Global Chocolate Market Outlook 2031:
The global chocolate market size was valued at USD 113.20 Billion in 2022 and is projected to reach USD 156.98 Billion by 2031, expanding at a CAGR of 3.7% during the forecast period 2023 - 2031. Chocolate is made by baking cacao seeds collected from Theobroma cacao tree pods. Cacao beans are picked, dried, fermented, and crushed into paste. The paste is next subjected to high pressure in order to separate the cocoa butter and chocolate liquor.
These two ingredients are then combined in various quantities to produce dark, couverture, white, milk, cocoa powder, as well as baking chocolate. Chocolate contains a variety of alkaloids, including phenethylamine, caffeine, theobromine, and flavonoids, and is widely used in the manufacturing of bakery and confectionery items such as cookies, puddings, cakes, and brownies.
Chocolate Market Trends, Drivers, Restraints, and Opportunities
- Increasing growth of the food and beverage industry is estimated to significantly drive the chocolate market expansion.
- Premiumization of chocolate-based products, use of aesthetically appealing packaging to grab consumers' attention, and manufacturing of vegan, organic, sugar, and gluten-free chocolates are estimated to propel the market.
- Rising demand for chocolate-based baked items and desserts, higher living standards, and rising investments by prominent producers in the development of novel chocolate varieties are likely to boost the chocolate market expansion.
- Rising concerns about oral health and obesity as a result of chocolate consumption are hindering the chocolate market growth.
- Fluctuations in raw material prices as well as an over-reliance on unstable economies for cocoa supply are limiting the future growth.
- Creating a variety of gourmet chocolates and making organic chocolates can create lucrative opportunities in the coming years.
Scope of Chocolate Market Report
The report on the global chocolate market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Global Chocolate Market - Industry Analysis, Size, Share, Growth, Trends And Forecast
2016 & 2021
2023 – 2031
Categories (Compound Chocolate and Pure Chocolate), Product Types (Dark Chocolate, Milk Chocolate, White Chocolate, and Others), Product Forms (Countlines, Molded, and Others), Processed Types (Chocolate Bar, Chocolate Spread, and Chocolate Syrup), Pricings (Everyday Chocolate, Seasonal Chocolate, and Premium Chocolate), Distribution Channels (Convenience Stores, Direct Sales (B2B), Online Stores, Supermarkets/Hypermarkets, and Others), Applications (Beverages, Food Products [Bakery Products, Desserts, Sugar Confectionery, and Others], and Others)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered in the Report
Lindt & Sprüngli AG, The Australian Carob Co., Nestle, Barry Callebaut, Ferrero Group, Olam International, Mars Incorporated, Meiji Holdings Co., Ltd., The Hershey Company, and Arcor
Chocolate Market Segment Insights
Pure chocolate segment is projected to hold significant market share
Based on categories, the chocolate market share can be bifurcated into compound chocolate and pure chocolate. The pure chocolate segment is projected to hold a significant market share due to increase in specialty chocolate products and premium offerings. Cocoa extracts are becoming a preferred ingredient in a wide range of products, including confectionary, decadent baked goods, ice cream, non-alcoholic beverages, and healthy drinks.
The accessibility of cocoa butter substitutes and replacements at reasonable rates, such as palm oil, sal nut oils, and shea butteris encouraging compound chocolate makers to expand their production capacity, which is a positive factor for the compound chocolate segment.
Dark Chocolate segment is anticipated to account for a substantial share
On the basis of product types, the chocolate market share can be segmented into dark chocolate, milk chocolate, white chocolate, and others. The dark Chocolate segment is anticipated to account for a substantial share due to the growing understanding of the health benefits of dark chocolate, such as lower cholesterol, lower risk of cardiovascular disease, and lower blood pressure.
Furthermore, dark chocolate contains a high percentage of cocoa, which is advised to prevent aging and certain diseases such as CVDs. Furthermore, studies suggest that eating chocolate helps to relieve stress.
