Ruby Chocolate Market

Ruby Chocolate Market Outlook (2022-2032)

The global ruby chocolate industry is valued at USD 1750.64 Million in 2022. The market is expected to surpass a valuation of USD 24134.06 Million by end of the forecast duration i.e. 2032. The chocolate market is expected to grow with a CAGR of 30% in the assessment duration.

This chocolate entered the confectionary segment in 2017. Since that time the chocolate industry is transforming its legacy. This invention is a breakthrough for many chocolate-producing brands that experience fresh flavors and surprising tastes. Ruby chocolate is known as the “first pinkish chocolate” and “millennial chocolate” in the history of the chocolate industry.

The global ruby chocolate arcade is anticipated to create substantial market opportunities for new entrants in this segment to cater to the rising demand from target consumers across the globe. Over the last two years, ruby chocolate has been launched in several economies, including China, Japan, South Korea, the U.S., and European countries. It is likely to be launched in numerous countries owing to the transforming preference of millennials.

Report Attributes	Details
Market size (2022 A)	USD 1750.64 Million
Base Year for Estimation	2022
Forecast duration for this research	2022-2032
Forecasted Market value (2032 F)	USD 24134.06 Million
Global Market Growth rate (2022-2032 E)	CAGR of 30%
Key Companies Profiled	Swiss chocolatier KitKat Nestle Barry Callebaut

What drives demand for these chocolates?

“The shifting consumer preferences likely to drive demand”

The global ruby chocolate industry is anticipated to witness a strong CAGR during the forecast period owing to the increasing consumption of these chocolates among consumers across the globe. Among the regions, the global market for chocolate is anticipated to be dominated by Europe followed by North America and East Asia by 2019 due to the presence of key production plants and the high consumption of ruby chocolate in these regions.

However, the global market is expected to witness a boom in the overall production and sales of ruby chocolate across developed and developing economies in the next few years due to rising awareness among consumers. Moreover, emerging countries such as China, the U.S., India, and Mexico are anticipated to witness amplified demand for such chocolates over the forecast period due to the increasing business footprint of chocolate vendors.

“Premium chocolate brands set to transform dynamics of chocolate industry”

The backdrop of increasing demand for premium chocolate products across the globe is likely to transform the industry dynamics of chocolate during the forecast period. The overall sales of chocolate are expected to grow at a substantial growth rate due to several market-impacting factors. Some of the factors include rising consumer awareness, expansion in the production capacity of brands, rising demand for natural products, an increasing number of new entrants in the segment, and increasing R&D activities of the companies among others.

The global market for chocolate is anticipated to open a plethora of market opportunities for leading brands to amplify their overall supply chain network in the ruby chocolate segment. However, a lack of brand promotion in Latin America, South Asia, and the Middle East & African countries may hamper the overall sales of the industry over the forecast period.

What are the factors that deter the ruby chocolate growth?

Cocoa farmers are facing a lot of issues that directly affect the supplies for the chocolate industry. Cocoa production is also hampered majorly due to climate change. Extreme weather changes are affecting the quality of cocoa yields. The negative health connotations of eating chocolates are hindering the growth of ruby chocolates.

Overall the sales of chocolate products are predominant in the western region mainly in Europe and North America which is likely to center this market around western countries in the forecast period. The rising prices of raw materials encounter a challenge in sourcing cocoa beans.

A sustainable supply of ingredients is essential for the continuous production of chocolates. There is a consistent need for the inclusion of flavors in order to attract more customers to chocolates.

Regional Insights

The global chocolate industry is expected to remain dominant in North America as well as Europe. The rising markets in countries like France and Germany in Europe are ascribed to gain high demand in the forecast duration. The presence of key chocolate manufacturing firms in this region is likely to propel growth in the forecast period.

Asia Pacific is anticipated to create lucrative growth opportunities for players in the upcoming years. The rising disposable income in countries like India and China is expected to generate greater revenue in the forecast period owing to the high population.

Segment wise analysis

The chocolate arcade can be segmented on the basis of form, nature, and sales channel. On the basis of form, products are segmented further into bars, biscuits, donuts, pralines, and others. On the basis of nature, the market can be segmented into organic and conventional. On the basis of sales channels, the industry is segmented into modern trade, pharmaceutical & confectionery stores, specialty stores, online retailers, and other retail formats.

The confectionery segment amounts to about 80% of the market share in the chocolate market in 2020. The rising eco-conscious customer base is behind the growth in demand. The top confectionary brands are focusing on sustainability and quality improvement expected to impact positively the product trajectory.

The ongoing traction for online channels and specialty stores among the millennials is likely to amplify the overall sales of the global ruby chocolate market over the foretold period. The offline segment in distribution channels is dominant at present. The global market for chocolate can be segmented into seven regions: North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa.

Recent Developments

Due to the existence of numerous small- and large-scale vendors, the worldwide chocolate industry is highly fragmented. These players compete in the aspects of product innovation, distribution, price, and quality. To develop manufacturing facilities around the world and satisfy rising product demand, a majority of major businesses have been investing in R&D.

Furthermore, to gain a competitive edge in the market, these competitors are aggressively pursuing new mergers, acquisitions, joint ventures, and product development. Moreover, to strengthen their distribution network, manufacturers intend to open new retail locations, which will result in a bigger market by 2032.

• In 2018, the Swiss chocolatier company, Barry Callebaut (a leading industry player in the chocolate industry) announced that the company would launch its ruby chocolate products in the U.S. and Europe.
• In 2018, Nestle SA also launched a premium KitKat ruby chocolate in South Korea and Japan. These companies are focusing on understanding the need of target consumers to gain a competitive advantage in the global market.

Ruby Chocolate Market: Segmentation

• By Form :

  • Bar
  • Biscuits
  • Donuts
  • Pralines
  • Others

• By Nature :

  • Organic
  • Conventional

• By Sales Channel :

  • Modern Trade
  • Pharmaceutical
  • Confectionery Stores
  • Specialty Stores

• By Region :

  • Europe
  • North America
  • APAC
  • South America
  • MEA