Chocolate Confectionery Market Size, Share & Growth [2031]

Report Description

Chocolate Confectionery Market Outlook 2031

The global chocolate confectionery market size was valued at nearly USD 224.10 Billion in 2022 and is anticipated to reach USD 372.55 Billion by 2031, expanding at a CAGR of 5.81% during the forecast period, 2023 – 2031. Rising trends of consuming healthy snack bars, attractive packaging of chocolate confectionery products, and enticing sensorial appeals as gifting options are expected to fuel the market around the globe.

Chocolate confectionery products are delicacies primarily made out of cocoa that have layered fillings of fruits, caramel, nuts, nougat, or wafers. Artistic shapes and sizes make chocolate confections a preferred gifting option.

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Attractive and sustainable packaging for confectionery products is growing to increase the use of eco-friendly packaging. Thus, by using eco-friendly packaging, confectionery coating industries can better market their products and increase their sales.

The chocolate confectionery industry is a large companies’ association around the globe producing various chocolate types, candies, chewing gums, and several other products made out of cocoa. Growing trends in the manufacturing of sustainably sourced and organic chocolates are bringing about a revolutionary change in the manufacturing of traditional processes.

Confectionery boxes, as gifting options, are in high demand that primarily constitutes candies, chocolates, and other sweet foods such as cakes and doughnuts. Confectionery coatings in the form of candy wafers and compound coatings are easy-to-use substitutes for real chocolates.

Chocolate confectionery products include chocolate-panned confections, chocolate-covered confections, bars of chocolate, and chocolate-enveloped nuts, cremes, and fruits.

The COVID-19 pandemic restrained the chocolate confectionery market due to government-imposed lockdowns around the globe that led to a scarcity of essential raw materials such as cocoa mass, sugar, cocoa butter, and milk powder.

Guidelines limiting the operations of restaurants and stores around the globe impacted the production of chocolate confectionery items during the pandemic.

Chocolate Confectionery Market Dynamics

Major Drivers

Increasing popularity of chocolate consumption for festive occasions such as Easter, Christmas, and New Year are expected to fuel the market. Growing consumer preferences for crafted, customized, and healthy snacking bars are expected to drive the chocolate confectionery market.

Existing Restraints 

Associated health risks with increased blood sugar levels and obesity due to the high consumption of chocolates are likely to hamper the market. Patients suffering from complex cardiovascular disorders and diabetes are recommended to abstain from chocolate consumption, which is expected to restrain the market.

Emerging Opportunities

Increasing demand for low-calorie snacks in the form of energy bars is likely to create opportunities for the chocolate confectionery market. Low-calorie energy bars are increasingly used by health-conscious people as energy bars are often made with chocolate confectionery coatings. It provides guilt-free snacks without compromising the taste. Moreover, innovations in chocolate textures and flavors are further expected to provide lucrative opportunities for market expansion. 

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Scope of Chocolate Confectionery Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Chocolate Confectionery Market Segment Insights

Product Segment Analysis

Based on the product, the chocolate confectionery market is trifurcated into truffles & cups, molded bars, and chips & bites. The molded bars segment is expected to expand at a significant pace during the projection period, owing to the convenient size of bars, which makes them the highest-consumed product around the globe.

The chips & bites segment is anticipated to hold a key share of the market, owing to the rising demand for personal functions, gatherings, festivals, and get-togethers. Growing inclination of preparing bakery products and confectionery is likely to boost the segment in the coming years.

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Type Segment Analysis

Based on type, the market is segmented into dark chocolate and milk/white chocolate. The milk/white chocolate segment is expected to expand at a significant pace during the projection period, as milk bars are considered to be organic in nature and contain fewer added sugars. 

According to research, around 49% of respondents among five thousand American adults prefer milk chocolate over dark chocolate. The growing use of white chocolate in cosmetics as it boosts skin renewal and hydration is likely to drive the segment. 

The dark chocolate segment is anticipated to hold a key share of the market due to the growing consciousness of the health benefits of dark chocolate. The consumption of dark chocolate helps to reduce diseases including heart disease, diabetes, and others. The introduction of a variety of products in this category in the form of organic to vegan, is expected to propel the segment.

Distribution Channels Segment Analysis

On the basis of distribution channels, the chocolate confectionery market is divided into supermarkets/hypermarkets, convenience stores, pharmaceutical & drug stores, specialty stores, duty-free stores, retail e-commerce, and others.

The supermarkets/hypermarkets segment is expected to dominate the market, owing to the high consumer preferences for purchasing after a thorough in-person examination of grocery products. In Asia Pacific, especially in India, the volume of sales of chocolate confectionery is expected to reach 146.3 thousand metric tonnes by 2024.

Moreover, product launches are carried out by major brands in superstores with private and premium label products available under one roof, which is likely to support the high-volume sales of chocolate confectionery through supermarkets/hypermarkets in the coming years.

The retail e-commerce segment is anticipated to gain significant shares of the chocolate confectionery market, owing to the growing consumer preference to shop through online channels that offer lucrative discounts and free shipping. Several brands are launching their products on the online platform with less number of restraints for launch and by hiring third-party services for distribution and delivery, which are likely to boost the market in the come years.

Price Point Segment Analysis

In terms of price point, the market is divided into economy, mid-range, and luxury. The economy segment is projected to hold large revenue shares in the market, owing to the value component tagged to product buying by customers. The tendency of customers to opt for bulk buying of chocolate confectionery is expected to propel the segment during the forecast period.

The luxury segment is anticipated to gain significant revenue share, owing to the growing trend of buyers of gifting chocolates on special occasions such as birthdays, anniversaries, and special occasions as gifts to loved ones.

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Age Group Segment Analysis

Based on age group, the market is bifurcated into children, adults, and geriatric. The adults segment is expected to expand at a significant pace during the projection period, owing to the growing consumption of chocolate candy with quinoa as trendy ingredients by manufacturers. Adults prefer tasting and opting for functional elements, clean labels, and sugar-free chocolate confectionery products, which are expected to boost the segment.

Regional Analysis

In terms of region, the global chocolate confectionery market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe & North America dominates the global chocolate confectionary market as Europe is the largest importer of cocoa with around 56% of the global imports.

In 2021, Europe’s total import of cocoa beans was over 2.2 billion tonnes, and the Netherlands was the world’s leading cocoa importer valuing around USD 1.94 billion. Moreover, with the presence of some major key players in the region is driving the market such as Nestlé S.A.(Switzerland), Ferrero SpA (Italy), Chocoladefabrike Lindt & Sprüngli AG (Switzerland), and Perfetti Van Melle (Italy).

Although Europe is the highest importer of cocoa beans, the market in North America is expected to generate the highest revenue in 2023. In global comparison, most revenue is generated in the U.S. (around USD 53,580 Mn) and some key manufacturers are located in the region such as The Hershey Company (U.S), Mars, Incorporated (U.S), and Mondelēz International (U.S). With the increasing demand and consumption of confectionary products in the region, the market has immense growth opportunities in the coming years.

Asia Pacific is projected to grow at a rapid pace in the coming years, due to the increasing population in the region coupled with the disposable income of buyers. The chocolate confectionery industry is rapidly growing in the region including India, in which the sales volume of confectionery grew by nearly 26% in 2021. Moreover, major key players are further opening subsidiaries in the region which is contributing to the region’s growth. For instance, in November 2022, Barry Callebaut announced the opening of its third manufacturing facility in India to meet the growing demand for its customers.

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