NEW YORK, United States, July 24, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Truffle Chocolate Market – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database. According to the latest research study, the global truffle chocolate market size was worth at around USD 1243.69 million in 2022. The market is expected to grow above a CAGR of 5.28% and is anticipated to reach over USD 1884.36 million by 2030.
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Truffle Chocolate Market Overview:
Typically, truffle chocolates are referred to as truffles. They are classified as chocolate confectionery within the broader food & beverages (F&B) market. Truffle chocolates are named after the truffle fungus because they resemble the fungus’ earthy appearance and irregular form. The most common types of truffle chocolates are made with a combination of extremely rich and buttery ganache and chocolate coating. The ganache filling is prepared by pouring heated heavy cream over coarsely chopped chocolate. This mixture is stirred continuously until it becomes uniformly homogeneous and consistent. It is then permitted to settle and solidify. Various market participants offer truffle chocolates with a variety of flavours, including vanilla extract, liqueurs, and seasonings. This serves to improve the flavour of the ganache. As the number of consumers around the world increases, the truffle chocolate industry may experience constant expansion.
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Key Insights from Primary Research
- As per the analysis, the Truffle Chocolate market share is likely to grow above a CAGR of around 5.28% between 2023 and 2030.
- The Truffle Chocolate market size was worth around USD 1243.69 million in 2022 and is estimated to hit approximately USD 1884.36 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The truffle chocolate market is projected to grow at a significant rate due to the increasing spending on gourmet food
- Based on flavor segmentation, dark chocolate truffles were predicted to show maximum market share in the year 2022
- Based on distribution channel segmentation, specialty stores were the leading channels in 2022
- On the basis of region, North America was the leading revenue generator in 2022
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Truffle Chocolate Market: Growth Drivers
Increasing spending on gourmet food to drive market growth
The global truffle chocolate market is expected to register high growth owing to the increasing spending globally on gourmet food. Truffle chocolates are considered in this category due to their high-quality ingredients, meticulous craftsmanship, and indulgent flavor profiles. Premium chocolates have registered high demand across nations especially in developed countries. A 2019 report by Fox DC stated that nearly 4 out of 10 Americans are expected to spend nearly USD 50 per week on gourmet food items. This can be seen in the increasing number of recent luxury chocolate launched by companies producing high-end chocolates. In September 2022, Lily O’Brien’s Chocolates, an Irish brand of premium chocolates, unveiled a new range of truffle chocolates which was made available in 2 flavors including Salted Caramel Truffles and Milk Chocolate Truffles. They were sold for £5.00 each. The company used marketing tactics such as unique boxes to enhance the overall look of the product packaging thus contributing to its luxury feel.
Truffle Chocolate Market: Restraints
- High cost of truffle chocolate production to restrict market expansion
The production process of truffle chocolates is extremely labor intensive. They are carefully produced only by skilled chocolatiers that follow meticulous production processes. Moreover, since truffle chocolates are made of high-quality ingredients such as premium chocolate, fresh cream, and other high-grade flavorings, the total cost of production is further pushed to new heights. As companies invest in chocolate innovation, the associated expense is likely to continue growing. A recent example is the 2020 inauguration of an expansive and the world’s largest research & development center by the premium chocolate-making company Lindt & Sprüngli. The center is launched by The Lindt Chocolate Competence Foundation and is a 3-story, 1500 m2 facility that is expected to help the global chocolate truffle industry register higher consumer demand.
The report contains qualitative and quantitative research on the global Truffle Chocolate Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness.
Some of the main players in the global Truffle Chocolate market include;
- Lindt & Sprüngli
- Mondelez International (Cadbury)
- The Hershey Company
- Godiva Chocolatier
- Ghirardelli Chocolate Company
- Chocoladefabriken Lindt & Sprüngli AG
- Kinder (Ferrero)
- And others
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The global truffle chocolate market is segmented based on distribution channel, flavor, and region.
Based on distribution channel, the global market is segmented into online stores, specialty stores, brand-owned stores, supermarkets & hypermarkets, and others. The truffle chocolate industry is expected to register the highest growth in the specialty stores and brand-owned stores segment. This is mainly because the majority of the companies that produce high-end truffle chocolate tend to have an established brick-and-mortar store where consumers visit to enjoy the gourmet food in a relevant setting.
Based on flavor, the global market is divided into milk chocolate truffles, dark chocolate truffles, flavored truffles, and white chocolate truffles. The demand and consumption of dark chocolate truffles are higher mainly due to the extreme popularity of dark chocolates and the intense flavor profile of dark chocolate truffles.
- North America to register the highest growth
The global truffle chocolate market is expected to be led by North America during the forecast period. Regions such as the US and Canada are the leading revenue generators. One of the primary reasons for higher regional growth is the presence of a strong gifting culture in these countries. A recent survey conducted by the National Confectioners Association concluded that nearly 92% of the survey respondents would prefer to receive chocolates or candies as gifts. These items register high sales during the holiday seasons.
During Christmas, the sale of chocolates, across the range, goes up by 5.75% while during Easter, the sale increase rate is 5.19%. Furthermore, the US is home to some of the most dominant manufacturers of gourmet chocolates and these companies are spread across nations including developing countries
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Key questions answered in this report:
- What is the market size and growth rate forecast for Truffle Chocolate industry?
- What are the main driving factors propelling the Truffle Chocolate Market forward?
- What are the leading companies in the Truffle Chocolate Industry?
- What segments does the Truffle Chocolate Market cover?
- How can I receive a free copy of the Truffle Chocolate Market sample report and company profiles?
|Report Attribute||Report Details|
|Market Size in 2022||USD 1243.69 Million|
|Market Forecast in 2030||USD 1884.36 Million|
|Growth Rate||CAGR of 5.28%|
|Forecast Years||2023- 2030|
|Key Companies Covered||Lindt & Sprüngli, Ferrero, Mondelez International (Cadbury), Nestlé, Mars, Incorporated, The Hershey Company, Godiva Chocolatier, Ghirardelli Chocolate Company, Neuhaus, Toblerone, Valrhona, Guylian, Chocoladefabriken Lindt & Sprüngli AG, Frey, Kinder (Ferrero), Milka (Mondelez International), Côte d’Or (Mondelez International), Ritter Sport, Ferrero Rocher, Green & Black’s, Patchi, Tony’s Chocolonely, Leonidas, and Barry Callebaut.|
|Segments Covered||By Distribution Channel, By Flavor, and By Region|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Browse Complete Report Here | Truffle Chocolate Market By Distribution Channel (Online Stores, Specialty Stores, Brand-Owned Stores, Supermarkets & Hypermarkets, And Others), By Flavor (Milk Chocolate Truffles, Dark Chocolate Truffles, Flavored Truffles, And White Chocolate Truffles), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030
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The global Truffle Chocolate market is segmented as follows:
By Distribution Channel
- Online Stores
- Specialty Stores
- Brand-Owned Stores
- Supermarkets & Hypermarkets
- Milk Chocolate Truffles
- Dark Chocolate Truffles
- Flavored Truffles
- White Chocolate Truffles
- North America
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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