White Chocolate Market Segmented By Conventional White Chocolate, Organic White Chocolate Type in White Chocolate Bar, Candies, White Chocolate Coating Nuts, White Chocolate Chips Form
Industry: Food and Beverages
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 232
Report ID: PMRREP22501
The market for white chocolate can be expected to expand at a value based CAGR of 6.3% and show an increase in revenue from US$ 19,391.8 Mn to around US$ 35,818.5 Mn by 2033.
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Market Size (2023E) |
US$ 19,391.8 Mn |
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Projected Sales of White Chocolate (2033F) |
US$ 35,818.5 Mn |
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Value CAGR (2023-2033) |
6.3% |
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Value Share of Top 4 Countries (2022E) |
35.1% |
The global white chocolate market has witnessed significant growth in the historical period registering a CAGR of 6.4% in the historical period and was valued at US$ 19,391.8 Mn in 2023. The market is expected to grow steadily with increasing consumption of white chocolate.
The global chocolate industry is focusing on broadening its portfolio of product offerings that can appeal to the evolving needs of health-conscious consumers. Inclusion of organic and natural ingredients in chocolates has witnessed steady demand over the years on account of growing awareness among end-users. There has also been a marked preference for white chocolates, as these are perceived to be ‘healthier’ alternatives to conventional chocolates.
Manufacturers are stepping up their efforts by working on innovative packaging, developing products in a way to enhance shelf-life, improving distribution channel, and augmenting the nutritional value of their products. Leading manufacturers are working towards developing cost-effective and nutritional ingredients, as a result of which, the market for white chocolates is set to display a remarkable headway in the assessment period, 2018-2033.
Rising awareness regarding the advantages of consuming white chocolates is leading to growing adoption, especially in the developed countries. Even though the adoption rate of white chocolates is notable, there is yet lot of opportunity for further penetration of white chocolates in the chocolate industry. However, consumer preference for dark chocolates remains a key impediment to market growth. The global market for white chocolate is estimated to reach an approximate valuation of US$ 35,818.5 Mn in the forecast period.
“Increasing demand from the household care industry”
Economists often describe chocolate as recession-proof. Even at the time of economic crisis, consumers may cut down on most of the luxuries but they are less likely to resist less-costly luxury items such as cosmetics and chocolates. This is known as ‘Lipstick Effect’. Chocolates are in demand all time of the year across all regions. The demand for chocolates increases specially during festivals. This is one of the major factors that is attributed to the growth of white chocolate market globally.
“Smart advertisement policies in order to diversify consumer base”
The alluring and creative tag lines and commercials of chocolates running on television and social media are majorly responsible for attracting consumers towards buying these products. This is a strategy that most of the players are using globally to increase their brand equity and thereby contributing to the growth of white chocolate market.
“New Distribution Channels”
With the growing popularity of chocolates, distribution channels for chocolates are also increasing. To cater for convenience buyers, chocolates are now available from health food stores to coffee shops as well. Although, discount stores and supermarkets are dominating the market. As the luxury buyers thrive, premium chocolates are available in mainstream stores as well. Certain brands are seeking to move up the value chain by opening up their own flagship stores. Some of the best examples include Hershey’s and Mars flagship stores.
“Accelerated growth of Gourmet and Specialty Products Business”
The Specialty Food and Beverage sector is growing at a very fast pace. According to the Annual State of Industry Report by Specialty Food Association’s (SFA), revenue generated by Specialty Products was around US$127 Billion in 2016. Foodservices as well as retail sales are also growing at a very high CAGR. Consumer preferences are changing and are taking a shift towards healthy and fit lifestyle. This is great opportunity which if utilized properly will help the White Chocolate Market grow at a fast pace.
“Preference for Caramelized White Chocolate a Key Trend in the Market”
Manufacturers have been using light-coloured chocolate since a long time and stepping up their efforts by going mainstream. In the confectionary industry, adoption of golden hues is growing at a brisk pace. The toasting and deeper flavour of caramelized white chocolate has been trending amongst chefs and manufacturers. Use of caramelized white chocolate in making desserts is also creating new avenues of growth for manufacturers. In a bid to expand their consumer base, manufacturers are focusing on improving the nutritional value of their offerings, and position white chocolates as a healthy snacking option.
“Volatile Input Prices”
Although, the revenue of white chocolate market has increased considerably over the past few years but it has experienced sluggish growth rates. The reason attributed to these relatively sluggish growth rates are the continuously changing input prices that is the cost of raw materials. These volatile input prices continue to cast a shadow on the future projections.
What is the value share held by North America for the white chocolate market?
North America holds 36.10% of the global white chocolate market value share while U.S. holds 32.20% of the market share. The North American population are among the highest consumers of chocolate worldwide and the extensive processing and manufacturing industry in U.S & Canada accounts for increased share on the market.
How is the European White Chocolate Market Faring?
Obesity is a major issue in the Europe region that the governments of countries in this region are taking very seriously. For example, in United Kingdom, very few people give importance to the fat content of chocolate bars and other chocolate products. In order to tackle obesity, the British government is taking measures and pressurizing chocolate manufacturers in this region to come up with products that emphasize on portion control. Some of the measures suggested by the British government include, ‘sharing packs’ that can keep a check on overeating or chocolate bars that are smaller in size. Owing to the health benefits of white chocolate such as high protein and carbohydrate content, popularity of white chocolates is expected to rise in Europe region because people have now started seeing white chocolate as a healthy alternative to Milk and filled Chocolates that can also satisfy their craving for chocolates.
What is the Outlook for Speciality Store Segment for White Chocolate?
Specialty Stores White chocolate segment is expected to expand at 5.8% CAGR over the forecast period and to be valued at US$ 4,334.7 Mn by 2033 end. Specialty stores segment is estimated to account for 19.5% revenue share of the sales channels segment by 2018 end and is expected to lose 110 BPS in its market share by 2033 over 2018. Specialty stores segment is expected to create absolute $ opportunity of US$ 1,735.2 Mn between 2018 and 2033. The largest share is contributed by North America region in specialty stores market. This is expected to represent US$ 941.6 Mn, or 34.3% of the market in 2023, to reach US$ 1,575.1 Mn in 2033, or 36.3%, representing a CAGR across forecast period of 6.7%.
Which Application of White Chocolate is seen more across the World?
White chocolate is perceived as a beneficial product for skin regeneration and hydration. Owing to its benefits in skin care, the cosmetic industry is incorporating white chocolate in their offerings. The trend of adopting white chocolate in skin care products is especially pronounced in face care segment. In addition to white chocolate, cosmetic companies are focusing on including bourbon vanilla and jojoba oil in their products to offer organic and natural solutions to consumers.
Leading players in the white chocolate market are focusing on developing cost-efficient and new production techniques. Reduction of manufacturing costs and penetration into new application areas are the other key focus areas for manufacturers. Some of the leading players in the market include The Hershey Company, Mondelez International, Agostoni Chocolate, GCPPL Ltd., Chocolatiers (UK) Ltd, Barry Callebaut, Nestle SA, Blommer Chocolate Company, Ferrero, Ghirardelli Chocolate Co., Unilever and Mars Incorporated.
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Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2018-2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
Available upon request |
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The global market for white chocolate has a value of US$ 19,391.8 Mn in 2023.
The global market for white chocolate has a value CAGR of 6.4% from 2018-2022.
The global market for white chocolate has a value of US$ 35,818.5 Mn in 2033.
The global market for white chocolate has a value CAGR of 6.3% from 2023-2033.
The top players in the global white chocolate market includes Unilever Plc., Nestlé S.A., The Hershey Co., Lindt & Sprüngli AG.
