USD 42.29 billion
Chocolate Market Size, Share, Growth Analysis, By Type(Dark, Milk, White, Artificial Chocolate), By Distribution Channel(Online, Supermarkets, Convenience Stores), By Product(Softlines/Selflines, Countlines, Molded Chocolates, Other Product Types), By Application(Food, Beverages, Cosmetics, Pharmaceuticals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2290 |
Region:
Global |
Published Date: July, 2001
Pages:
163
|Tables:
121
|Figures:
77
Chocolate Market Insights
Global Chocolate Market size was valued at USD 42.29 billion in 2019 and is poised to grow from USD 46.61 billion in 2023 to USD 67.88 billion by 2031, growing at a CAGR of 4.98% in the forecast period (2024-2031).
Growing demand for organic, vegan, sugar-free, and gluten-free chocolates is driving growth of the global chocolate market. With growing awareness of the negative effects of synthetic products on health and the environment, the majority of health-conscious and informed consumers have begun to use organic products. Furthermore, seasonal demand influences the sale of premium chocolates. During holidays such as Easter and Christmas, various companies release a wide variety of chocolate varieties. For example, Lindt Teddy, dressed in a traditional English Christmas pullover, remains a seasonal best-seller in the United Kingdom.
Other factor driving Chocolate market growth is significant growth in the food and beverage industry. Furthermore, rising consumer demand for molded chocolates, which typically include solid-shaped or segmented bar/block variants infused with various additional flavors or stuffed with nuts, raisins, and other fillings, is boosting Chocolate market growth. Furthermore, rising public awareness of the health benefits of dark chocolate consumption is fueling growth. Dark chocolate is known to improve blood circulation in the body, improve brain function, lower blood pressure, and reduce the risk of heart disease when consumed in moderation.
US Chocolate Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Dark Chocolate
Fastest Growth
Milk/White Chocolate
Growth Rate
4.98% CAGR
Global Chocolate Market, 2021-2028 ($ Mn)
Country Share for Europe Region- 2021 (%)
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Chocolate Market Segmental Analysis
Global chocolate market is segmented based on type, product type, distribution channel, and region. Based on type, the Chocolate market is segmented into milk/white chocolate and dark chocolate. Based on product type, the global chocolate market is categorized into softlines/ selflines, countlines, molded chocolates, and others. Based on distribution channel, Chocolate market is bifurcated into supermarkets/ hypermarkets, specialist retailers, convenience stores, online channels, and others. Based on region, Chocolate market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Chocolate Market Analysis by Type
The dark chocolate segment is expected to be the largest segment in the global chocolate market over the forecast period. Dark chocolate contains 55-90% of cocoa solids. Cocoa beans are full of phytonutrients that serve as antioxidants and added health benefits. Cocoa beans are a rich source of iron, copper, magnesium, zinc, and phosphorus. The presence of these nutrients is much higher in dark chocolate than that in milk chocolates.
Chocolate Market Analysis by Product Type
In product type, softlines/ selflines type has a higher market share in the chocolate market followed by countlines. The definition of “countline" in confectionery industry jargon for items sold by number rather than by weight. Countlines consider a single individual center, usually in a format that allows one-handed eating. Apart from that, molded chocolates have gained popularity for gifting purposes.
Chocolate Market Analysis by Distribution Channel
The supermarket/hypermarket segment contributed to the highest share of more than 60% in 2021 owing to high product availability. The online segment is anticipated the fastest growth over the forecast period. Increasing internet penetration in various countries and high adoption of online purchasing gained significant traction in the last few years. The major driving factor for online sales channel would be Generation X, millennials, and generation Z parents on internet and e-commerce access.
Global Chocolate Market By Type , 2021(%)
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Chocolate Market Regional Insights
Europe dominated the global chocolate market with a market share of 35%. The increasing popularity of dark chocolate among consumers is a major factor fuelling the Chocolate market growth in the region. In the Europe region, Germany has the highest Chocolate market share in 2020 owing to increasing per capita consumption.
