RESEARCH OF THE MARKET OF CHOCOLATE AND CHOCOLATE PRODUCTS IN THE WORLD

Abstract

Purpose. The aim of the work is to present the results of a comprehensive analysis of the world market of chocolate products. Research methods.To achieve the goal of the research, the article uses a set of scientific methods, in particular: comparative and statistical analysis – to study the peculiarities of the development of the world market of chocolate products; problem-oriented – to identify the main problems of the economic development of the chocolate market and identify the factors affecting it; statistical analysis – for the interpretation of the global production of cocoa beans in the period 2020–2023, the dynamics of the shares of countries – the leaders in export and the shares of the largest countries – importers of chocolate products in the world; index method – for evaluating the concentration levels of the world market of chocolate products. Findings. An assessment of the market concentration of the world’s companies producing chocolate and chocolate productswas carried out: in 2022, the Herfindahl-Hirschman index was 1814.863; the market concentration index for the studied companies was 43.07, which indicates the average level of monopolization in the world market of chocolate and chocolate products. Linda index showed that the four most profitable companies: Mars Incorporated, Mondelez International, Ferrero Group, Hershey formed a stable oligopoly. The Gini index (0.416) showed the average unevenness of income distribution between the largest companies – producers of chocolate on the world market. The analysis of the economic situation of the world market of chocolate products made it possible to identify the main factors influencing the development of this industry in 2020–2023, namely: decrease in the supply of cocoa beans, due to the closure of borders between states due to the pandemic and a decrease in their yield; increase competition from other confectionery products. Chocolate consumption in developed markets such as Europe and North America remains stable, while sales growth in emerging markets has slowed; according to chocolate manufacturers, there is a growing awareness of consumers about the health and benefits of food, which contributes to the growth of demand for dark chocolate, chocolates with reduced sugar content, healthy additives and organic components, and chocolate – premium class.; according to chocolate manufacturers, there is a growing awareness of consumers about the health and benefits of food, which contributes to the growth of demand for dark chocolate, chocolates with reduced sugar content, healthy additives and organic components, and chocolate – premium class; an important trend in the development of the global chocolate market is the increasing integration of advanced technologies, such as artificial intelligence, machine learning and blockchain, which are used to improve the efficiency of development and product quality; key industry players are making significant investments that are expected to drive innovation and expansion in the global chocolate market. These investments are aimed at developing new assortment items and expanding distribution networks, which, in turn, will stimulate potential demand; the growth of e-commerce has impacted the chocolate industry, providing customers with easy options to buy chocolate online. Chocolate brands have been able to establish a more direct relationship with consumers through direct sales, and online platforms have made it easier to find chocolate products. Overall, despite bottlenecks in chocolate supply chains and competition in the confectionery industry, the prospects for the global chocolate market in terms of growth in consumer demand, innovation in technology and changing consumer preferences, investment from key players in the industry are optimistic. It is expected that in 2023–2030, the global chocolate market will show constant positive growth. Practical implications. The results of this study may be useful for the subjects of the global market of chocolate and chocolate products, which are aimed at developing foreign economic activity. The available data highlights the factors that are most crucial for the development of the chocolate and chocolate products industry, which provides a better understanding of the functioning of the global chocolate and chocolate products market. Originality/value.The article examines the world market of chocolate and chocolate products: the industry of cocoa bean production and the dynamics of world prices for these products are analyzed; export and import indicators of chocolate movement between countries are determined; an assessment of the concentration of the world chocolate market was carried out using the Herfindahl-Hirschman index, the concentration index, the Lind index and the Gini index. The companies that occupy the largest share of the studied market have been identified.