Durian Chocolate Market is estimated to grow at a CAGR of 5.14% by Global Forecast to 2023
Durian Chocolate Market Research Report by Type (65% Dark Chocolate Durian Praline, 80% Dark Chocolate Durian Praline, Dark Chocolate Durian with Crunchy Pearls Praline), by Distribution Channel (Online Sale, Offline Sale) and Region – Forecast till 2023
pune, India – February 28, 2019 /MarketersMedia/ —
Market Overview:
The global durian chocolate market is expected to rise and touch a valuation of USD 654.5 million by 2023 with a 5.14% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) in their report has incorporated factors responsible for the popularity of the durian fruit. The various segments are analyzed in detail coupled with new formulations under development by chocolate manufacturers with durian at the center.
The durian chocolate market is set to boom due to the odd combination of the repugnant durian and rich taste of chocolate. The infamy of durian appealing to consumer tastes is likely to bode well for the market growth. Unique flavor of durian coupled with demand for end-use products is predicted to drive the market volume to 12,924.3 tons over the forecast period.
The increasing demand for the fruit in Asia Pacific countries owing to its medicinal value is expected to hike the market growth. Its antioxidant properties coupled with fiber and vitamin-rich content in chocolates is projected to augur well for the durian chocolate demand till 2023. But the unpleasant odor emitted by the fruit has led to its restriction in public planes and can be detrimental to market growth.
Initiatives by various governments to legalize trade of durian is expected to favor the market growth. This is evident by the recent agreement between China and Malaysia which lets durian manufacturers direct access to Chinese regions.
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Competitive Analysis:
Eminent players to influence the durian chocolate market report are DaianaChocolate (U.S.), Cocoa Boutique (Malaysia), Naturkostbar AG (Switzerland), Harriston (New Zealand), Beryl’s Chocolate & Confectionery Sdn. Bhd. (Malaysia), Azaib Holdings Sdn. Bhd. (Malaysia), Benns Chocolate (Malaysia), Chocolate Monggo (Indonesia), Sunshine Kingdom Sdn. Bhd. (Malaysia), and MK Durian Harvests Sdn. Bhd. (Malaysia).
Mergers, acquisitions, and new product launches are prime strategies of these players to sustain their position in the global market. Creating a strong distribution network in order to distribute the main product to the masses is likely to be incorporated into the core strategies of companies.
Segmentation:
The durian chocolate market is segmented by type and distribution channel.
Based on the type, the durian chocolate market consists of 65% dark chocolate durian praline, 80% dark chocolate durian praline, and dark chocolate with crunchy pearls praline. Among them, 65% dark chocolate durian praline had 50.64% share, 80% dark chocolate durian praline (35.19%), and dark chocolate with crunchy pearls (14.17%) in 2018.
The 65% segment is projected to experience 4.91% CAGR and touch a value of 327.8 million by 2023. It can create a demand for 6,473.1 tons by 2023. It will continue to retain the dominant position in the durian chocolate market owing to rich blends of 65% dark chocolate and durian flavor. On the other hand, the 80% segment can reach a worth of USD 232.3 million by 2023 at a CAGR of 5.32% over the forecast period. This particular segment can accumulate a volume of 4,589.3 tons by 2023 at 2.73% CAGR during the assessment period.
On the basis of distribution channel, offline sale accounted for 72.05% share, while online sale accounted for 27.95% share in 2018. Offline sales are predicted to generate revenue close to USD 343.4 million by 2023, while online sales are deemed to create nearly USD 186.2 million by 2023.
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Regional Analysis:
Geographical analysis of the global durian chocolate market includes North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Within the market, regions such as APAC (67.21%), North America (16.51%), Europe (13.55%), and RoW (2.73%) occupied the specified market shares respectively in 2018. The APAC durian chocolate market is predicted to be the dominating region and touted to generate close to USD 433.4 million by 2023. This can be attributed to major durian-producing countries such as Thailand, Malaysia, and Indonesia. High demand for durian and durian-based products is likely to boost regional sales. In addition, arrangement of durian festivals to create awareness among consumers can bode well for the total revenue of the durian chocolate market.
The North America region is expected to generate revenue worth USD 110.3 million by 2023. Factors attributed to the regional growth include consumer preference for dark chocolate in the U.S. and Canada and awareness of health benefits provided by frozen durian. The accumulated regional demand can reach 2,146.7 tons by 2023.
The Europe region is expected to enjoy a modest growth during the forecast period owing to certain restrictions imposed on the inflow of durian due to its pungent odor. But their availability in Chinese supermarkets in the region owing to its appealing taste enticing Asian citizens residing in the region. But demand for rich-tasting chocolates is likely to bolster the durian chocolate demand exponentially.
Contact Info:
Name: Abhishek
Organization: market research future
Address: Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune – 411028 Maharashtra, India
Phone: 6468459312
Website: https://www.marketresearchfuture.com/reports/durian-chocolate-market-7247
Source: MarketersMedia
Release ID: 487036
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