Global Chocolate Market:
The global chocolate market size reached US$ 162.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 213.4 Billion by 2032, exhibiting a growth rate (CAGR) of 2.9% during 2024-2032. The rising popularity of new flavors and the expanding e-commerce sector are bolstering the market growth.
Report Attribute
|
Key Statistics
|
Base Year
|
2023 |
Forecast Years
|
2024-2032
|
Historical Years
|
2018-2023
|
Market Size in 2023 |
US$ 162.2 Billion |
Market Forecast in 2032 |
US$ 213.4 Billion |
Market Growth Rate (2024-2032) |
2.9%
|
Chocolate Market Analysis:
- Major Market Drivers: The growing preference for organic options is augmenting the market growth. Moreover, prominent players are producing product variants with higher cocoa content and less sugar. This is acting as a growth-inducing factor
- Key Market Trends: The escalating demand for premium packaging and the increasing popularity of dark chocolates are bolstering the overall market.
- Competitive Landscape: Some of the prominent companies in the market 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, among many others.
- Geographical Trends: North America exhibits a clear dominance in the market due to high consumption rates, a strong preference for premium and innovative chocolate products, and well-established distribution networks. Apart from that, the region benefits from significant marketing efforts by major chocolate brands and a robust retail infrastructure that supports the widespread availability and accessibility of chocolate products across various channels.
- Challenges and Opportunities: The fluctuating cocoa prices and climate-related supply issues are hindering the market growth. However, investing in sustainable cocoa farming practices and diversifying sourcing regions will continue to fuel the market in the coming years.
Chocolate Market Trends:
Innovations in Flavors and Ingredients
Consumers are increasingly seeking new and exotic flavors that go beyond traditional offerings. This has led to the creation of chocolates infused with unusual ingredients, such as spices, herbs, flowers, and even savory elements like bacon or cheese. Besides this, there is a trend towards incorporating inclusions like nuts, fruits, and seeds into chocolates, adding texture and nutritional value. For example, in January 2024, Haldiram's Nagpur launched its premium chocolate brand, Cocobay, in the Indian market, offering 100% original cocoa chocolates with unique fruit and spice flavors. According to the chocolate market dynamics, this is acting as a significant growth-inducing factor.
Rise of Vegan and Plant-Based Chocolates
People are looking for dairy-free substitutes that do not compromise on taste or quality. The market has seen significant growth in the development of chocolates made with plant-based milk alternatives such as almond, coconut, or oat milk. Chocolate market highlights indicate that brands are also focusing on using natural sweeteners and ethically sourced cacao to appeal to this demographic, therefore reflecting the increasing consumer demand for sustainable and health-conscious products in the chocolate industry. For instance, in May 2024, Ferrero announced the launch of plant-based Nutella in Italy. The new vegan-certified chocolate spread, aimed at flexitarians and lactose-intolerant consumers, replaces milk powder with a plant-based ingredient while retaining palm oil in the recipe.
Increasing Health-Conscious Options
There is a growing demand for chocolate products with healthier ingredients as consumers become more health conscious. In addition, there is an increasing interest in chocolate products that incorporate functional ingredients like superfoods, probiotics, and plant-based alternatives. For example, in January 2024, Fazer launched a world-first chocolate product made using "protein out of thin air," called Solein, in Singapore. This innovative chocolate is high in iron and fiber, catering to vegan and health-conscious consumers. The product, named "Taste the Future," incorporates oat puffs for added texture and aims to appeal to a broad audience looking for healthier food options.
Global Chocolate Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with the global chocolate market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the product type, product form, application, pricing, and distribution.
Breakup by Product Type:
- White Chocolate
- Milk Chocolate
- Dark Chocolate
- Others
Milk chocolate dominates the global chocolate market share
The report has provided a detailed breakup and analysis of the market based on the product type. This includes white chocolate, milk chocolate, dark chocolate, and others. According to the report, milk chocolate represented the largest market segmentation.
Milk chocolate remains a dominant segment in the global chocolate market due to its broad appeal, combining sweetness and creaminess that resonates with consumers of all ages. Its versatility is used in various products from bars to desserts.
Breakup by Product Form:
Countlines hold the largest share in the chocolate market outlook
The report has provided a detailed breakup and analysis of the market based on the product form. This includes molded, countlines, and others. According to the report, countlines represented the largest market segmentation.
