likely to show the highest CAGR during the conjecture period. Online sales channels have seen tremendous growth in recent years as the spread of the Internet has increased in many countries. Additionally, online retailers, including Amazon and Walmart, are adding this category of products to their key focus areas.

Regional Analysis:

Brazilian consumers are increasingly concerned about the health impact of high sugar consumption. Therefore, growing health and wellness trends continue to drive sales of sugar chocolate confectionery and premium dark chocolate bars in general. Therefore, the trend of health and premiumization is exclusively driving the market. The country's middle-class population has grown significantly in recent years, driving consumer demand for premium products in the process. The Brazilian Association of the Chocolate Industry has provided a data which says that more than 75% of the population in the country consumes chocolate, and 35% of the population prefers chocolate to food or beverages. Another factor that dark chocolate consumption is predicted to increase is the growing awareness among Brazilian consumers of premium chocolate.

Key Players in the Market:

Major Key Players in the Brazil Chocolate Market are

Ghirardelli Chocolate Company, Nestle SA, Ferrero Group, Mars Inc., Barry Callebaut, Cadbury, The Hershey Company, Moonstruck Chocolate Company, and Amul.

 

1. Introduction                          

          1.1 Market Definition                 

          1.2 Scope of the report              

          1.3 Study Assumptions              

          1.4 Base Currency, Base Year and Forecast Periods              

2. Research Methodology                     

          2.1 Analysis Design         

          2.2 Research Phases                  

                   2.2.1 Secondary Research 

                   2.2.2 Primary Research     

                   2.2.3 Data Modelling        

                   2.2.4 Expert Validation     

          2.3 Study Timeline           

3. Report Overview                    

          3.1 Executive Summary              

          3.2 Key Inferencees         

4. Market Dynamics                   

          4.1 Impact Analysis         

                   4.1.1 Drivers

                   4.1.2 Restaints      

                   4.1.3 Opportunities

          4.2 Regulatory Environment                 

          4.3 Technology Timeline & Recent Trends                

5. Competitor Benchmarking Analysis                      

          5.1 Key Player Benchmarking               

                   5.1.1 Market share analysis        

                   5.1.2 Products/Service     

                   5.1.3 Regional Presence   

          5.2 Mergers & Acquistion Landscape              

          5.3 Joint Ventures & Collaborations                

6. Market Segmentation                       

          6.1 Chocolate Market, By Type of Chocolate             

                   6.1.1 Milk    

                   6.1.2 Dark   

                   6.1.3 White  

                   6.1.4 Market Size Estimations & Forecasts (2021-2026)      

                   6.1.5 Y-o-Y Growth Rate Analysis        

                   6.1.6 Market Attractiveness Index        

          6.2 Chocolate Market, By Sales Category         

                   6.2.1 Premium Chocolate 

                   6.2.2 Everyday Chocolate 

                   6.2.3 Seasonal Chocolate 

                   6.2.4 Market Size Estimations & Forecasts (2021-2026)      

                   6.2.5 Y-o-Y Growth Rate Analysis        

                   6.2.6 Market Attractiveness Index        

          6.3 Chocolate Market, By Distribution Channel          

                   6.3.1 Convenience Store   

                   6.3.2 Supermarket/Hypermarket

                   6.3.3 Online

                   6.3.4 Market Size Estimations & Forecasts (2021-2026)      

                   6.3.5 Y-o-Y Growth Rate Analysis        

                   6.3.6 Market Attractiveness Index        

7. Geographical Landscape                  

          7.1 Regional Identity Governance and Administration Market, by Region  

          7.2 Brazil - Market Analysis (2021 - 2026)              

                   7.2.1 By Country    

                             7.2.1.1 Brazil

                   7.2.2 By Type of Chocolate

                   7.2.3 By Sales Category    

                   7.2.4 By Distribution Channel     

8. Key Player Analysis                          

          8.1 Ghirardelli Chocolate Company                

                   8.1.1 Business Description

                   8.1.2 Products/Service     

                   8.1.3 Financials     

                   8.1.4 SWOT Analysis        

                   8.1.5 Recent Developments        

                   8.1.6 Analyst Overview    

          8.2 Nestle SA         

          8.3 Ferrero Group            

          8.4 Mars Inc.         

          8.5 Barry Callebaut          

          8.6 Cadbury          

          8.7 The Hershey Company         

          8.8 Moonstruck Chocolate Company              

          8.9 Amul               

9. Market Outlook & Investment Opportunities                   

Appendix                        

          List of Tables         

          List of Figures                 

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The Segment-level analysis in terms of By Type of Chocolate, Sales Category, Distribution Channel and along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

 

 

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