USD 42.29 billion
Report ID: SQMIG30I2290 | Region: Global | Published Date: November, 2022 | Pages: 163 | Tables: 121 | Figures: 77
Global Chocolate Market size was valued at USD 42.29 billion in 2021 and is poised to grow from USD 46.61 billion in 2022 to USD 67.88 billion by 2030, growing at a CAGR of 4.98% in the forecast period (2023-2030).
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.
Global Market Size
USD 42.29 billion
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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.
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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.
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Chocolate Market Driver
Chocolate Market Restraint
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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
Chocolate Market Recent Developments
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.
|Market size value in 2021||USD 42.29 billion|
|Market size value in 2030||USD 67.88 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Chocolate Market:
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