Reports
Global Chocolate Market Size, Share, Growth, Trends, Forecast: By Product: Dark Chocolate, Milk Chocolate, White Chocolate, Others; By Category: Pure Chocolate, Compound Chocolate; By Distribution Channel: Supermarkets and Hypermarkets, Convenience Stores, Online, Others; Regional Analysis; Competitive Landscape; 2023-2028
Global Chocolate Market Outlook
The global chocolate market size reached a value of around USD 127.7 billion in 2022. The market is further expected to grow at a CAGR of 4.4% in the forecast period of 2023-2028 to attain a value of USD 165.35 billion by 2028.
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The rising demand for sugar-free, gluten-free, organic, and vegan chocolates is augmenting the chocolate market growth. A growing segment of health-conscious and informed consumers have started purchasing organic chocolates as a result of rising awareness of the harmful effects of synthetic products on human health and the environment. This is increasing the global chocolate market share. Furthermore, the sales of premium chocolates are significantly influenced by seasonal demand, which is contributing to the chocolate market value. Over the course of holidays like Christmas and Easter, numerous businesses release a broad variety of chocolate variations, thereby increasing the chocolate market share worldwide.
The chocolate industry worth is being supported by the rising research into the health benefits of chocolate consumption, particularly dark chocolate. Chocolate has been known to lower the release of stress hormones such as cortisol and regularly incorporating chocolate foods into a diet can help reduce health problems. Due to its capacity to make people happy and calm their minds, chocolate sales are anticipated to rise in the upcoming years, thus increasing the global chocolate market size. The growing demands for chocolate in various products and in bulk volumes is contributing to the expansion of the industrial chocolate market size to be able to meet the supply needs of various end users.
Heightened Consumption of Dark Chocolates to Bolster the Global Chocolate Market
Among the various chocolate market segmentation, based on product type, the dark chocolate segment is predicted to hold a significant market share in the chocolate market. According to the chocolate market analysis, the growth can be attributed to the rising awareness pertaining to the health benefits associated with dark chocolates such as the reduced risk of cardiovascular diseases, reduced cholesterol, and decreased blood pressure, among others. Additionally, dark chocolate comprises a large proportion of cocoa, which is recommended to prevent ageing and certain diseases, such as CVDs. Moreover, research suggests that consuming chocolate helps in relieving stress. These are the key chocolate industry trends that are expected to contribute to the overall market growth in the forecast period.
North America to Occupy a Considerable Market Share in the Global Chocolate Market
North America is predicted to possess a considerable share of the chocolate market in the forecast period. The market growth can be attributed to the changing lifestyle and high consumer purchasing power in the region. The US chocolate market share is also increasing the market growth in North America.
As per the chocolate market report, the Asia Pacific is predicted to be a fast growing region, with emerging economies such as India and China driving the market growth. The growing western influence in the region, improving living standards, and the growing awareness pertaining to the health benefits associated with chocolate consumption are estimated to increase the chocolate industry market size in the forecast period. The Australia chocolate market is expected to witness growth due to the increasing consumer preference for premium chocolate.
Chocolate: Market Segmentation
Chocolate is a food product prepared from roasted and grounded cacao seeds in the form of a paste or a block. It is usually sweetened and is utilised in baked and confectionery goods. The cocoa butter is churned into a usable product during the production process and is finally used as an ingredient in a variety of desserts and also as a finished product.
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On the basis of product types, the market is segmented into:
- Dark Chocolate
- Milk Chocolate
- White Chocolate
By category, the market is divided into:
- Pure Chocolate
- Compound Chocolate
Based on distribution channel, the market is divided into:
- Supermarkets and Hypermarkets
- Convenience Stores
- Online
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Growing Innovations and New Product Launches to Drive the Global Chocolate Market
The global chocolate market is being driven by the new product launches by the manufacturers and the impulse purchasing behaviour of consumers across age groups. As per the chocolate market research, the availability of a wide range of chocolates at different price points is aiding the market growth. Additionally, the inflating disposable incomes and improved living standards of consumers are also anticipated to increase the chocolate industry market share. The market is further aided by the heightened demand for chocolates as an essential ingredient in desserts and baked goods. Moreover, the use of innovative packaging solutions is also projected to attract more consumers, which is predicted to positively impact the market growth in the forecast period.
Key Players in the Global Chocolate Market
The report gives a detailed analysis of the following key players in the global chocolate market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Mars, Incorporated
- Mondelēz International, Inc.
- Ferrero International
- Nestlé S.A.
- The Hershey Company
- Chocoladefabriken Lindt & Sprüngli AG
- August Storck KG
- LOTTE Corp.
- United Confectionary, SLU
- Godiva Chocolatier, Inc.
- Ghirardelli Chocolate Company
- Meiji Holdings Co., Ltd.
