The chocolate wrapping films market is anticipated to flourish at an average CAGR of 4.5% between 2023 and 2033. The market is expected to hold a market share of USD 1,148.6 million by 2033, while the market is likely to reach a value of USD 739.65 million in 2023.
The growing variety of chocolates and the changing lifestyle of people across the globe are expected to benefit the market during the forecast period. Also, growing awareness about consuming chocolates is likely to augment the market size. According to health experts, the average consumption of chocolate boosts serotonin, which relaxes the brain and acts as an anti-depressant. It also releases endorphins in the body, which instantly elevates mood.
Players in the market focus on making attractive chocolate wraps to boost the excitement level of people during parties and celebrations. Distribution of chocolates has become easier with the growing popularity of e-commerce platforms like Amazon, Snapdeal, and others. This is expected to benefit the market in the forecast period.
| Attributes | Details |
|---|---|
| Chocolate Wrapping Films Market CAGR (2023 to 2033) | 4.5% |
| Chocolate Wrapping Films Market Size (2023) | USD 739.65 million |
| Chocolate Wrapping Films Market Size (2033) | USD 1,148.6 million |
The growing trend of celebrating inter-faith festivals across the globe is expected to offer significant growth opportunities to the market during the forecast period. Celebrations of festivals like Halloween, Diwali, and Christmas create substantial demand for chocolate wrapping. Also, the growing trend of birthday celebrations, along with rising expenditure on birthday gifts, is likely to augment the market size in the coming time.
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Increasing Demand for Premium Chocolates to Benefit the Market
Due to which vendors are innovating premium cardboard-based luxury packaging solutions, increasing demand for premium chocolates across the globe is expected to benefit the market in the forecast period.
The manufacturers are presenting premium chocolates as well as premium chocolate packaging as gifting options that attract consumers due to the exclusiveness of the packaging, thereby fostering the demand for premium and luxury packaging. Unique consumption experiences are increasing the demand for these chocolates, especially in the festive season, and keeping consumers returning for more.
For instance, in 2016, Nestle, maker of Maggi noodles and Kit Kat bars, plans to challenge Ferrero and Mondelez in the premium chocolate market in India by launching pricier variants and brands from its global portfolio. Such factors are expected to increase demand for global chocolate wrapping films.
Increase in Raw Material Prices to Hamper the Chocolate Wrapping Films Market
The increasing cost of raw materials for chocolate packaging is expected to hamper the market growth in the forecast period. An increase in the price of propylene is likely to impact plastic packaging prices, which is increasing the overall cost of chocolate packaging globally.
This price rise is because of increasing demand and inefficient material supply, which is projected to grow in the forecast period. Along with this, aluminum prices are expected to rise in the forecast period. Moreover, an increase in the paper price is resulting in an increased price of cardboard, which is likely to impact the global chocolate packaging market directly.
Green Alternatives to Offer Significant Opportunities to the Market
Growing environmental awareness has resulted in the development of eco-friendly packaging methods. New players take the initiative to offer a green alternative to plastic wrapping. For instance, Kocatrait, an Indian startup, offers plastic-free wrappers.
To wrap the chocolate, discarded cotton cloth material, reclaimed garment factories in Coimbatore in Tamil Nadu, India, along with cocoa shells, which are also waste products after roasting that end up in landfills, are used. Such innovative factors are likely to benefit the industry in the coming time.
Celebration of Various Festivals to Favor the Market in the Region
According to the analysis, North America is expected to dominate the market during the forecast period. In 2022, the region secured a market share of 21% of the global revenue. The United States is expected to make the most significant contribution to expanding the regional market.
Domination of the region can be attributed to the increasing consumption of chocolates for Christmas celebrations and New Year celebrations and the presence of various ethnic diaspora celebrating their festivals.
According to Food Gifting in the United States, 5th Edition, in 2018, Americans spent USD 935 million on Easter and USD 776 million on Christmas. Such factors are expected to boost the regional market during the forecast period.
Growing Demand for Premium Chocolates to Drive the Market
According to the study, the European market is likely to be the second-leading chocolate wrapping film market. In 2022, the region procured 15% of the global revenue. The regional market's growth can be attributed to the growing demand for chocolates, especially premium ones.
Players in the market are offering a wide variety of chocolate flavors, which is expected to increase demand for chocolate wrapping films. For instance, GodessiLimited provides premium chocolates in various flavors, like orange and cinnamon, walnut and cinnamon, peppermint, and raspberry and almonds.
The chocolates are gluten-free, dairy-free, soy-free, and vegan and, thus, meet the special dietary needs of the consumers. Such factors are expected to benefit Europe's chocolate wrapping films market during the forecast period.
Launch of New Chocolates to Benefit the Market in the Asia Pacific
Asia Pacific is expected to be fast-expanding market during the forecast period. This can be attributed to various factors, such as the presence of developing countries, expanding population, and rising disposable income.
Players in these regions are taking various initiatives to launch new products, expected to benefit the market in the coming time. For instance, in 2021, a new premium chocolate brand, Kokomae, was launched in India.
In another instance, Hershey launched chocolate bars in India. Such factors are expected to grow demand for chocolate wrapping films and augment the regional market during the forecast period.
The Durability of PVC to Develop the Segment in the Forecast Period
Polyvinyl Chloride is a thermoplastic polymer in several forms like rods, sheets, tubes, and films. It has excellent chemical resistance to water and most acids. It is durable and lightweight. Thus, it is expected to gain significant traction among manufacturers and boost the market during the forecast period.
Kocotrait, Snacktops, Fossa Chocolate, Keratica Designs, Buttermilk Creative, and Algarve Chocolate Company, among others, are some emerging names in the global chocolate wrapping films market. Players are adopting innovative methods to strengthen their position in the market.
For instance, Singaporean startup Fossa Chocolate makes its chocolates from scratch and provides various packaging for its consumption. They sell their chocolates by using jars, boxes, sachets, and flexible packaging options. In addition, the startup offers customizable chocolate bars or gift boxes for corporate gifting, product launches, and similar events.
Key players in the global chocolate wrapping films market include Sysco Industries Limited, Multifilm Packaging Corporation, POLYSACK LTD, VACMET INDIA LIMITED, Uflex Ltd., Watershed Packaging Ltd TAGHLEEF INDUSTRIES GROUP, Mondi Group, Aluflexpack novi d.o.o., Swiss Pack United Kingdom, Varipack AG., Ester Industries Ltd., Innovia Films Limited, CLONDALKIN GROUP.
Recent Updates from the Industry Include
The projected CAGR of the chocolate wrapping films market by 2033 is 4.5%.
The projected market value by 2033 is USD 1,148.6 million.
The market is estimated to secure a valuation of USD 739.65 million in 2023.
The food and beverage industry is the key chocolate wrapping films market consumer.
Sysco Industries Limited, Multifilm Packaging Corporation, and POLYSACK LTD are the three key players in the market.
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Chocolate Wrapping Films Market
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