Latin America- The next sweet tooth destination - Bonafide Research

Despite the average economical situation of the countries, the chocolate industry is growing well in the South American region. The significance of chocolate confectionery over sugar confectionery is growing among the customers in the region. An inclination towards the want for new taste has opened markets for the industry to bloom. Some of the key players present in the global market are Lindt and Sprungli AG, The Hershey Company, Ferrero Group, Mondelez International, and Nestle SA, etc. The marketers are launching and re-branding their different variants to capture more market. The chocolate market of Latin America proposed to become the next big destination for chocolate industries with its rapid chocolate adaption. According to the report "Latin America Chocolate Market By Value, By Segment (Milk Chocolate, Dark Chocolate, White Chocolate), By Application (Everyday, Premium, Gourmet, Seasonal/Gift), By Country (Brazil, Argentina, Chile, etc), By Sales Channel (Supermarket/ Hypermarket, Convenient Stores, Online), (Trends & Forecast), Outlook, 2025" published by Bonafide Research; the growth of South American chocolate market is prominently being driven with the CAGR of above 7.5% till 2019. In this region, Brazil is the prominent producer, nearly producing 800 thousand tons of chocolate every year. The increasing shift towards natural & organic ingredients in chocolate products has affected positively its rapid growth. There has been a shift towards the premium and gourmet chocolate segment from the regular chocolate products. These changes in customer preference are likely to bring in the growth of CAGR of above 11% by 2025. The availability of confectionary items at discounted prices in supermarkets and online grocery stores have made the purchase easier for the customers. The emerging online segment is pushing the chocolate market on the way of growth and development. Companies have started selling their chocolate products through their websites. Changing tastes and preferences of people regarding chocolates is coming as a challenge for the chocolate producing companies across the Latin American region. Various on-the-go snacks are having their influence on the customers and are easily available near to house convenience stores that can cause the problem to the prevalence of the chocolate confectionery market. Still, constant launches of new flavors and variants have opened doors for a promising future in the South American market.