LIQUID CHOCOLATES MARKET ANALYSIS

Liquid Chocolates MarketSize and Trends

MARKET DYNAMICS

• Liquid chocolates are largely sold during occasions and festivals such as Valentine’s Day, Easter, Halloween, and Christmas, and during occasions such as weddings, birthdays, anniversaries, mother’s day, and others. According to the International Housewares Association, in 2017, the U.S. retail sales of chocolate products was highest during Easter with a value of US$ 935 million, followed by Christmas, Valentine’s Day, Halloween, and other similar public holidays/occasions with values US$ 776 million, US$ 524 million, US$ 383 million, and US$ 12 million, respectively.
• Increasing awareness about health benefits associated with chocolate is boosting demand for liquid chocolates. Chocolates contain antioxidants called flavonoids, most notably epicatechin, catechin, and procyanidins. High intake of foods containing flavonoids reduce risk of heart disease. Dark chocolate protects the skin against sun damage, improves blood flow to the skin, increases skin hydration, and improves brain functioning.
• Stringent government regulations imposed on liquid chocolate manufacturing & packaging is a key challenge for manufacturers to sustain in the market. In the U.S., Food & Drug Administration (FDA) regulates the manufacturing & labelling standards for chocolates. Code of Federal Regulations Title 21 part 163 defines method of analysis & specific standardization of cocoa products.

MARKET OUTLOOK

• Food segment holds dominant position in the market in 2018 and is expected to maintain its dominance over the forecast period. Chocolate syrups are extensively used to decorate & provide tasty flavor to variety of bakery & confectionary products.
• Europe accounted for the largest market share in the global liquid chocolates market in 2018. Chocolate events and festivals have been gaining attraction in Europe. For instance, Eurochocolate, the definitive event for chocolate connoisseur in the Umbrian town of Perugia in central Italy, is Europe’s largest chocolate festival and it attracts around 900,000 visitors every year. Therefore, with increasing number of chocolate festivals, the demand for liquid chocolates in Europe is expected to increase during the forecast period.
• Several countries in Asia Pacific such as Sri Lanka, Malaysia, Indonesia, Philippines, and Papua New Guinea are among the major producers of cocoa. According to the International Cocoa Organization, from 2017 to 2018, cocoa production in Indonesia was around 2.8 billion tons, with the rest of Asia Pacific accounting for 0.88 billion tons. Such factors create potential growth opportunity for liquid chocolate manufacturers in these countries.