New York, USA, Jan. 02, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global wine chocolate market is anticipated to rise at a stable CAGR of 7.0%, thereby garnering a revenue of $1,219.5 million by 2028. This comprehensive Research Dive report presents a brief outlook of the current framework of the wine chocolate market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Over the years, there has been an increase in the demand for flavored chocolate which is predicted to be the primary growth driver of the wine chocolate market in the forecast period. Additionally, increasing awareness about the health benefits of wine chocolates is expected to drive the market forward.
Opportunities: Development of product portfolio by major companies is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growth in demand for chocolates due to variations in taste pellets is anticipated to augment the growth rate of the market.
Restraints: However, high cost of wine chocolates may restrict the growth of the wine chocolate market in forecast period.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns impacted the wine chocolate market in a negative way. The travel restrictions and the lockdowns across the globe led to decline in the supply of raw materials such as cocoa, grapes, wine, etc. which, in turn, hampered the production of wine chocolates. Furthermore, the overall demand for wine chocolates also declined during the pandemic. Both these factors brought down the growth rate of the market during the pandemic years.
Segments of the Market
The report has fragmented the wine chocolate market into segments based on product form, wine type, sales channel, and region.
Product Form: Solid Sub-segment to be the Most Profitable
By product form, the solid sub-segment of the wine chocolate market is expected to have the highest market share and is projected to garner $693.4 million by 2028. The growth in demand for different shapes and texture of chocolates is predicted to be the primary growth driver of the sub-segment in the forecast period.
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Wine Type: Red Wine Sub-segment to be the Most Lucrative
By wine type, the red wine sub-segment is expected to have the dominating share and register a revenue of $776.7 million by 2028. Growing consumption of red wine by people across the world is anticipated to help in the growth of this sub-segment.
Sales Channel: Supermarkets/Hypermarket Sub-segment to be the Most Profitable
By sales channel, the supermarkets/hypermarket sub-segment of the wine chocolate market is expected to have the highest market share and is projected to garner $622.6 million by 2028. The wide variety of wine chocolates available in supermarkets and hypermarkets help in providing a choice to customers which is why they prefer buying such products from large supermarkets. This trend is predicted to be the primary growth driver of the sub-segment in the forecast period.
Region: Market in the Europe Region to be the Most Dominant
By regional analysis, the wine chocolate market in Europe region is predicted to grow rapidly in the 2021-2028 timeframe and is expected to reach $431.7 million by 2028. Presence of major wine chocolate producing and consuming countries like Germany and France is expected to become main growth driver of the market in this region.
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Prominent Market Players
Some leading players in the wine chocolate market are
- Underberg AG
- Raaka
- Yildiz Holdings
- Duc d’O
- Toms International
- Amedei Tuscany
- Alfred Ritter
- Ferrero S.p.a.
- Halloren
- NEUHAUS
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
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For instance, in July 2022, Chocolate Works, a leading manufacturer of specialty chocolates, announced the acquisition of Moonstruck Chocolate LLC. Moonstruck Chocolates is an Oregon-based chocolate company and this acquisition is predicted to help Chocolate Works as it will be able to capture the market and consolidate its position in the near future.
Finally, this comprehensive report also summarizes many crucial aspects of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Wine Chocolate Market:
- 5 Rarely Known Health Benefits of Wine Chocolates
- Partnerships Like that of Raaka Chocolate and Willa’s Kitchen to Drive the Global Wine Chocolate Market
