Pune India, July 28, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Dark Chocolate Sauce market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Dark Chocolate Sauce market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as packaging type, distribution channel, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Dark Chocolate Sauce market are MONIN INCORPORATED, Syndigo LLC, Ghirardelli Chocolate Company, The Hershey Company, Torani, Callebaut, Kerry, Food Service (India) Pvt. Ltd., Sephra, and Santa Cruz Natural Incorporated among others. To achieve a substantial market share in the worldwide Dark Chocolate Sauce market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, The Hershey Company is one of the most significant manufacturers and distributors present in the global Dark Chocolate Sauce market.
Dark chocolate is usually bitter and less sweet as compared with milk chocolate with a chalky texture. However, the dark chocolate sauce is a thick smooth sauce, often used as a topping for different desserts including ice-creams, pastries, and cakes. It is made of ingredients including cocoa powder along with a sweeteners, chocolate liquor, water, and others. Different ingredients are used for different characteristic of the dark chocolate sauce.
There is an increasing trend of using dark chocolate sauce to drizzle on cake. In addition, the dark chocolate sauce is being used as a flavor enhancer or topping in cakes and cupcakes. Hence, huge popularity of celebrating different types of success and special occasions through cake cutting has boosted demand for dark chocolate sauce. In addition, there is an upsurge in demand for cupcakes as desserts post meals during weekend parties and dine-out among Generation Z consumers and millennials. This has further fueled demand for cupcakes, driving growth of the dark chocolate sauce market.
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Scope of Dark Chocolate Sauce Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Packaging type, distribution channel |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | MONIN INCORPORATED, Syndigo LLC, Ghirardelli Chocolate Company, The Hershey Company, Torani, Callebaut, Kerry, Food Service (India) Pvt. Ltd., Sephra, and Santa Cruz Natural Incorporated among others |
Segmentation Analysis
Pouches and Sachets segment is expected to be the fastest growing segment in 2021.
The packaging type segment includes Bottles and Jars, Pouches and Sachets, Others. Pouches and Sachets segment is expected to witness highest growth rate during the forecast period. The Pouches and Sachets packaging is easily recyclable and requires lesser energy to produce as compared with the other packaging alternatives. This factor has primarily driven growth of this segment. In addition, ongoing trend of flexible packaging in the food & beverages sector to create pouches of any size and shape to suit product needs is further projected to create lucrative growth opportunities for the segment growth in upcoming years.
Online retail segment is expected to be the fastest growing segment in 2021.
The distribution channel segment includes supermarkets and hypermarkets, convenience stores, online retail, and others. Online retail segment is expected to witness highest CAGR during the forecast period. Increased internet penetration in different countries and rising dependence of millennials and generation X along with generation Z parents on e-commerce and internet is opportunistic for growth of this segment. In addition to this, the factors such as rising preference to personalization, extensive availability of greater discounts as compared with the offline stores, and more consumer convenience contributes to the growth of this segment.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Dark Chocolate Sauce include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Europe region witnessed a major share. Increased popularity of dark chocolate products in this region is the major factor contributing to the market growth. In addition, consumer preference to the high-quality dark chocolate sauce products that are good for health as well as environment has further boosted growth of the market. However, Asia-Pacific is expected to witness considerable growth rate during the forecast period. Upsurge in demand for dark chocolate based and chocolate flavoured products in the region drives growth of the market.
Country Analysis
Germany
Germany Dark Chocolate Sauce market size was valued at USD 4.51 billion in 2021 and is expected to reach USD 6.12 billion by 2029, at a CAGR of 4.0% from 2022 to 2029.
Germany is one of the leading chocolate consumers in Europe. In addition, the country is largest chocolate producer across the EU, ahead of Italy, Belgium, and France. In addition, the industry manufacturers in this country are responsible for creation of some of the most widely known products. This significance of chocolate in food industry in Germany is mainly contributing to the growth of dark chocolate sauce market.
Moreover, increased consumer awareness about dark chocolate sauce and mounting chocolate consumption among teenager population in this country has driven demand for Dark Chocolate Sauce.
China
China Dark Chocolate Sauce market size was valued at USD 6.31 billion in 2021 and is expected to reach USD 10.68 billion by 2029, at a CAGR of 6.9% from 2022 to 2029. Rising disposable income in China has favored demand for Dark Chocolate Sauce. In addition, this country is one of the leading producer and consumer of chocolate products around the globe. This has significantly boosted growth of Dark Chocolate Sauce sector in the country. Moreover, globalization, increasing purchasing power, and rising significance of international brands such as Mars, Nestle, and Ferraro in this country is expected to create lucrative growth opportunities for the market.
India
India Dark Chocolate Sauce market size was valued at USD 1.80 billion in 2021 and is expected to reach USD 2.51 billion by 2029, at a CAGR of 4.4% from 2022 to 2029. India is one of the strongest growing economies in Asia. The factors including increasing young population, increasing disposable income, and changing lifestyle has driven growth of the India dark chocolate sauce market. Rising chocolate consumption in India is further fueling demand for dark chocolate sauce. For instance, the per capita average chocolate consumption in this country is about 100g to 200g per person.
Moreover, new product developments coupled with the rising local trends including smaller packaging sizes, sugar reduction, and unique flavors has created lucrative growth opportunities for the market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. The demand for Dark Chocolate Sauce has decreased during the period owing to the regulations on social distancing and supply chain disruptions. In most of the regions, the manufacturing facilities of Dark Chocolate Sauce were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for Dark Chocolate Sauce significantly decreased.
However, the pandemic has caused upsurge in online sales of Dark Chocolate Sauce. Also, this situation caused increased demand for dark chocolates sauces as they have lower amounts of sugar. Hence, Dark Chocolate Sauce market is projected to see considerable growth in post pandemic.
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