The drinking chocolate market offers a range of features including various flavors, formats (powder, liquid), and health-conscious options. However, the dominating segment is premium artisanal drinking chocolate. This category emphasizes high-quality cocoa, often ethically sourced and with unique flavor profiles. Craft and gourmet brands are gaining traction among consumers seeking a rich and indulgent experience. Additionally, health-oriented variants such as sugar-free, dairy-free, and organic drinking chocolates cater to the wellness-conscious segment, contributing to the market's diversification and growth.
According to Data Bridge Market Research, the Europe Drinking Chocolate Market was valued at USD 11762.05 million in 2021 and is expected to reach the value of USD 16221.42 million by 2029, at a CAGR of 4.1% during the forecast period of 2022 to 2029.
“Rising prominence of online retail channels boost the market’s growth”
The driving force behind the drinking chocolate market is the rising prominence of online retail channels and the expansion of efficient supply chains. With consumers increasingly shopping online, beverage products such as drinking chocolate gain accessibility and visibility. Moreover, expanded supply chains ensure that these products reach a wider audience, often with reduced lead times. This combination of e-commerce and supply chain enhancements facilitates the market's growth by making drinking chocolate readily available to consumers across regions.
What restraints the growth of the Europe drinking chocolate market?
“Easy availability of product substitutes restraints the market’s growth”
A significant restraint in the drinking chocolate market is the easy availability of product substitutes. Consumers have numerous alternatives such as coffee, tea, and other flavored beverages, making it challenging for drinking chocolate to maintain a distinct market share. Additionally, various cocoa-based products and health-focused alternatives compete for consumer attention. The availability of these substitutes can limit the market's growth as consumers often have a wide array of choices, reducing brand loyalty and market penetration.
Segmentation: Europe Drinking Chocolate Market
The Europe drinking chocolate market is segmented on the basis of type, cocoa content, application, flavor, form, target consumers, and end-user.
- On the basis of type, the Europe drinking chocolate market is segmented into dark, milk, and white.
- On the basis of cocoa content, the Europe drinking chocolate market is segmented into 60-90%, 40-60%, 30-40%, and others.
- On the basis of application, the Europe drinking chocolate market is segmented into chocolate drinks, protein shakes, Energy Drinks, and coffee mixes.
- On the basis of flavor, the Europe drinking chocolate market is segmented into vanilla, caramel, honey, and Hazelnut.
- On the basis of form, the Europe drinking chocolate market is segmented into powder, and liquid.
- On the basis of target consumers, the Europe drinking chocolate market is segmented into adult, and kids
- On the basis of end-user, the Europe drinking chocolate market is segmented into food service providers, household/domestic, corporates, and airlines.
Regional Insights: Asia-Pacific dominates the Europe Drinking Chocolate Market
The Asia-Pacific dominates the drinking chocolate market and this trend is expected to persist throughout the forecast period. This dominance is attributed to the region's extensive popularity and significant chocolate consumption. Moreover, the rising consumption of waffles and pita bread prepared with chocolate spreads, along with the increasing adoption of Western culture and cuisine over traditional foods such as bread and toast, contributes to this trend. Factors such as a growing population and changing lifestyles further fuel the market's growth in the Asia-Pacific region.
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Recent Developments
- In September 2020, Nestlé extended its range of dairy alternatives by introducing a plant-based Nesquik drink in Europe. Initially launched in Spain, Portugal, and Hungary, it later expanded to other European countries. This ready-to-drink beverage is crafted from oats, peas, and sustainably sourced cocoa, with lower sugar content compared to traditional milk-based Nesquik.
- In March 2020, FrieslandCampina's flavored milk brand, Yazoo, unveiled a new flavor named Choco-Hazelicious. This offering came in four different formats, catering to both on-the-go and at-home consumption.
- In September 2021, in collaboration with Lagardère, Ferrero pre-launched the Ferrero Rocher Tablets in the travel-retail channel. This marked Ferrero's entry into the chocolate tablet market, with the product available in three flavors: milk, dark (55 percent cocoa), and white.
The Prominent Key Players Operating in the Europe Drinking Chocolate Market Include:
- Barry Callebaut (Switzerland)
- The Hershey Company (U.S.)
- Nestle SA (Switzerland)
- Ingredion (U.S.)
- Mars, Incorporated (U.S.)
- DSM (Netherlands)
- Kerry Group plc (Ireland)
- Tate & Lyle (U.K.)
- Godiva (U.S.)
- LUIGI LAVAZZA SPA, (Italy)
- Starbucks Coffee Company (U.S.)
- PepsiCo (U.S.)
- Mondelez International (U.S.)
- The Simply Good Foods Company (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of Europe drinking chocolate market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Europe Drinking Chocolate Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
