Australia Chocolate Market to Grow with Product Innovation During the Forecast Period
Rising disposable income, product line innovation, and growing
demand for niche product categories such as organic chocolate products to fuel
the Australia chocolate market through 2027.
According to TechSci Research report, “Australia
Chocolate Market - Industry Size, Share, Trends, Competition, Opportunity,
and Forecast, 2017-20267”
the Australia chocolate market
is expected to project an impressive growth in the forecast period, 2023-2027,
with an impressive CAGR of 7.79% on account of rapidly surging demand for
organic, sugar-free, vegan, and gluten-free chocolates by consumers who are
shifting towards a healthy lifestyle. Also, market players are offering new and
innovative flavors, further boosting Australia's chocolate market.
The rising health consciousness among the population, growing
sustainable procurement of cocoa, etc., are other major factors contributing to
the growth of the Australia chocolate market. As the millennial and generation
Z population accounts for approximately 40% of the overall population in
Australia, the majority of individuals are health conscious and keep a check on
what they are consuming.
Individuals are going for low sugar and organic chocolates, hence
consuming chocolates without sacrificing the taste and richness associated with
them. Moreover, the increasing interest in chocolates and changing taste
preferences of people are driving the growth of premium chocolate brands in
Australia.
The customer expectations shift leads them to choose items beyond dairy
allergies and lactose intolerance. Also, millennials are looking for delicious
yet nutritious chocolates. Additionally, the prominence of malls and
supermarkets is also boosting the visibility of different flavors of chocolate
products among consumers.
Browse over 17 market data Figures spread through 70 Pages and an
in-depth TOC on "Australia chocolate market"
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The Australia chocolate market is segmented based on type, category,
distribution channel, competitional landscape, and regional distribution. Based
on type, the market is further fragmented into milk chocolate, dark chocolate,
and white chocolate. Dark chocolate is expected to register the fastest growth
in the market on account of the rising awareness about the health benefits of
cocoa-based products, especially dark chocolates.
Chocolates with higher cocoa concentrations help in improving
cardiovascular health, blood flow, and cognitive functions. Moreover, the
increasing interest in chocolates and changing taste preferences of people are
driving the growth of premium chocolate brands in Australia.
Based on category, the market is segmented into tablets, countline,
boxed chocolates, and others. Boxed chocolates are expected to register the
largest revenue shares and assert their dominance over the market in the
upcoming five years. Boxed chocolates are convenient to be gifted which makes
them a clear choice for usage. Such factors are expected to support the growth
of the sub-segment and growth of the Australia chocolate market in the next
five years.
Key market players in the Australia chocolate market include:
·
Mondelēz Australia Pty. Ltd.
·
Mars Australia Pty. Ltd.
·
Lindt & Sprüngli (Australia) PTY LTD
·
Nestlé Australia Limited
·
Ferrero Australia Pty. Ltd.
·
Darrell Lea Confectionery Co. Pty. Ltd.
·
Haigh Pty. Lt.
·
Stuart Alexander & Co Pty Ltd.
·
J.H. Whittaker & Sons (Aust) Limited
·
Monsieur Truffe
Mondelēz Company
is an American multinational manufacturer of snacks and beverages. The company
offers products such as biscuits, chocolates, gums, and candy, etc. The company
is consistently launching innovative and technologically advanced products that
are further promoting its brand values.
For instance, in June 2021, the company launched a distinctive chocolate
flavor ‘Cadbury Caramilk,’ a caramelized white chocolate. From early July 2021,
the version is available in 80g tablets (£1) and 37g single bars (69p), as well
as price-marked versions. Mars is a leading American multinational manufacturer
of confectionery, pet food, and other food products, as well as an animal care
service provider and is expected to further aid in the futuristic growth of the
market.
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“The rising demand for
assorted chocolates is expected to aid the growth of the chocolate market of
Australia. Moreover, market players are continuously focusing on meeting the
consumer demand for rising organic and clean label trends, along with the
increasing demand for premium and organic ingredients surging due to the
greater health advantages offered by these chocolates. These consumer
indulgences are likely to boost the demand for premium chocolates in the future
years. Also, new market players may focus on studying the consumer demands and
extended research along with the innovative product launches, thus aiding their
brand establishment. Such factors may influence the growth of the Australia
chocolate market in the upcoming five years.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Australia
Chocolate Market By Product Type (Milk Chocolate, Dark Chocolate and White
Chocolate), By Category (Tablets, Countline, Boxed Chocolates, and Others (Assorted
Chocolates, Chocolate Pouches & Bags, etc.)), By Distribution Channel (Departmental
Stores, Convenience Stores/Forecourt Retailers, Supermarket/Hypermarket, Online,
and Others (Specialty Stores, Duty-free Shops, Kiosks, Pharmacies, etc.)), By
Region, Competition, Forecast
& Opportunities, 2017-2027”, has evaluated the
future growth potential of Australia chocolate market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Australia chocolate market.
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