The chocolate market in the United Kingdom is one of the largest in Europe. The most popular appears to be plain chocolate. Premium chocolates, on the other hand, are gaining popularity, with consumers increasingly favoring premium dark chocolate. Furthermore, confectionery sales in the United Kingdom have increased, with an increase in demand for chocolate aimed at a specific group of consumers. To meet the growing demand, companies are also focusing on developing free-from and vegan chocolates. GodessiLimited, for example, sells premium chocolates in a variety of flavors, including walnut and cinnamon, orange and cinnamon, peppermint, and raspberry and almonds. The chocolates are gluten-free, dairy-free, soy-free, and vegan, and thus meet the consumers' special dietary needs.
The Middle East and Africa are expected to grow at the fastest CAGR of 6.7% from 2021 to 2028, owing to increased product availability in retail stores. Furthermore, favorable government initiatives, such as tax concession, chocolate producers are expected to increase product availability in the region. Furthermore, an increasing number of specialty retailers is expected to contribute to regional Chocolate market growth. For example, in February 2019, Pierre Marcolini opened the first store in a mall in the UAE in order to broaden his customer base.
Global Chocolate Market By Geography, 2021 - 2028
- Largest
- Fastest
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Chocolate Market Dynamics
Chocolate Market Driver
- Demand for chocolate is rising as now the approach to consuming chocolate has changed. consumers realise the health benefits of consuming chocolates such as mood swings and heart related issues. Adaption of dark chocolates and gourmet chocolates has catered to the growth of this segment. Unique products with the inclusion of natural and organic ingredients have let the consumers come back for more.
Chocolate Market Restraint
- The production of chocolate is largely challenged by the change in the climate. Usually, the production of chocolate requires hot and humid areas within about 20 degrees of the equator. These are specially developed from the fruit of "Theobroma cocoa tree" these trees are specifically found in Amazon and Orinoco river basins in South America. In order to maintain chocolate production, the main requirement is moderate rainfall and good humidity condition. This will help in making the land viable for good cocoa production.
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Chocolate Market Competitive Landscape
The global chocolate market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of Chocolate market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and new product lunch with more varieties.
Top Players in the Global Chocolate Market
- Mars, Inc.
- Mondelez International, Inc.
- Ferrero Group
- Nestle SA
- The Hershey Company
- Lindt & Sprüngli AG
- Barry Callebaut AG
- Meiji Co. Ltd.
- Ezaki Glico Co., Ltd.
- Lotte Confectionery Co., Ltd.
- Yildiz Holding Inc.
- Arcor Group
- Chocoladefabriken Lindt & Sprüngli (USA) Inc.
- Blommer Chocolate Company
- Foley's Candies LP
- Pladis Global
- Orion Corp.
- Nestle Japan Ltd.
- CasaLuker
- Petra Foods Limited
Chocolate Market Recent Developments
- In October 2021, Godiva Japan Co., Limited announced that it launched three new chocolate drinks which are used "Whole Fruit Chocolate," made with 100% cacao fruit, for a limited time (October 13th to November 9th, 2021) and quantities.
- In August 2021, Ferrero launched a three-bar of luxury Ferrero Rocher chocolate for the first time in history. Enrico Martini, Category Director, said: “With the launch of the new Ferrero Rocher bars, we wanted to offer a new taste experience inspired by one of our most iconic brands that is loved all over the world.
Chocolate Key Market Trends
- Box chocolates have been viewed as a growing trend in the chocolate market in the last couple of years. Globally, chocolates consumption has still plenty of areas to expand relative to many illustrious regions. The growth of the chocolate market in these regions is heavily reliant on high-end and super high-end segments.
- The 3D printing era had made sure that the chocolate market takes a completely new level and impacted the chocolate industry. Companies like Hershey, Nestlé, Mars Inc., and Mondelez International started to experiment with 3D printed chocolate in the last few years and it brings innovation and creativeness to the chocolate industry.
Chocolate Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, rising disposable income, combined with growing awareness of the health benefits of chocolate, is expected to drive Chocolate market growth. The European region has a large dark chocolate-consuming population, and with more product launches, the Chocolate market is expected to grow significantly in the coming years. The e-commerce industry has seen a significant increase in sales. The growth and development of online shopping are causally related to economic growth and the rate of urbanization, which are expected to propel Chocolate market growth opportunities over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 42.29 billion |
| Market size value in 2031 | USD 67.88 billion |
| Growth Rate | 4.98% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Chocolate Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Chocolate Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Chocolate Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Chocolate Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Chocolate Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Chocolate Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Chocolate Market Report Snapshots
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