- Arcor Group
- Barry Callebaut AG
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model and SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product |
|
| Breakup by Category |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Chocolate Market Analysis
8.1 Key Industry Highlights
8.2 Global Chocolate Historical Market (2018-2022)
8.3 Global Chocolate Market Forecast (2023-2028)
8.4 Global Chocolate Market by Product
8.4.1 Dark Chocolate
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Milk Chocolate
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 White Chocolate
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Others
8.5 Global Chocolate Market by Category
8.5.1 Pure Chocolate
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Compound Chocolate
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Chocolate Market by Distribution Channel
8.6.1 Supermarkets and Hypermarkets
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Convenience Stores
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Online
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Others
8.7 Global Chocolate Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2022)
8.7.5.3 Forecast Trend (2023-2028)
9 North America Chocolate Market Analysis
9.1 Market by Product
9.2 Market by Category
9.3 Market by Distribution Channel
9.4 Market by Country
9.4.1 United States of America
9.4.1.1 Market Share
9.4.1.2 Historical Trend (2018-2022)
9.4.1.3 Forecast Trend (2023-2028)
9.4.2 Canada
9.4.2.1 Market Share
9.4.2.2 Historical Trend (2018-2022)
9.4.2.3 Forecast Trend (2023-2028)
10 Europe Chocolate Market Analysis
10.1 Market by Product
10.2 Market by Category
10.3 Market by Distribution Channel
10.4 Market by Country
10.4.1 United Kingdom
10.4.1.1 Market Share
10.4.1.2 Historical Trend (2018-2022)
10.4.1.3 Forecast Trend (2023-2028)
10.4.2 Germany
10.4.2.1 Market Share
10.4.2.2 Historical Trend (2018-2022)
10.4.2.3 Forecast Trend (2023-2028)
10.4.3 France
10.4.3.1 Market Share
10.4.3.2 Historical Trend (2018-2022)
10.4.3.3 Forecast Trend (2023-2028)
10.4.4 Italy
10.4.4.1 Market Share
10.4.4.2 Historical Trend (2018-2022)
10.4.4.3 Forecast Trend (2023-2028)
10.4.5 Others
11 Asia Pacific Chocolate Market Analysis
11.1 Market by Product
11.2 Market by Category
11.3 Market by Distribution Channel
11.4 Market by Country
11.4.1 China
11.4.1.1 Market Share
11.4.1.2 Historical Trend (2018-2022)
11.4.1.3 Forecast Trend (2023-2028)
11.4.2 Japan
11.4.2.1 Market Share
11.4.2.2 Historical Trend (2018-2022)
11.4.2.3 Forecast Trend (2023-2028)
11.4.3 India
11.4.3.1 Market Share
11.4.3.2 Historical Trend (2018-2022)
11.4.3.3 Forecast Trend (2023-2028)
11.4.4 ASEAN
11.4.4.1 Market Share
11.4.4.2 Historical Trend (2018-2022)
11.4.4.3 Forecast Trend (2023-2028)
11.4.5 South Korea
11.4.5.1 Market Share
11.4.5.2 Historical Trend (2018-2022)
11.4.5.3 Forecast Trend (2023-2028)
11.4.6 Australia
11.4.6.1 Market Share
11.4.6.2 Historical Trend (2018-2022)
11.4.6.3 Forecast Trend (2023-2028)
11.4.7 Others
12 Latin America Chocolate Market Analysis
12.1 Market by Product
12.2 Market by Category
12.3 Market by Distribution Channel
12.4 Market by Country
12.4.1 Brazil
12.4.1.1 Market Share
12.4.1.2 Historical Trend (2018-2022)
12.4.1.3 Forecast Trend (2023-2028)
12.4.2 Argentina
12.4.2.1 Market Share
12.4.2.2 Historical Trend (2018-2022)
12.4.2.3 Forecast Trend (2023-2028)
12.4.3 Mexico
12.4.3.1 Market Share
12.4.3.2 Historical Trend (2018-2022)
12.4.3.3 Forecast Trend (2023-2028)
12.4.4 Others
13 Middle East and Africa Chocolate Market Analysis
13.1 Market by Product
13.2 Market by Category
13.3 Market by Distribution Channel
13.4 Market by Country
13.4.1 Saudi Arabia
13.4.1.1 Market Share
13.4.1.2 Historical Trend (2018-2022)
13.4.1.3 Forecast Trend (2023-2028)
13.4.2 United Arab Emirates
13.4.2.1 Market Share
13.4.2.2 Historical Trend (2018-2022)
13.4.2.3 Forecast Trend (2023-2028)
13.4.3 Nigeria
13.4.3.1 Market Share
13.4.3.2 Historical Trend (2018-2022)
13.4.3.3 Forecast Trend (2023-2028)
13.4.4 South Africa
13.4.4.1 Market Share
13.4.4.2 Historical Trend (2018-2022)
13.4.4.3 Forecast Trend (2023-2028)
13.4.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code - 1806)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Price Analysis
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Mars, Incorporated
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Mondelēz International, Inc.
