The latest report by IMARC Group, titled "Premium Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," finds that the global premium chocolate market size reached US$ 30.6 Billion in 2022. Premium chocolates refer to high-quality and artisanal chocolate products manufactured using fine ingredients. They generally contain large quantities of cocoa and have a richer taste and texture, higher price, and luxury packaging than regular chocolates. Nowadays, they are widely available in dark, white, and milk variants with exotic flavors, such as blueberry, honey, beer, raspberry, espresso, hazelnut, caramel, mint, and pomegranate. In recent years, premium chocolates have gained immense popularity as a key ingredient in preparing premium candies, baked goods, beverages, and nutritional bars.
Global Premium Chocolate Market Trends:
The rising consumer disposable incomes and the escalating demand for packaged food items due to changing dietary preferences, hectic lifestyles, and rapid urbanization represent the primary factors driving the market growth. Additionally, the growing awareness about the health benefits of chocolates, such as relieving stress and anxiety, enhancing memory and concentration, lowering blood pressure and cholesterol levels, and improving cognitive functions, has accelerated the product adoption rate. Besides this, the leading manufacturers are offering premium chocolates in aesthetically appealing packaging that can be customized as per the preferences of individuals. As a result, there has been a shifting consumer inclination toward personalized chocolates and the increasing adoption of premium chocolates as luxury gift items for special occasions like New Year, Birthday and Christmas. Furthermore, several key players are launching organic, vegan, sugar-free, and gluten-free variants to cater to the diverse requirements of health-conscious consumers. Along with this, the introduction of seasonal premium chocolates infused with high-quality nuts and tropical fruits as limited-edition products has propelled the market growth. Other factors, including the impulsive purchase behavior of consumers, easy product availability via e-commerce platforms at attractive discounts, and aggressive promotional activities, are also creating a favorable market outlook. Looking forward, the market value is expected to reach US$ 50.3 Billion by 2028, expanding at a CAGR of 8.5% during 2023-2028.
- Based on the product type, the market has been divided into dark, milk, white, and other chocolates.
- On the basis of the packaging type, the market has been bifurcated into standard and gift packaging.
- The market has been classified based on the distribution channel into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others.
- Region-wise, 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.
- The competitive landscape of the market has also been examined, with some of the key players being Cargill Incorporated, Cémoi Group, Chocoladefabriken Lindt & Sprüngli AG, Ferrero International S.A., Lake Champlain Chocolates, Mars Incorporated, Mondelez International Inc., Nestlé S.A., Neuhaus NV, Pierre Marcolini Group, The Hershey Company, and Yildiz Holding.
|Base Year of the Analysis
||Product Type, Packaging Type, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Cargill Incorporated, Cémoi, Chocoladefabriken Lindt & Sprüngli AG, Ferrero International S.A., Lake Champlain Chocolates, Mars Incorporated, Mondelez International Inc., Nestlé S.A., Neuhaus, Pierre Marcolini Group, The Hershey Company and Yildiz Holding
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