Global Chocolate Market by 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), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2023 - 2031
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.
Attributes |
Details |
Report Title |
Global Chocolate Market - Industry Analysis, Size, Share, Growth, Trends And Forecast |
Base Year |
2022 |
Historic Data |
2016 & 2021 |
Forecast Period |
2023 – 2031 |
Segmentation |
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) |
Regional Scope |
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa |
Report Coverage |
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.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Chocolate Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Chocolate Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Chocolate Market - Supply Chain
4.5. Global Chocolate Market Forecast
4.5.1. Chocolate Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Chocolate Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Chocolate Market Absolute $ Opportunity
5. Global Chocolate Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Chocolate Market Size and Volume Forecast by Types
5.3.1. Dark Chocolate
5.3.2. Milk Chocolate
5.3.3. White Chocolate
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Chocolate Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Chocolate Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Chocolate Demand Share Forecast, 2019-2026
7. North America Chocolate Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Chocolate Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Chocolate Market Size and Volume Forecast by Types
7.4.1. Dark Chocolate
7.4.2. Milk Chocolate
7.4.3. White Chocolate
7.4.4. Others
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Chocolate Demand Share Forecast, 2019-2026
8. Latin America Chocolate Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Chocolate Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Chocolate Market Size and Volume Forecast by Types
8.4.1. Dark Chocolate
8.4.2. Milk Chocolate
8.4.3. White Chocolate
8.4.4. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Chocolate Demand Share Forecast, 2019-2026
9. Europe Chocolate Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Chocolate Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Chocolate Market Size and Volume Forecast by Types
9.4.1. Dark Chocolate
9.4.2. Milk Chocolate
9.4.3. White Chocolate
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Chocolate Demand Share Forecast, 2019-2026
10. Asia Pacific Chocolate Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Chocolate Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Chocolate Market Size and Volume Forecast by Types
10.4.1. Dark Chocolate
10.4.2. Milk Chocolate
10.4.3. White Chocolate
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Chocolate Demand Share Forecast, 2019-2026
11. Middle East & Africa Chocolate Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Chocolate Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Chocolate Market Size and Volume Forecast by Types
11.4.1. Dark Chocolate
11.4.2. Milk Chocolate
11.4.3. White Chocolate
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Chocolate Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Chocolate Market: Market Share Analysis
12.2. Chocolate Distributors and Customers
12.3. Chocolate Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Lindt & Sprüngli AG
12.4.2. The Australian Carob Co.
12.4.3. Nestle, Barry Callebaut
12.4.4. Ferrero Group
12.4.5. Olam International
12.4.6. Mars Incorporated
12.4.7. Meiji Holdings Co., Ltd.