Latest News- Chocolate Market in South America: Dark chocolate is expected to lead the Product segment during 2024-2028
The Chocolate Market in South America is being driven by Rising awareness regarding health benefits offered by chocolate
The Chocolate Market in South America is expected to grow at a CAGR of 4.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3639.5 million. In the dynamic chocolate market of South America, impulse buying plays a significant role in driving sales. Unplanned purchases occur when consumers are unexpectedly drawn to confectionery items, such as chocolate, while shopping for daily necessities. Strategic product placement at eye-catching locations within retail establishments can trigger these impulsive decisions. Furthermore, rising income levels and evolving lifestyles contribute to the increasing trend of impulse chocolate purchases. The allure of chocolate, marketed as a reward or symbol of happiness, transcends economic boundaries and captivates both children and adults alike.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product (Dark chocolate, Milk and white chocolate) Geography (South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Chocolate Market in South America Research Report
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South America's chocolate market encompasses a range of high-quality chocolates, including vegan, organic, gluten-free, and sugar-free options. The bean-to-bar concept and single-origin chocolates highlight the mental health benefits of chocolate, such as the production of serotonin and endorphins. Single-origin cocoa from South America is used to create various chocolate products, like milk, white, and liquid chocolate, as well as chocolate bars, truffles, and cocoa powder. Conventional, lactose-free, and fair-trade chocolates are also available, making chocolate an affordable luxury for consumers concerned about cholesterol. Artisan chocolates, gourmet chocolates, and organic chocolates continue to gain popularity in this market.
The chocolate market in South America is witnessing significant growth due to the increasing demand for high-quality, specialty chocolates. This trend is driven by consumers' preferences for vegan, organic, gluten-free, sugar-free, and single-origin chocolate variants. The bean-to-bar concept, which involves producing chocolate from raw cocoa beans, is gaining popularity for its transparency and authenticity. Additionally, the mental health benefits associated with chocolate consumption, particularly the production of serotonin, contribute to its market expansion. The market size is calculated based on the revenue generated by manufacturers adhering to these standards, excluding equipment producers and packaged beverage manufacturers. The market's growth is fueled by the health advantages of minimally processed foods and consumers' increasing awareness of the benefits of specialty chocolate.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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