CHOCOLATE AND GOURMET DATES MARKET ANALYSIS

The global chocolate and gourmet dates market is expected to be valued at US$ 195.56 billion by 2030 and is expected to register a CAGR of 5.1% in terms of revenue over the forecast period (2023 – 2030). Factors such as the manufacturing of various limited-edition chocolates and stuffed gourmet dates are fueling the growth of the chocolate and gourmet dates market. Increased spending on tourism is resulting in high demand for chocolates and gourmet dates as gifts as chocolates and sweets in general  are considered as good options for return gifts and souveniers. Chocolate and gourmet dates are used in confectionery products such as cookies, bread, candies, and others.

Chocolate and Gourmet Dates Market: Regional Insights

Chocolate and gourmet dates market in Europe is expected to dominate the global market. This is attributed to the high production and consumption of chocolates and raising awareness regarding health benefits. The strong presence of leading manufacturers including Nestle S.A., Lindt & Sprungli AG, Deliciously Dates, Ferrero Group, and Confiseur Laderach AG which are exporting their products across the globe. This factor is expected to support revenue growth of the target market. Moreover, increasing tourism activities is resulting in high demand for chocolates and gourmet dates as gifts.

Asia Pacific chocolate and gourmet dates market is expected to register significant growth, owing to increasing consumption of chocolates, dates, and other chocolate-based confectionery items. Demand for chocolate and gourmet dates in North America is attributable to chocolate festivals organization, which in turn rising growth of the target market.

Figure 1. Global Chocolate and Gourmet Dates Market (%), By Region, 2022

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Chocolate and Gourmet Dates Market: Growth Drivers

• Increasing consumption of chocolate-based confectionery products is one of the major factors expected to drive the growth of the global market
• Moreover, the easy availability of chocolates along with limited edition chocolates and stuffed gourmet dates are some factors fueling the growth of the target market
• Also, chocolates and gourmet dates are becoming popular as a better gifting option for festivals and special occasions. This is another factor projected to augment global market growth.
• Manufacturers are extending their product portfolios in order to fulfill changing buying and consumption patterns which turns in will aid in the growth of the target market.
• In addition, widespread approval of chocolates for drinks, bakery products, ice creams, and functional foods, is expected to boost the growth of the target market over the forecast period

Chocolate and Gourmet Dates Market: Market restraints

• Shortage in the supply of cocoa
• Overconsumption of chocolates may cause dental issues, which is a factor expected to hamper the growth of the global market
• In addition, the high cost of premium packaged products is another factor that may challenge the growth of the target market

Among packaging type, the standard packaging segment is expected to gain a significant market share during the forecast period, owing to its lower price as compared to gift packaging. Moreover, gourmet dates and chocolates are considered gift products due to their classification as premium food items and therefore, the gift packaging segment’s demand is expected to increase during festivals and occasions such as Thanksgiving, Easter, weddings, birthdays, Valentine’s Day, and others.

Figure 2. Global Chocolate and Gourmet Dates Market (%), By Segments, 2022

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Chocolate and Gourmet Dates Market: Key Developments

• In May 2020, Chocoladefabriken Lindt & Sprüngli AG company has announced its new product launch with salted caramel truffle in European along with other regions. The product has a smooth texture made with milk chocolate along with a silky caramel-flavored filling into it.
• In September 2021, Ferrero International S.A. partnered exclusively with Lagardère Travel Retail to pre-launch the new premium tablet range. The new product is available in three flavors milk, dark 55%, cocoa, and white, crafted only with the highest-quality ingredients.
• In January 2019, Nestle in Japan announces volcanic KitKat in advance of Valentine's Day. Nestle revealed the KitKat Chocolatory Sublime Volcanic made with volcanic chocolate made with a rare type of cacao. Sublime Volcanic KitKat comes with a series of three flavors namely, Vanuatu, Papua New Guinea, and The Philippines each bringing its personality to proceedings.

Chocolate and Gourmet Dates Market: Key Players

Major players operating in the global chocolate and gourmet dates market include Mars Inc., Nestle S.A., Mondelez International, Ferrero Group, Godiva, Bateel International L.L.C., AL FOAH, Doyen Foods, Flyberry Gourmet, Sharjah Dates Factory, and others.