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The Wine Chocolate Market Projected to Grow at a CAGR of 7.0% and Garner a Revenue of $1,219.50 Million in the 2021-2028 Timeframe

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The global wine chocolate market is estimated to generate a revenue of $1,219.5 million by 2028, increasing from $723.5 million in 2020, at a noteworthy CAGR of 7.0%.

Impact Analysis of COVID-19 on the Wine Chocolate Market

During the prevalence of COVID-19 pandemic, wine chocolate market observed a negative growth owing to its less demand by the consumers. Wine chocolates are made from very popular ingredients like cocoa and wine. As there were travel restrictions, worldwide, the demand and supply of raw materials like wine and cocoa were disrupted. This factor has reduced the manufacturing of wine chocolates considerably. This factor has resulted in the decrease in the wine chocolate market share growth in the pandemic period.

Wine Chocolate Market Analysis:

Wine chocolate is an excellent source of beneficial nutrition such as antioxidants and helps in maintaining heart health. The main ingredients of wine chocolates like wine and dark chocolate are made from fruits and therefore provide various health benefits such as reducing body weight, increasing metabolism, and helping in skin rejuvenation. This factor has raised awareness about the health benefits of the consumer and is likely to flourish the wine chocolate market size growth in the stipulated time frame.

However, lack of awareness among rural population in developing countries about the beneficial health effects of wine chocolate is likely to hinder the wine chocolate market share growth in the future. Also, high cost of the wine chocolate due to the use of costly ingredients like wine and cocoa in its manufacturing is likely to restrain the market growth in the future.

Growing demand for wine chocolates in the market by the consumers to maintain their health, reduce their stress level, and satisfy their taste pallets has provided various opportunities to the chocolate and confectionery industries to launch new wine chocolate products and develop their product portfolio. Such factors are likely to boost the wine chocolate market share growth in the coming years.

Wine Chocolate Market, Segmentation

The wine chocolate market is segmented based on product form, wine type, sales channel, and region.

Product Form:

The wine chocolate market by product form is segmented into solid and liquid wine chocolates. The solid wine chocolate sub-segment is predicted to have the highest revenue in the global market and register a revenue of $693.4 million during the forecast period. The growth of the sub-segment is majorly driven by growing craze among people about the consumption of chocolates available in different shapes, textures, and sizes in the market. Also, many people across the world prefer to gift exclusive flavored chocolates like wine chocolates to their friends and relatives on different occasions like birthdays and festivals. These factors are anticipated to generate huge revenue in the next few years.  

Wine Type:

The wine chocolate market by wine type is segmented into red and white wine. The red wine chocolate sub-segment is predicted to have the highest revenue in the global market and register a revenue of $776.7 million during the forecast period. The growth of the sub-segment is majorly driven by growing preference among people for red wine chocolates available in the market. Red wine is loaded with high antioxidants and helps in maintaining health and skin quality. These factors are anticipated to generate huge revenue in the next few years.

Sales Channel:

The global wine chocolate market by sales channel is segmented into super market/hyper markets, convenience stores & specialty stores, and online.
Online sub-segment is anticipated to have the fastest market growth and generate a revenue of $278.0 million in 2028. The increase in the revenue of the sub-segment owes to large number of working professionals and their preference for online shopping. Many companies provide extra discounts and various offers online to attract their consumers. Also, it saves a lot of time while shopping online. Such factors are anticipated to drive the market in the future.

Region:

The Asia-Pacific wine chocolate market accounted $170.0 million in 2020 and is projected to register a revenue of $311.0 million by 2028. The regional growth is attributed to presence of well-established confectionery industries in the market and their constant effort to develop and launch new products. Also, growing prevalence of lifestyle related health issues such as obesity, gastric issues, mental health issues, and stress level among working professionals due to lack of exercise and workout has shifted the population towards the consumption of wine chocolate. Wine chocolate is very useful in improving the mental health and heart health of the person. Such factors are estimated to increase the market growth of wine chocolate in the future.

Key Players in the Wine Chocolate Market

The companies involved in the wine chocolate market are

  1. Underberg AG
  2. Duc d’O
  3. Alfred Ritter
  4. NEUHAUS
  5. Raaka
  6. Toms International
  7. Ferrero S.p.a.
  8. Yildiz Holdings
  9. Amedei Tuscany
  10. Halloren.

Porter’s Five Forces Analysis for the Wine Chocolate Market

  • Bargaining Power of Suppliers: The number of suppliers in the wine chocolate market is increasing at a rapid pace due to which they have to optimize their product range in order to attract large number of consumers.  
    Thus, the bargaining power suppliers is moderate.
  • Bargaining Power of Buyers: Buyers are high in number. Therefore, they have high choices in choosing the products that best fit their preference. 
    Thus, the bargaining power of the buyers is high.
  • Threat of New Entrants: Since the market is growing rapidly, new companies entering the market have started launching new wine chocolate products to attract the consumers and establish their market presence. 
    Thus, the threat of the new entrants is high.
  • Threat of Substitutes: There are many chocolate substitutes available in the market which is likely to attract the consumers.
    Thus, the threat of substitutes is high.
  • Competitive Rivalry in the Market: The competitive rivalry is present among the market players as the wine chocolate market is growing and there is a huge scope for high growth.
    Therefore, competitive rivalry in the market is high. 
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