According to a new report published by Allied Market Research, titled, “wine chocolate market by form, wine type, and distribution channel: global opportunity analysis and industry forecast, 2021–2030,” the global wine chocolate market was valued at $752.0 million in 2020, and is projected to reach $1,473.4 million by 2030, registering a CAGR of 7.2% from 2021 to 2030.
Wine chocolate is a very niche category product mostly popular in the European countries where the per capita consumption of both wine and chocolates is high. Wine chocolate is a blend of wine and chocolates that perfectly complements each other in terms of taste. The most common and the popular blend is the red wine with dark chocolate. The wine chocolates are available in wine like bottles in the liquid form and chocolate like boxes in the solid form. Both of these forms are actually a wine infused chocolate.
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The growing demand for chocolates across the globe is a major factor boosting the demand for wine chocolates among the population. North America and Europe are the major consumers of wine chocolate owing to increased disposable income, increased consumer awareness, rising awareness regarding the health benefits of wine chocolates, and higher demand for the premium chocolate products. The unique blend of wine and chocolate and its unique and aromatic taste attracts the chocolate and wine enthusiasts. Therefore, the market has a high growth potential, especially in the developed markets.
Wine and chocolate are well-known for their health benefits such as weight management, reduce bad cholesterol, lower blood pressure, improve blood circulation, prevent cancer, and improve heart health. The rising awareness among the global consumers regarding the health benefits associated with consumption of wine chocolate is expected to foster the wine chocolate market growth in the upcoming years. Moreover, rising demand among the young population for its unique taste and a perfect gifting item is boosting the growth of the global wine chocolate market.
However, there are certain factors that may hamper the growth of the wine chocolate market. The low awareness regarding the availability and health benefits of wine chocolates and low purchasing capacity of people in the underdeveloped and developing economies may hamper the growth of the market during the forecast period.
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According to the wine chocolate market analysis, the market is segmented on the basis of form, wine type, and distribution channel. Based on form, the market is segregated into liquid and solid. On the basis of wine type, the market is segmented into red wine, white wine, and others. Depending upon the distribution channel, the market is categorized into supermarkets/hypermarkets, specialty stores, and e-commerce. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, Belgium, France, the UK, Italy, Spain, Switzerland, and rest of Europe), Asia-Pacific (China, Japan, India, Singapore, and rest of Asia-Pacific), and LAMEA (Brazil, the United Arab Emirates, and rest of LAMEA).
As per the wine chocolate market forecast, based on form, the liquid segment dominated the market in 2020, garnering the highest global market share. This is attributable to the increased demand for the liquid wine chocolate among the consumers as an after-dinner drink. The solid segment is expected to be the fastest-growing segment in this market due to rising demand among the chocolate lovers for premium chocolate products.
According to the wine chocolate market trends, based on the wine type, the red wine segment dominated the market with a highest share in 2020. The red wine is extremely popular among the consumers and it is one of the most desirable type of wine combined with dark chocolate preferred by consumers. Therefore, its immense popularity has made this segment the market leader and is expected to sustain its position during the forecast period.
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Depending upon the distribution channel, the e-commerce segment is estimated to witness the highest growth rate during the forecast period. This is owing to rising adoption of smart devices, rising penetration of internet, and growing popularity of various food delivery platforms and e-commerce platforms across the globe.
Region wise, Europe dominated the global wine chocolate market. This is attributable to the increased per capita consumption of wine and chocolates in the top European countries such as Germany, France, Italy, Portugal, Sweden, and Switzerland. The wine chocolate is gaining rapid traction among the European consumers, and Europe is expected to retain its leading position throughout the forecast period. North America is estimated to be the fastest-growing market owing to rising awareness regarding wine chocolates, demand for healthy food, and rising demand for premium and luxury products among the population.
Players operating in the global wine chocolate industry have adopted various developmental strategies to expand their market share, exploit the wine chocolate market opportunities, and increase profitability in the market. The key players profiled in this report include Underberg AG, Duc d’O, Alfred Ritter, NEUHAUS, Raaka, Toms International, Ferrero S.p.a., Yildiz Holdings, Amedei Tuscany, and Halloren.
Key findings of the study
The global wine chocolate market was valued at $752.0 million in 2020, and is projected to reach $1,473.4 million by 2030, registering a CAGR of 7.2% from 2021 to 2030.
By form, the solid segment is estimated to witness the fastest growth, registering a CAGR of 7.7% during the forecast period.
In 2020, depending on wine type, the red wine segment was valued at $350.9 million, accounting for 7.1% of the global wine chocolate market share.
In 2020, the U.S. was the most prominent market in North America, and is projected to reach $327.2 million by 2030, growing at a CAGR of 6.4% during the forecast period.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.