Truffle Chocolate Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Boxed assortments-based truffle chocolate (BATC), Seasonal-based truffle chocolate (STC)); Design (Spherical Truffle Chocolate, Conical Truffle Chocolate, Others); End-User (Online, Offline); and Region/Country
The truffle chocolate market is expected to register a CAGR of approx. 4% over the period of 2022-2028. A chocolate truffle is a specific kind of chocolate confection that is traditionally made with a chocolate ganache center that is covered in chocolate, cocoa powder, coconut, or chopped and roasted nuts (typically hazelnuts or almonds), and is typically shaped in a spherical, conical, or curved shape. The increasing number of new product launches is one of the key drivers supporting the truffle chocolate market growth across the globe. Vendors are continuously releasing innovative products to broaden their customer base as a result of the increase in demand for truffle chocolates across a number of nations. For instance, Ferrero plans to pre-launch the new Ferrero Rocher Tablets in the travel-retail channel in September 2021 in collaboration with Lagardère. Ferrero enters the chocolate tablet market with the new product available in three flavors: milk, dark 55 percent cocoa, and white. Owing to the glaring statistics, consumption of chocolate due to the constant desire to try new ethnic flavors and tastes is increasing significantly and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the truffle chocolate market is anticipated to grow on account of the growing demand from organized retail stores propelled by the rising number of offline sales stores. However, some of the restraints in the market including the stringent government regulations about quality standardization, and supply chain disruptions caused by the pandemic are impeding the growth of this market all over the world.
HAIGH’S CHOCOLATES, Barry Callebaut AG, Olam Cocoa Pte Ltd, ADM, Chocoladefabriken Lindt & Sprüngli AG, Ferrero International, Ganache Chocolate Australia Pty. Ltd, Hauser Chocolates, Champlain Chocolate Co, Lolli and Pops Inc are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst products, the boxed assortments-based truffle chocolate (BATC) category accounted for the significant share in the market in 2020”
Based on the products, the truffle chocolate market is segmented into boxed assortments-based truffle chocolate (BATC) and seasonal-based truffle chocolate (STC). The boxed assortments-based truffle chocolate (BATC) segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. The demand for boxed assorted truffle chocolate is gaining traction, as vendors are offering such products with different flavors. In addition, vendors are offering innovative and fantasy figure boxes, which are attracting more consumers.
“Amongst design, the spherical truffle chocolate category is expected to witness considerable CAGR during the forecast period”
Based on the design, the market is fragmented into spherical truffle chocolate, conical truffle chocolate, and others. The spherical truffle chocolate segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period because spherical truffles are easy to eat and easy to dissolve in the mouth.
“Amongst end-users, the offline category is expected to witness considerable CAGR during the forecast period”
Based on the end-users, the market is fragmented into online and offline. The offline segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the increasing number of retail shops and ease of availability.
“Asia Pacific to witness significant growth during the forecast period”
For a better understanding of the market dynamics of the truffle chocolate market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. The Asia Pacific constitutes a major market for the truffle chocolate industry owing to due to the region’s tremendous popularity and substantial consumption of chocolate, rising consumption of waffles and pitas prepared with chocolate spreads.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
Global truffle chocolate market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Truffle Chocolate Market Analysis (2022-2028)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global truffle chocolate market were the three major steps undertaken to create and analyze the adoption of truffle chocolate in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global truffle chocolate market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the truffle chocolate market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the truffle chocolate market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the product, design, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the truffle chocolate market. Further, we conducted factor analysis using dependent and independent variables such as an increasing number of new product launches, etc. globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the truffle chocolate market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global truffle chocolate market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the truffle chocolate market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global truffle chocolate market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global truffle chocolate market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, design, and end-users in the global truffle chocolate market.
The main objective of the Global Truffle chocolate Market Study
The current & future market trends of the global truffle chocolate market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the truffle chocolate market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product, design, and end-users.
- Define and analysis of the regulatory framework for the truffle chocolate market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the truffle chocolate market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the truffle chocolate market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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