Global Chocolate Market to Reach US$ 181.8 Billion by 2028, Propelled by Growing Popularity of Chocolate-Based Food Items

According to the latest report by IMARC Group, titled “Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global chocolate market size reached US$ 156.8 Billion in 2022.  Chocolate is a sweet treat that is made from roasted and ground cocoa beans and combined with sugar, milk, and other flavors to create the various forms of chocolate. It is widely considered as one of the most consumed food products on the global level. Rich in carbohydrates, essential minerals, and alkaloids, such as phenethylamine, theobromine, flavonoids, and caffeine, chocolate offers a range of potential health benefits. These include the ability to improve heart health and lower the risks of developing various diseases, such as Parkinson's. Moderate consumption of the product can also promote serotonin, which exhibits anti-depressant properties, while improving blood flow, protecting cells from inflammation, boosting energy levels, and improving the immune system. Chocolate is used in a variety of forms and is a common ingredient in many confectionaries, beverages, and bakery products.

Global Chocolate Market Trends:

The market is majorly driven by the escalating demand for chocolates on the global scale, particularly in emerging economies. This can be attributed to the growing popularity of chocolate bars, confectionaries, and chocolate-based food items among the masses. In line with this, the expanding supply chain of cocoa beans is also acting as a significant growth-inducing factor for the increasing production of chocolates. Additionally, the growing awareness regarding the health benefits of chocolates is also acting as another significant growth-inducing factor. Besides this, continual product innovations, such as the introduction of additional flavors, new products, and innovative packaging, along with rising investments in branding and marketing to cater to changing consumer preferences, are propelling the market. The market is further fueled by the easy product availability across offline and online organized retail channels, which is resulting in higher product sales across the globe. The considerable popularity in the trend of online shopping is also leading to an increased accessibility for foreign brands in several countries. Apart from this, the rising number of hotel chains, restaurants, bakeries and cafes is contributing to the market growth. Furthermore, the growing health consciousness among the masses leading to the emergence of improved chocolate variants consisting of zero additives, gluten, refined sugar, and preservatives is creating a positive market outlook. Some of the other factors contributing to the market include rapid urbanization, inflating disposable income levels, introduction of limited-time flavors and packaging for seasonal demand, emerging trend of food vlogging, rising popularity of online food communities, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 181.8 Billion by 2027, exhibiting a CAGR of 2.4% during 2023-2028.

Market Summary:

• Based on the product type, the market has been segmented into white chocolate, milk chocolate, dark chocolate, and others. Among these, milk chocolate accounts for the largest market share.
• On the basis of the product form, the market has been divided into molded, countlines, and others. Among these, countlines accounts for the dominant market segment.
• Based on the application, the market been classified into food products (bakery products, sugar confectionery, desserts, and others), beverages, and others. At present, food products exhibits a clear dominance in the market.
• On the basis of pricing, the market has been categorized into everyday chocolate, premium chocolate, and seasonal chocolate. Currently, everyday chocolates represent the leading market segment.
• Based on the distribution, the market has been segmented into direct sales (B2B), supermarkets and hypermarkets, convenience stores, online stores, and others. Amongst these, supermarkets and hypermarkets hold the largest market share.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. Currently, North  America holds the leading position in the market.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Arcor, Barry Callebaut, Chocoladefabriken Lindt & Sprüngli AG, Chocolaterie Guylian, Ferrero International, Mars Incorporated, Meiji Co. Ltd., Mondelez International Inc. (Kraft Foods), Moonstruck Chocolate Company, Nestlé S.A., and The Hershey Company.

Report Scope:

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