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Ferrero International
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Nestlé S.A.
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 The Hershey Company
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Chocoladefabriken Lindt & Sprüngli AG
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 August Storck KG
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 LOTTE Corp.
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 United Confectionary, SLU
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Godiva Chocolatier, Inc.
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 Ghirardelli Chocolate Company
18.2.11.1 Company Overview
18.2.11.2 Product Portfolio
18.2.11.3 Demographic Reach and Achievements
18.2.11.4 Certifications
18.2.12 Meiji Holdings Co., Ltd.
18.2.12.1 Company Overview
18.2.12.2 Product Portfolio
18.2.12.3 Demographic Reach and Achievements
18.2.12.4 Certifications
18.2.13 Arcor Group
18.2.13.1 Company Overview
18.2.13.2 Product Portfolio
18.2.13.3 Demographic Reach and Achievements
18.2.13.4 Certifications
18.2.14 Barry Callebaut AG
18.2.14.1 Company Overview
18.2.14.2 Product Portfolio
18.2.14.3 Demographic Reach and Achievements
18.2.14.4 Certifications
18.2.15 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Chocolate Market: Key Industry Highlights, 2018 and 2028
2. Global Chocolate Historical Market: Breakup by Category (USD Million), 2018-2022
3. Global Chocolate Market Forecast: Breakup by Category (USD Million), 2023-2028
4. Global Chocolate Historical Market: Breakup by Product (USD Million), 2018-2022
5. Global Chocolate Market Forecast: Breakup by Product (USD Million), 2023-2028
6. Global Chocolate Historical Market: Breakup by Distribution Channel (USD Million), 2018-2022
7. Global Chocolate Market Forecast: Breakup by Distribution Channel (USD Million), 2023-2028
8. Global Chocolate Historical Market: Breakup by Region (USD Million), 2018-2022
9. Global Chocolate Market Forecast: Breakup by Region (USD Million), 2023-2028
10. North America Chocolate Historical Market: Breakup by Country (USD Million), 2018-2022
11. North America Chocolate Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Europe Chocolate Historical Market: Breakup by Country (USD Million), 2018-2022
13. Europe Chocolate Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Asia Pacific Chocolate Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific Chocolate Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Latin America Chocolate Historical Market: Breakup by Country (USD Million), 2018-2022
17. Latin America Chocolate Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Middle East and Africa Chocolate Historical Market: Breakup by Country (USD Million), 2018-2022
19. Middle East and Africa Chocolate Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Major Importing Countries by Volume
21. Major Exporting Countries by Volume
22. Major Importing Countries by Value
23. Major Exporting Countries by Value
24. Global Chocolate Market Structure
Key Questions Answered in the Report
In 2022, the global market for chocolate attained a value of nearly USD 127.7 billion.
The market is projected to grow at a CAGR of 4.4% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 165.35 billion by 2028.
The major drivers of the market are the increased demand for chocolate-based baked goods and desserts, rising disposable incomes, improved living standards, and the heightened use of innovative packaging solutions.
The key trends guiding the growth of the market include the impulse purchasing behaviour of the consumers and rising investments in the development of new chocolate variants by the leading manufacturers.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant categories of chocolate in the market include pure chocolate and compound chocolate.
The major products of chocolate in the market include dark chocolate, milk chocolate, and white chocolate, among others.
The distribution channels for chocolate are supermarkets and hypermarkets, convenience stores, and online, among others.
The major players in the market are Mars, Incorporated, Mondelez International, Inc., Ferrero International, Nestlé S.A., The Hershey Company, Chocoladefabriken Lindt & Sprüngli AG, August Storck KG, LOTTE Corp., United Confectionary, SLU, Godiva Chocolatier, Inc., Ghirardelli Chocolate Company, Meiji Holdings Co., Ltd., Arcor Group, and Barry Callebaut AG, among others.
Analyst Review
The global chocolate market attained a value of USD 127.7 billion in 2022, driven by the impulse purchasing behaviour of the consumers. Aided by the new product launches, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 4.4%. The market is projected to reach USD 165.35 billion by 2028.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of category, the market can be distributed into pure chocolate and compound chocolate. By product, the market can be segmented into dark chocolate, milk chocolate, and white chocolate, among others. On the basis of distribution channel, the market is divided into supermarkets and hypermarkets, convenience stores, and online, among others. The major regional markets for chocolate are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Mars, Incorporated, Mondelēz International, Inc., Ferrero International, Nestlé S.A., The Hershey Company, Chocoladefabriken Lindt & Sprüngli AG, August Storck KG, LOTTE Corp., United Confectionary, SLU, Godiva Chocolatier, Inc., Ghirardelli Chocolate Company, Meiji Holdings Co., Ltd., Arcor Group, and Barry Callebaut AG, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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