Chocolate Market

Chocolate Market was valued at USD 115.7 billion in 2022 and is forecast to touch USD 153.5 billion in 2030, and the market is expected to grow at a CAGR of 3.6% from 2023-2030.

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Chocolate Market Key Drivers 

Rising consumer awareness related to the health benefits of chocolate is the key driver of the global chocolate market. The easy availability of a wide variety of chocolates and the gaining popularity of dark chocolate is further driving the demand of the market in the coming years. The chocolate contains milk, protein, and other nutrients, which promotes good health and lowers the risk of heart diseases. Chocolate consists of antioxidants that help in reducing blood pressure, cholesterol, and improves blood circulation. In addition to this, the growing disposable income of consumers, especially in the developing economies and the shift in the consumer’s demand towards healthy products, will further boost the demand for dark chocolates. Various multinational giants, including Ferrero and Hershey’s, are mainly focusing on product innovation, including different delicious flavors, which will attract a large number of consumers in the market. The growing trend of chocolate gifts in the seasonal and festive occasions is having a positive impact on the market. The target consumers of chocolate are children and millennials, irrespective of economic situations. The leading players are launching various marketing strategies and innovative packaging solutions to capture more demand into the market.

Expansion of food and beverages sector is projected to augment the market growth. Surging demand for natural, vegan, sugar-free, and gluten-free chocolates due to the increasing awareness about the negative effects of synthetic products on health and the environment, has driven the market growth. Moreover, the growing prominence of chocolates as festive gifts and the increasing premiumization of chocolate-based products have strengthened the market size. According to the National Confectioners Association, approximately 150 million Santa-shaped chocolates were sold in North America during Christmas.

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Type Segment Analysis

Dark chocolate is expected to grow at a faster CAGR over the forecast period. The dark chocolates are rich in nutrition, powerful source of antioxidants, and improves blood flow while reducing the chances of heart diseases by decreasing the bad cholesterol level in the body. The rising consumer awareness regarding all these benefits provided by the dark chocolate is drastically surging the demand of the segment in the market. Dark chocolates provide a premium appeal to the consumers with healthy, sensorial, and textural benefits. Thus, the accelerating per capita income of consumers has stimulated the expenditure on premium dark chocolates, driving the market growth.

Product Segment Analysis

Molded chocolate is anticipated to lead the market during the forecast period due to the rapid increase in the demand for premium chocolates, especially in the U.S. Moreover, the growing trend of gifting molded chocolates on special occasions such as festivals, birthdays, and anniversaries will further propel the demand for this segment. The molded chocolates consist of different milk, dark, and dry fruit-based chocolates and have attractive packaging.

Supermarket and hypermarkets are expected to lead the market over the forecast period, due to the increasing availability of products. Online distribution channel is estimated to lead the market over the upcoming years, due to accelerating internet penetration in various countries. Various features offered by online channels which include discounted prices, cash-on-delivery options, and paybacks, are projected to expand the market growth over the forthcoming years.

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Regional Analysis

Asia-Pacific is expected to grow at a fastest CAGR in next seven years due to rapid adoption of the western culture with the change in the eating habits. Moreover, several leading players are expanding their footprints in the Asian countries to capture the growing demand of the market. The rising disposable income of the target audience and the large population of millennials in many Asian countries will further strengthen the chocolate market growth.

Europe is predicted to hold a larger share over the upcoming years, due to the rising consumption of chocolate across Switzerland, Belgium, Germany, Austria, and the U.K. As per the CBI Ministry of Foreign Affairs (EU), the per capita consumption of chocolate was approximately 10.5 kg in Switzerland and 9.2 kg in Germany per year. Growing demand for dark chocolates, owing to the lower sugar content paired with a bitter taste of concentrated cocoa, is predicted to strengthen the regional growth.

Top Market Players

Various notable players operating in the market, include Mars, Ferrero, Nestle SA, Arcor Group, Mondelez International, The Hershey Company, Moonstruck Chocolate, Kraft Heinz Company, Ghirardelli Chocolate Company, Ezaki Glico Co Ltd, among others.

Key Developments:

• • In 2020, Mondelez International planned to acquire North America bakery i.e., Give & Go to increase their footprint into the snacks market.
  • In 2019, Mars launched its first vegan milk chocolate in the UK. The company planned to expand its product portfolio and to capture target consumer of Galaxy brand by offering new variety of chocolate.
  • In 2019, Ferrero introduced Golden Gallery Signature, a premium assortment chocolate. Through this expansion, the company planned to enter and expand its assorted boxed chocolates portfolio.

Segments covered in the Report:

The global Chocolate market has been segmented on the basis of type, Product, distribution channel and region. Based on type, the market is segmented into dark chocolate and white & milk chocolate. Based on product, the market is segmented into softlines/selflines, countlines, moulded chocolates, and others. Based on distribution channel, the market is segmented into supermarkets/ hypermarkets, specialist retailers, convenience stores, online channel and others.

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Market Segmentation

Global Chocolate Market by Type

• • Dark Chocolate
  • Milk & White Chocolate

Global Chocolate Market by Product

• • Softlines/ Selflines
  • Countlines
  • Moulded Chocolates
  • Others

Global Chocolate Market by Distribution Channel

• • Supermarkets/ Hypermarkets
  • Specialist Retailers
  • Convenience Stores
  • Online Channel
  • Others

Global Chocolate Market by Region

• • North America Chocolate Market (Option 1: As a part of the free 25% customization)

• • • By Type
    • By Product
    • By Distribution Channel
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Chocolate Market (Option 2: As a part of the free 25% customization)

• • • By Type
    • By Product
    • By Distribution Channel
    • United Kingdom (UK) Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Chocolate Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Product
    • By Distribution Channel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Chocolate Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Product
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Chocolate Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Mars, Incorporated
  • Ferrero
  • Mondelez International
  • The Hershey Company
  • Nestle SA
  • Arcor Group
  • The Kraft Heinz Company
  • Ghirardelli Chocolate Company
  • Moonstruck Chocolate
  • Ezaki Glico Co Ltd.