Tag: Supermarket & Hypermarket

Chocolate Market Size Worth $187.08 Billion By 2027

The global chocolate market size is expected to reach USD 187.08 billion by 2027, expanding at a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness about health benefits of chocolate among consumers as a result of increased number of advertising campaigns on social websites and satellite television channels is expected to have a positive impact on the market growth. Chocolates are associated as the token of appreciation, love, happiness, and celebration owing to which increasing number of consumers are gifting such confectioneries on special occasions, including Thanksgiving, Easter, and Christmas.

Fluctuating price of raw material is a key factor influencing the cost of production of the chocolate industry, thereby influencing the profitability of the manufacturers. The cocoa plantation requires specific weather conditions. Cocoa is a sensitive plant that grows in the tropical climate and needs proper vegetation shades to yield better quality seeds owing to which its planation is concentrated in West Africa.

Traditional chocolate held the largest share of 99.4% in 2019. Artificial products are expected to expand at the highest CAGR of 11.9% from 2020 to 2027. Carob bars are similar to chocolate bars in terms of the number of calories, fat, cholesterol, and carbohydrates. The absence of caffeine is a factor that makes it different from cocoa, which makes it suitable for people sensitive or intolerant to caffeine. Carob is also naturally sweet and hence requires a low amount of sugar for preparing the final product.

Europe held a leading share of 39.8% in 2019. Growing consumption of dark chocolate owing to associated health benefits is a main factor fueling the chocolate market growth in the region. Middle East and Africa is expected to witness the fastest growth owing to increasing number of specialty retail stores in countries, such as UAE and South Africa.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/chocolate-market

Further key findings from the report suggest:

  • By product, the artificial segment is expected to expand at the highest CAGR of 11.9% from 2020 to 2027. Growing importance of carob as a healthy alternative to cocoa-based chocolate is expected to remain a key factor for the segment growth over the next few years
  • In terms of distribution channel, the supermarket and hypermarket segment accounted for the largest share of more than 65% in 2019. This is attributed to high product visibility, coupled with, increasing number of department and specialty stores in emerging economies, such as China and India
  • Online distribution channel is expected to register the fastest CAGR of 5.6% from 2020 to 2027. This is attributed to increased importance of such channels for providing extra-convenience features, including doorstep delivery and coupon benefits
  • Europe held the largest share of 39.8% in 2019. Growing popularity of dark chocolate among consumers in developed countries, including Germany, U.K., and France, is expected to be a major factor contributing to the regional market growth.

Ready Meals Market Size Worth $244.29 Billion By 2027

The global ready meals market size is expected to reach USD 244.29 billion by 2027, expanding at a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. Rising consumers’ preference for food products with minimum preparation or cooking time and higher shelf life is the key factor for the market growth. Moreover, growing busy schedule and hectic lifestyle among the working-class population and young generation is anticipated to offer new avenues for the market over the forecast period.

With the increasing busy work schedules among working-class people as well as students, they find less time for proper cooking at home. Moreover, consumers are cooking healthy food at home due to increasing focus on healthy lifestyle. Ready meals significantly complete all these requirements, and hence they are gaining popularity among youngsters across the globe.

Manufacturers are launching a wide range of products in order to cater to the rising customer demand, which is increasing the scope of ready meals in the global market. For instance, in July 2019, JBS S.A., the largest meat processing Brazilian company, launched a new range of low calories ready meals with no preservatives. These products are available in six different flavor options under the brand name of ‘Seara Foods’.

The unexpected breakdown of COVID-19 pandemic across the globe has significantly increased the demand for ready meals owing to their higher shelf life and least cooking time as compared to the fruits, fresh veggies, and meat. Furthermore, nearly all the countries in the world have proposed a country level lockdown in order to prevent the spread of this infectious disease. This has propelled the product demand across the globe.

North America held the largest share of more than 35.0% in 2019. Demand for ready meals is increasing in this region as it is one of the most severely affected regions by this pandemic. According to some local news of U.S., demand for ready meals and frozen food products has increased by around 300% in the second week of March 2020. These market trends are anticipated to surge the product demand in this year and are expected maintain a high demand over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/ready-meals-market

Further key findings from the study suggest:

  • By product, frozen and chilled meals held the largest share of more than 50.0% in 2019 and are expected to maintain their lead over the forecast period owing to a wide range of products with high shelf life
  • Canned products are anticipated to register the fastest CAGR of 6.1% from 2020 to 2027 owing to rising popularity among young consumers across the globe
  • By distribution channel, online retail is anticipated to expand at the fastest CAGR of 6.2% from 2020 to 2027 owing to growing trend of online shopping among the consumers
  • North America accounted for the largest share of more than 35.0% in 2019. Food preferences among the consumers are increasing the demand for ready meals in the region
  • Key market players include Nestlé S.A.; ConAgra Brands Inc.; Kraft Heinz Company; Chao Xiang Yuan Food Co. Ltd.; Dr. Oetker; BRF S.A.; Berkshire; Green Mill Foods; General Mills; and Tyson Foods.