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2.3 Industry Attractiveness – Porter’s Five Forces Analysis 4.2 By Distribution Channel
2.3.4 Threat of Substitute Products and Services 4.2.4 Other Distribution Channels
7. COMPANY PROFILES
• Plant Managers
• Sales Managers • Industry Experts
• Company Annual Reports • Insights from Data and
• Surveys • Consultants
• Journals Forecasts, Compiled into
• Manager – Purchasing and • Subject-matter Experts
• Government Publications One Report
Logistics • In-house Experts
• Company-related Queries
• Revalidation of Numbers from
• Forecasting Model
• Market-related Queries
Secondary through Primaries
• Monte Carlo Simulation
• Company Financials
• Combination of Top-down and
Bottom-up Approaches
Primary Interviews (%)
Primary Interviews (%) - Along Value Chain
6% CEOs/CFOs
6%
Board Members
31%
32% 35%
Research Heads
20%
Manufacturers
Strategic Decision Makers
Service Providers
Financial Advisors
11% End-users
26% Investors
55%
Regional- and country-level analyses of the market and the forecast of the European premium chocolate market.
DROs
KEY PLAYERS
COMPETITIVE LANDSCAPE
The industry is studied in terms of its growth over the last few years and the
RESEARCH
fundamental challenges that face the industry.
METHODOLOGY Each segment is further studied in terms of its attractiveness to investors in the
financial analysis section to understand the interest evinced by IPO investors, venture
capitalists, asset management firms, and the likelihood of mergers and acquisitions.
The conclusion to this study includes opinions and recommendations to retail
investors, fund managers, CEO’s, and other members of the investor community.
Porter’s Five
Market Structure Company Profiles
Forces Analysis
• The European premium chocolate market was valued at USD XX million in 2018, and it is
Premium Chocolate Market: Revenue in USD million,
projected to reach at USD XX million in 2024. The market is also expected to register a
Europe, 2016-2024
CAGR of XX%, during 2019-2024 (henceforth, referred to as the forecast period).
3000.0 • Although major manufacturers dominate the European chocolate industry, possibilities for
high-quality and artisanal chocolate are increasing. One of the main drivers were product
innovation, which promoted awareness and customer involvement and contributed to
2500.0
attracting fresh customers to the market.
• Consumers choose premium chocolates in most of the countries in this region, especially
2000.0
Revenue in USD million
from the supermarket and hypermarkets, owing to the unique variety of attractive products
being offered, ready packaging, in-store promotions, and consistent chocolate quality.
1500.0 Consumers also appear to be looking for high-end products, gradually turning connoisseur.
SAMPLE FIGURE • In Europe, with sales of chocolate mainly hindered by an overall European attempt to fight
1000.0
against obesity, dietary issues, and greater cost and commodity prices, chocolate
manufacturers are increasingly turning toward premium chocolates.
• Majority of the foreign manufacturers, such as Ferrero, have country-specific divisions for
500.0
distribution in the region. Additionally, the consumers are growing increasingly demanding
toward packaging, with a focus on attractiveness and convenience.
0.0
2016 2017 2018 2019 2020 2021 2022 2023 2024 • Some of the well-known premium chocolate manufactures in the region are
Year Chocoladefabriken Lindt and Sprüngli AG, Ferrero SpA, Hotel Chocolat, and
Montezuma's Direct Ltd.
• The rising health concerns of consumers is propelling the demand for organic and
vegan chocolates in the region. Thus, manufacturers are replacing dairy milk with nut-
and grain-derived milk, for manufacturing the milk chocolate products.
• Furthermore, companies are providing lucrative packaging for the chocolates, primarily
to attract consumer attention. Players are introducing new packaging solutions to
increase the shelf life of the product, and thus, reviving consumer interest in their
chocolate brands. For instance, RLC Packaging Group, a Swiss-based company,
designed alluring chocolate boxes for Cailler.
• The Porter’s five forces model studies the five identified competitive forces that
THREAT OF SUBSTITUTES
shape every industry and market to determine the intensity of the competition, THREAT OF NEW ENTRANTS
and thus, the profitability and attractiveness of the industry. The objective of the XX XX
growth strategy is to adapt to these competitive forces in a manner that may
improve the position of the organization. This study includes an exhaustive COMPETITIVE RIVARLY
Porter’s five forces framework, incorporating the factors influencing each force,
to analyze the market from a microeconomic perspective.
HIGH
• In the study, Porter’s five forces are analyzed considering the factors
influencing each force and quantifying the factors through primaries and
quantitative analysis. The quantified factors are further mapped out to derive XX XX
the impact of each force on competitive dynamics. BARGAINING BARGAINING
POWER OF POWER OF
BUYERS SUPPLIERS
• In case of suppliers providing superior cocoa beans, the bargaining power is BARGAINING POWER OF SUPPLIERS
high, due to the limited presence across the world.