Countlines are a significant segment in the confectionery industry, appealing to consumers looking for quick, satisfying snacks. Brands, including Arcor, are continuously innovating within this category, introducing new flavors, textures, and limited-edition offerings to maintain consumer interest and drive sales.
Breakup by Application:
- Food products
- Bakery products
- Sugar confectionary
- Desserts
- Others
- Beverages
- Others
Food products hold the largest share of the market
The report has provided a detailed breakup and analysis of the market based on the application. This includes food products (bakery products, sugar confectionary, desserts, and others), beverages, and others. According to the report, food products represented the largest market segmentation.
The versatility of chocolate food products allows it to be used in countless applications, from confectionery to desserts, making it a staple in the global food industry. Continuous innovation keeps this category dynamic and highly popular among consumers. This is escalating the chocolate market demand.
Breakup by Pricing:
- Everyday Chocolate
- Premium Chocolate
- Seasonal Chocolate
Everyday chocolate holds the largest share in the market
The report has provided a detailed breakup and analysis of the market based on the pricing. This includes everyday chocolate, premium chocolate, and seasonal chocolate. According to the report, everyday chocolate represented the largest market segmentation.
The everyday chocolate category typically includes accessible and affordable options like milk chocolate bars, chocolate-covered nuts, or simple dark chocolate pieces. These products are designed to provide a moment of indulgence without the need for special occasions, catering to a wide audience who appreciate the comfort and satisfaction that chocolate offers in everyday life.
Breakup by Distribution:
- Direct Sales (B2B)
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
Supermarkets and hypermarkets hold the largest share in the market
The report has provided a detailed breakup and analysis of the market based on the distribution. This includes direct sales (B2B), supermarkets and hypermarkets, convenience stores, online stores, and others. According to the report, supermarkets and hypermarkets represented the largest market segmentation.
Supermarkets and hypermarkets offer a wide variety of options to consumers. These large retail outlets provide extensive shelf space for chocolate brands, ranging from mass-market favorites to premium selections. According to global chocolate market insights, the demand for chocolates is driven by the increasing consumer preference for convenience, which supermarkets and hypermarkets fulfill through their accessibility and diverse product range. This accessibility makes them pivotal in driving chocolate sales across various regions.
Breakup by Region:
- North America
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Middle East and Africa
North America exhibits a clear dominance in the market
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.
According to the global chocolate market overview, North America dominates the market due to high consumer demand for premium and innovative chocolate products, a strong presence of leading brands like Hershey's and Mars, and well-established retail networks. In addition, the region's focus on product diversification, such as organic and health-oriented chocolates, drives market growth. For example, Hershey's ongoing innovation in healthier options like reduced-sugar chocolates highlights the region's adaptability to changing consumer preferences.
Competitive Landscape:
The global chocolate market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market 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.
- The Hershey Company
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Chocolate Market Recent Developments:
- May 2024: Ferrero announced the launch of plant-based Nutella in Italy. The new vegan-certified chocolate spread, aimed at flexitarians and lactose-intolerant consumers, replaces milk powder with a plant-based ingredient while retaining palm oil in the recipe.
- January 2024: Fazer unveiled a world-first chocolate product made using "protein out of thin air," called Solein, in Singapore. The product, named "Taste the Future," incorporates oat puffs for added texture and aims to appeal to a broad audience looking for healthier food options.
- January 2024: Haldiram's Nagpur introduced its premium chocolate brand, Cocobay, in the Indian market, offering 100% original cocoa chocolates with unique fruit and spice flavors.
Chocolate Market Report Scope:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Billion |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Product Type
- Product Form
- Application
- Pricing
- Distribution
- Region
|
Product Types Covered |
White Chocolate, Milk Chocolate, Dark Chocolate, Others |
Product Forms Covered |
Molded, Countlines, Others |
Applications Covered |
- Food Products: Bakery Products, Sugar Confectionery, Desserts, Others
- Beverages
- Others
|
Pricings Covered |
Everyday Chocolate, Premium Chocolate, Seasonal Chocolate |
Distributions Covered |
Direct Sales (B2B), Supermarkets and Hypermarkets, Convenience Stores, Online Stores, Others |
Regions Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered |
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., The Hershey Company, etc. |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the chocolate market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the global chocolate market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the chocolate industry and its attractiveness.
- The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.