Wine Chocolate Market by Product Form (Solid and Liquid), Wine Type (Red Wine and White Wine), Sales Channel (Super Market/Hyper Markets, Convenience Stores & Specialty Stores, and Online), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031

Global Wine Chocolate Market Analysis

The Global Wine Chocolate Market Size is estimated to generate a revenue of $1,621.4 million by 2031, increasing from $759.6 million in 2021, at a noteworthy CAGR of 8.1%.

Market Synopsis

However, lack of knowledge about the beneficial health effects of consuming wine chocolate among people is expected to restrain the wine chocolate market growth. Moreover, many people avoid consuming any alcoholic product due to their religious and cultural beliefs, which is further expected to hamper the wine chocolate market in during the forecast period.

The demand for an exclusive range of wine chocolates is increasing among people, especially young and middle-aged consumers. They regard wine chocolates and other customized chocolate flavors as a pleasing gift on several occasions in the corporate world. This increase in demand for customized chocolate products is likely to fuel the market growth in the next few years.

According to the regional analysis of the market, the Europe wine chocolate market is anticipated to grow at a significant CAGR. The preference and consumption of wine chocolates among people in European countries is one of the major factors driving the wine chocolates market during the forecast time period.

Wine Chocolate Overview

Wine chocolates have become popular among people due to their high antioxidant content, which helps to improve their health and wellbeing. Wine is added in proper quantity, either red wine or white wine, during the chocolate-making process to create wine chocolates. Wine chocolate is great option for giving as gifts during various holidays including Thanksgiving and Christmas.

COVID-19 Impact on the Global Wine Chocolate Market

The occurrence of COVID-19 pandemic declined the growth of wine chocolate market. As the impact of COVID-19 pandemic had a severe impact on the health and wellbeing of the people across the world, the demand and production of wine chocolate has decreased unexpectedly. Amid high rate of corona virus transmission and prevalence of serious symptoms, worldwide restrictions and lockdown were imposed due to which the supply of raw ingredients such as grapes, wine, and cocoa to the confectionery industries was hampered. This factor had a negative impact on the growth of the wine chocolate market during the pandemic. Consumer behavior has undoubtedly changed over the previous two years as a result of lockdown. It was observed that the consumer demand for chocolates has increased and may have even switch toward higher quality chocolate goods. However, the manufacturers still attempted to grasp the change in consumer purchasing behavior, however their manufacturing capabilities were not able to fulfill their customer’s demands.

Surge in Awareness about the Health Benefits of Wine Chocolate to Boost the Market Growth

Wine chocolate market share is expected to increase during the forecast period due to rising consumer awareness of the benefits of its consumption on health. Since it is made of fruits such as grapes and cocoa, wine chocolate has several health benefits, which include improving heart health, lowering blood pressure, and strengthening brain health. Wine chocolates are abundant in polyphenol, vitamin A, B, E, and C as well as trace minerals including potassium and magnesium. These components significantly contribute to raising a person's immunity levels. In addition, the red wine chemical resveratrol aids in the prevention of diseases including cancer and heart problems. Furthermore, the market for wine chocolate is expected to grow in the next few years due to the younger generation's preference for flavored chocolates, both for personal consumption and as gifts for friends and family.

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High Cost of Wine Chocolates to Restrain the Market Growth

Wine chocolates are particularly expensive as they are made with two premium ingredients: cocoa and wine. many cultures do not think of wine as a good drink to consume, thus they choose to stay away from wine-flavored chocolates. In the upcoming years, it is also projected that these issues can limit the growth of the wine chocolate market.

Development of Product Portfolio by Major Companies to Fuel the Market Growth

Wine chocolate market growth is anticipated to be fueled by new product releases and improvements to currently available wine chocolate products. To satisfy the growing demand for nutrient-dense and tasty wine chocolates, major market participants in the industry have begun concentrating on creating and releasing new goods. For instance, according to a news published on the official site of Cargill, a leading American global food organization, in August 2021, the company acquired a Singapore-based chocolate manufacturing company Aalst to expand its wine chocolate product portfolio in Asia-Pacific. This acquisition  boosted Cargill’s cocoa products sales  and helped the company to understand & follow the region’s retail business and customer insights, preferences, and ongoing trends. Thus, the wine chocolate industry is expected to expand in the future.

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Global Wine Chocolate Market, by Product Form

By product form, the wine chocolate market by product form is bifurcated into solid and liquid wine chocolates. Solid segment is projected to generate maximum revenue and liquid wine chocolate is expected to register the fastest growth.

Global Wine Chocolate Market Size, by Product Form, 2021

The solid wine chocolate segment accounted for the highest revenue in the global market in 2021. The increase is attributable to people's growing desire for chocolates in a variety of forms, including bars. In addition, individuals choose to give wine chocolates in their solid form as gifts to friends and family members on special occasions such as weddings and festivals. Such elements are predicted to significantly increase market revenue for wine and chocolate.

The liquid form wine chocolate segment is anticipated to have the fastest growth during the forecast period. The increase in after-dinner dessert demand in western nations such as Europe and America is responsible for the fastest growth.

Global Wine Chocolate Market, by Wine Type

By wine type, the market is divided into red wine and white wine chocolates. Red wine segment is projected to generate both maximum revenue and register the fastest growth.

Global Wine Chocolate Market Share, by Wine Type, 2021

The red wine chocolate segment accounted for the highest revenue in the global market in 2021. Red wine consumption has been increasing globally, which is thought to be the cause of the growth. People in western nations such as Germany and the UK enjoy red wine liqueur. In addition, red wine imparts a distinct flavor to the chocolates that satisfies the taste buds of those who enjoy drinking red wine. Red wine is beneficial for maintaining heart health, which is projected to boost market revenue in the future.

Global Wine Chocolate Market, by Sales Channel

By sales channel, the market is fragmented into supermarket/hypermarkets, convenience stores & specialty stores, and online. Supermarket/hypermarket segment is projected to generate maximum revenue and online segment is anticipated to generate fastest growth.

Global Wine Chocolate Market Growth, by Sales Channel, 2021

The supermarkets/hypermarket segment is predicted to have a dominating market share in the global market in 2021. A vast number of retail establishments around the world are expected to contribute to the segment's future growth. The delight of choosing one's own purchases can be found at supermarkets and hypermarkets. Furthermore, the products are neatly arranged on the shelves, which gives customers a clearer idea of the item they want to purchase. In addition, customers can purchase wine chocolate right away in any form or size they choose. The market expansion in the upcoming years is probably going to be boosted by all of these variables.

Global Wine Chocolate Market, Regional Insights:

The Wine Chocolate market has been analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Wine Chocolate Market Size & Forecast, by Region, 2021-2031 ($Million)

The Market for Wine Chocolate in Europe to be the Most Dominant

The Europe wine chocolate market is expected to have a dominant share in 2021. Major wine and chocolate-producing & consuming nations such as Germany and France are said to be responsible for the growth. People in these nations are more likely to consume nutritious chocolates and confections as they are more concerned with their health. These nations consume the most flavored chocolates and drinks, such as wine chocolate, which are a great source of nutrients. Such factors are anticipated to boost market expansion in the region.

Competitive Scenario in the Global Wine Chocolate Market

Product launches and acquisitions are common strategies followed by major market players.

The companies involved in the wine chocolate market are Underberg AG, Duc d’O, Alfred Ritter, NEUHAUS, Raaka, Toms International, Ferrero S.p.a., Yildiz Holdings, Amedei Tuscany, and Halloren.