The Global Wine Chocolate Market Size is anticipated to generate a revenue of $1,621.4 million by 2031, increasing from $759.6million in 2021, at a noteworthy CAGR of 8.1%.
Impact Analysis of COVID-19 on the Wine Chocolate Market
The COVID-19 pandemic led to decline in the price of cocoa beans. The price of the product often fluctuates due to changes in supply, however the pandemic reduced demand for chocolate. Despite the fact that some customers turned to chocolate as a comfort meal during shutdowns, this did not compensate for the substantial fall in chocolate sales at airports, restaurants, and other retail locations, which resulted in the decrease in the wine chocolate market share growth during the pandemic period.
Owing to decreased consumer demand during the COVID-19 pandemic, the wine chocolate market saw negative growth. Wine and cocoa, two widely used components, are used to make wine chocolates. Worldwide travel restrictions impacted the supply and demand for raw resources such as wine and cocoa. This has significantly decreased the amount of wine chocolates produced.
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Wine Chocolate Market Analysis:
Wine chocolate is a rich source of healthy nutrients including antioxidants and supports heart health. Since the primary components of wine chocolates, such as wine and dark chocolate, are made from fruits, they have a number of health advantages, including the ability to aid in weight loss, boost metabolism, and rejuvenate the skin. This factor has raised awareness about the health benefits of the consumer and is likely to flourish the wine chocolate market growth during the forecast period. Moreover, the influence of western culture on the people and increased trend of gifting customized chocolate packages in the corporate world are likely to flourish the wine chocolate market growth during the forecast period.
Wine chocolate market share growth is anticipated to be hampered in the future by lack of awareness about the health benefits of consuming wine chocolates among the rural populations in emerging nations. Furthermore, the future expansion of the industry is probably going to be constrained by the high price of wine chocolate due to the usage of pricey ingredients such as wine and cocoa in its production.
Consumers' increasing desire for wine chocolates to satisfy their taste palate maintain their health, and lower their stress levels, has given the chocolate and confectionery companies numerous opportunities to introduce new wine chocolate products and expand their product line. Such factors are likely to boost the wine chocolate market opportunity in the coming years.
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Wine Chocolate Market, Segmentation
The wine chocolate market is segmented on the basis of product form, wine type, sales channel, and region.
By product form, the wine chocolate market is bifurcated into solid and liquid wine chocolates. The solid wine chocolate segment accounted for a dominating market share in 2021. The growth of the segment is due to the fact that the individuals are becoming increasingly obsessed with eating chocolates, which is available in a variety of shapes, textures, and sizes in the market. In addition, for special occasions such as birthdays and festivals, many people throughout the world favor to offer flavored chocolates with unique flavors, such as wine chocolates to their friends and family. These factors are anticipated to generate huge revenue in the next few years.
By wine type, the market is divided into red and white wine. The red wine chocolate segment accounted for a dominating market share in 2021. The growth of the segment is majorly driven by growing inclination among people for consumption of red wine chocolates. Red wine is loaded with high antioxidants and helps in maintaining health and skin quality. Moreover, in many counties of Europe, dark chocolates in combination with red wine is generally served as a dessert after dinner. These factors are projected to propel the wine chocolates market growth in the next few years.
By sales channel, the global wine chocolate market is classified into supermarket/hyper markets, convenience stores & specialty stores, and online.
Online segment is anticipated to have the fastest market growth during the forecast period. Owing to the large number of working professionals and their preference for online shopping, the online shopping trend is increasing tremendously. Moreover, to attract customers globally, several distributors and even manufacturers provide additional discounts and offers on their online products. Furthermore, online shopping also saves a lot of time for the customer, which otherwise is wasted in travel. Such factors are likely to drive the global wine chocolate market growth during the forecast period.
By region, the Asia-Pacific wine chocolate market is anticipated to have the fastest growth during the forecast time period. The established confectionery industries in the area and their ongoing efforts to create and introduce new products are expected to boost the region's growth in wine chocolate market. In addition, due to lack of exercise and workouts, an increasing number of lifestyle-related health problems, including obesity, gastrointestinal problems, mental health problems, and stress levels among working professionals, have changed the way in which people consume wine and chocolate. Wine chocolate is incredibly beneficial for enhancing one's heart and brain wellness. Such factors are expected to foster the market growth of wine chocolate in the future.
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Key Players in the Wine Chocolate Market
The companies involved in the wine chocolate market are
- Underberg AG
- Duc d’O
- Alfred Ritter
- Toms International
- Ferrero S.p.a.
- Yildiz Holdings
- Amedei Tuscany
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