Molded form segment to register a substantial growth rate during the forecast period
In terms of product forms, the chocolate market can be divided into countlines, molded, and others. Molded chocolates prevent the chocolate from melting too quickly once it has been placed into the mold. This increases the finished product's shelf life.
Consumer preference for molded chocolates, which often feature solid-shaped or segmented bar/block variations infused with various additional flavors or loaded with almonds, and raisins, and other fillings, driving the molded form segment expansion.
Chocolate bar segment to expand at a rapid pace in the coming years
Based on processed types, the chocolate market can be fragmented into chocolate bar, chocolate spread, and chocolate syrup. The chocolate bar segment is anticipated to expand at a rapid pace in the coming years. Chocolate bar consumption reduces the release of cortisol, a stress hormone.
Rather than relying on medication, it is preferable for consumers to incorporate items in their normal diet that alleviate a health concern. Chocolate bar is known for its ability to ease the mind and induce happiness, thus it is projected that sales of chocolate bars can rise in the coming years.
Seasonal pricing segment expand at a substantial growth rate in the near future
On the basis of pricings, the chocolate market can be segmented into everyday chocolate, seasonal chocolate, and premium chocolate. Chocolates are also connected with a sign of thanks, love, and happiness, and are presented as gifts during the holiday season, driving the seasonal pricing segment. They are made in a variety of forms, sizes, colors, and product materials depending on the occasion.
Supermarkets/hypermarkets segment register a robust pace during the projected timeline
In terms of distribution channels, the market can be segregated into convenience stores, direct sales (b2b), online stores, supermarkets/hypermarkets, and others. The supermarkets/hypermarkets segment is estimated to register a robust pace during the projected timeline. The high availability of products in supermarkets and hypermarkets is a fundamental element driving the segment expansion.
Furthermore, manufacturers are opening outlets in malls in response to rising customer demand for chocolate, which can drive sales of chocolate through supermarkets and hypermarkets in the future.
Confectionery segment expand at high CAGR in the analysis period
Based on applications, the chocolate market can be fragmented into beverages, food products, and others. The food products segment can be further classified as bakery products, desserts, sugar confectionery, and others.
The confectionery segment is projected to expands at a high CAGR during the forecast period. In comparison to sugar and gum confectioneries, the majority of real and compound chocolate is channeled for the manufacturing of the chocolate confectionery.
North America is expected to dominate the market
In terms of regions, the chocolate market can be categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market. Chocolate is one of the most preferred desserts in North America, accounting for around one-fourth of global sales.
North America is a lucrative regional market, particularly for genuine chocolate manufacturers owing to consumers’ willingness to pay high prices for premium chocolate products. In North America, the demand for premium chocolate and organic chocolate has taken hold, as customers are increasingly drawn to items created from natural ingredients and providing considerable health benefits.
- Compound Chocolate
- Pure Chocolate
By Product Types
- Dark Chocolate
- Milk Chocolate
- White Chocolate
By Product Forms
By Processed Types
- Chocolate Bar
- Chocolate Spread
- Chocolate Syrup
- Everyday Chocolate
- Seasonal Chocolate
- Premium Chocolate
By Distribution Channels
- Convenience Stores
- Direct Sales (B2B)
- Online Stores
- Food Products
- Bakery Products
- Sugar Confectionery
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
By Key Players
- Lindt & Sprüngli AG
- The Australian Carob Co.
- Nestle, Barry Callebaut
- Ferrero Group
- Olam International
- Mars Incorporated
- Meiji Holdings Co., Ltd.
- The Hershey Company
Key players in the chocolate market are Lindt & Sprüngli AG, The Australian Carob Co., Nestle, Barry Callebaut, Ferrero Group, Olam International, Mars Incorporated, Meiji Holdings Co., Ltd., The Hershey Company, and Arcor.
These players have widely engaged in several market development activities such as collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.