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The Chocolates Containing Alcohol Market size is projected to increase by USD 173.03 million and the market size is estimated to grow at a CAGR of 5.34% between 2023 and 2028.
This chocolates containing alcohol market report extensively covers market segmentation by distribution channel (offline and online), type (wafers, blocks, liquid, and chips), and geography (Europe, North America, APAC, South America, and Middle East and Africa). Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
Increasing marketing activities among players is the key factor driving market growth. To increase the sales of chocolates, various marketing strategies, such as advertising and marketing campaigns, are used by players. New promotional activities make the offerings more appealing and relatable for consumers. Market players also target retailers using promotional activities and community participation to increase their awareness and preference for their brands and offerings. Consequently, retailers and consumers are targeted using new marketing activities, such as advertising, word-of-mouth promotions, experiential campaigns, competitions, and rewards on product purchases to increase sales. Hence, the increasing marketing activities among players are expected to drive the growth of the market during the forecast period.
The Chocolates Containing Alcohol Market shows an Accelerated CAGR during the forecast period.
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The rising trend of premiumization in the chocolate industry is the primary trend shaping market growth. Prominent market players of premium chocolates, such as Ferrero International SA and Compagnie du Bois Sauvage SA, have started positioning their products as gift items and premium chocolates that contain alcohol are an attractive gifting option on special occasions. Furthermore, many major and medium-sized players in the confectionery sector globally have started launching their own range of premium chocolates to attract consumers who are greatly influenced by price, packaging, ingredients, authenticity, provenance, and brand experience.
Furthermore, market players such as Ferrero International SA and Prestat Ltd. have emerged as forerunners in the premium chocolate category as these players offer special chocolates containing alcohol for various occasions. Thus, the rising trend of premiumization in the chocolate industry is expected to positively affect the growth of the global chocolates-containing alcohol market during the forecast period.
Low awareness of chocolates containing alcohol in developing countries is a challenge that affects market growth. Chocolates containing alcohol are mostly sold in most developed countries, such as the US. However, their penetration in developing countries, especially in tier-2 and tier-3 cities in developing countries, is low. Furthermore, developing countries face challenges such as the lack of awareness about the availability of different types of premium chocolates and the low purchasing power of consumers to spend on premium confectionery products such as chocolates containing alcohol.
Furthermore, in various other developing nations, the lack of awareness and low demand for confectionery products restrict both the production and adoption of such products. Therefore, before entering the market, market players must educate people about the benefits and health advantages of chocolates containing alcohol. Thus, the low awareness and lack of penetration in developing countries are expected to impede the growth of the market during the forecast period.
The wafers segment is expected to grow significantly in the global chocolates containing alcohol market in the next five years. Chocolate wafers are flat, circular pieces of chocolate that are typically prepared using premium chocolate. They are preferred by consumers owing to their versatility in the confectionery industry. It has been demonstrated that chocolate and alcohol both have mood-enhancing properties. Moderate alcohol consumption helps induce endorphin release and relaxation. Furthermore, a number of compounds found in chocolate increase the synthesis of serotonin, a neurotransmitter linked to emotions of happiness and well-being. Hence, the growing demand for mood-enhancement confectioneries is expected to fuel the growth of the wafers segment, thereby driving the growth of the market during the forecast period.
The market share growth by the offline segment will be significant during the forecast period. The offline distribution channel generates revenue from the sales of products through specialty stores; hypermarkets, supermarkets, and convenience stores; independent retailers; and clubhouse stores. Players are opening new stores in local and regional markets to fuel sales through offline channels. They are selling their products through specialty stores and other retail formats. As a result, the competition in the market is intensifying.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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