• Tropical climate is the most suitable for cultivation of cocoa beans. Thus, most
Supplier switching costs
of the companies are forced to import cocoa. In such case, the bargaining
relative to firm switching
power of suppliers is high, due to the presence of limited number of suppliers. costs
10
Supplier competition: the
• The supplier switching costs relative to firm switching costs is moderate, mainly ability to forward vertically 8 Degree of differentiation
integrate and cut out the of inputs
due to the presence of a large number of suppliers for ingredients, like cocoa buyer 6
• The strength of distribution channel has a high impact, as key players have
centralized procurement system, and the raw materials are sourced directly
Supplier concentration to Presence of substitute
from suppliers. firm concentration ratio inputs
3.1 Drivers
3.3 Opportunities
OF CHOCOLATE PACKAGING
Impact
XX
Low
Low
RESTRAINTS
MARKET
Impact
XX
High
Premium Chocolate Market: Revenue in USD billion, by Product Type, Europe, 2016-2024 Premium Chocolate Market: Revenue Share (%),
by Product Type, Europe, 2018
CAGR %
Product Type 2016 2017 2018 2019 2020 2021 2022 2023 2024
(2019-2024)
Dark Premium
XX XX XX XX XX XX XX XX XX XX
Chocolate
SAMPLE FIGURE
White and Milk Premium
XX XX XX XX XX XX XX XX XX XX
Chocolate
Total XX XX XX XX XX XX XX XX XX XX
Premium Chocolate Market: Revenue in USD billion, by Distribution Channel, Europe, 2016-2024 Premium Chocolate Market: Revenue Share (%),
by Distribution channel, Europe, 2018
CAGR %
Distribution Channel 2016 2017 2018 2019 2020 2021 2022 2023 2024
(2019-2024)
Supermarket and
XX XX XX XX XX XX XX XX XX XX
Hypermarkets
SAMPLE FIGURE
Convenience Stores XX XX XX XX XX XX XX XX XX XX
Other Distribution
XX XX XX XX XX XX XX XX XX XX Supermarket and Hypermarkets
Channels
Convenience Stores
Total XX XX XX XX XX XX XX XX XX XX Online Retail Stores
• The hypermarkets and supermarkets segment of the market was valued at USD XX Premium Chocolate Market: Revenue in USD million,
million in 2018, and it is projected to reach at USD XX million in 2024. The segment is Hypermarket/Supermarket, Europe, 2016-2024
• Factors, such as business expansion and rising number of hypermarkets and 3 SAMPLE FIGURE
supermarkets, add to the sales of these retail formats, and significantly contribute to the
2
higher penetration of premium chocolate, globally.
1
• Shopping at the hypermarkets/supermarkets is also perceived useful, due to the wide
selection of brands on offer, considerable shelf-space, and frequent price promotions. 0
2016 2017 2018 2019 2020 2021 2022 2023 2024
• Carrefour, Metro AG, EDEKA, Auchan Group, Walmart, Tesco PLC, 1Eleven, and Aldi
Year
are some of the major hypermarkets/supermarkets in Europe.
5.2 France
5.3 Germany
5.5 Spain
5.6 Russia
United Kingdom XX XX XX XX XX XX XX XX XX XX
Germany XX XX XX XX XX XX XX XX XX XX France
Spain
Spain XX XX XX XX XX XX XX XX XX XX
Russia
Rest of Europe
Russia XX XX XX XX XX XX XX XX XX XX
Rest of Europe XX XX XX XX XX XX XX XX XX XX
Total XX XX XX XX XX XX XX XX XX XX
CAGR %
Country 2016 2017 2018 2019 2020 2021 2022 2023 2024
(2019-2024)
Premium Chocolate Market: Revenue Share
France XX XX XX XX XX XX XX XX XX XX
United Kingdom
Germany XX XX XX XX XX XX XX XX XX XX France
Spain
Spain XX XX XX XX XX XX XX XX XX XX
Russia
Rest of Europe
Russia XX XX XX XX XX XX XX XX XX XX
Rest of Europe XX XX XX XX XX XX XX XX XX XX
Total XX XX XX XX XX XX XX XX XX XX
• The French premium chocolate market was valued at USD 1,183.3 million in 2018, and it is
projected to reach USD XX million by 2024. The market is also expected to register a Premium Chocolates Market: Revenue in USD million,
CAGR of 8.84% during the forecast period, 2019-2024. France, 2016-2024
• The consumers have gradually started purchasing premium chocolates available in boxes
9
as gifts, due to the increased demand for new flavors and textures.
8
• The dark chocolate with high-quality cocoa content, mixed with assorted nuts, has become
a gourmet product. Consumers are also trying to control the quantity of chocolate intake by 7
opting for bite-sized chocolate. Factors, like these, have enabled the demand for premium
6
• The local players, such as Chocolat De Pauline, are offering organic premium chocolates
2
that are gaining traction over other chocolates. The organic premium chocolates are free
from palm oil, vegetable oils, and lecithin. It is also made from pure cocoa butter for pure 1
boost the demand for the brand in premium chocolate across the region.
7.6 Nestle SA
FOUNDED IN 1946
31,748
12051 Alba, Cuneo EUR 10.5 billion Employees
(2018) - Headquarters
Italy Revenue - 2018
+39 0173-2951
EUR 673 million 170 Operating Countries
www.ferrero.com Capital Investments - 2018
A whole hazelnut surrounded by delicious layers of crispy wafer, a velvety filling, smooth
Ferrero Rocher
milk chocolate, and finely chopped hazelnut pieces.
• Kinder Joy - Premium Kinder Surprise/ Dual taste of milky cream made of high quality milk and yummy cocoa cream with two
Kinder
Kinder Joy Boys And Girls With Toys crunchy wafer bites filled with cocoa cream.
Jul 2014
Ferrero UK invested USD 8.61 million in launching a new range of
confections for Christmas 2018.
Aug 2018
M I E P