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The global chocolate market size reached a value of around USD 133.32 billion in 2023. The market is further expected to grow at a CAGR of 4.4% in the forecast period of 2024-2032 to attain a value of USD 196.43 billion by 2032.
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. About 6.5 million tons of cacao are produced per year, stating a significant popularity of chocolate among the global population.
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. Furthermore, sales of premium chocolates are significantly influenced by seasonal demand. Over the course of holidays like Christmas and Easter, numerous businesses release a broad variety of chocolate variations to meet this growing demand.
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Rising demand for dark chocolate; increasing preference for premium chocolates; rising disposable incomes; and product innovations are the key trends in the chocolate market
Date | Company | Event |
Aug 2023 | MondelÄz International | MondelÄz International launched two new chocolate bar varieties under its Cadbury brand: Cadbury Darkmilk Praline and Cadbury Caramilk Crispy. |
Mar 2023 | Hershey’s Co | The company launched plant based Peanut Butter Cups vegan chocolate. |
Apr 2023 | Nestlé | The company launched two plant based chocolate chip flavours, namely Nestlé Toll House Semi-Sweet Plant Based Morsels and Nestlé Toll House Dark Chocolate Plant Based Morsels. |
Nov 2022 | Barry Callebaut | The Barry Callebaut Group announced the groundbreaking of its third chocolate manufacturing facility in India. |
Trends | Impact |
Healthier alternatives | The rising awareness of health and wellness is catering to a growing demand for chocolates and treats with low sugar or sugar replacements. |
Sustainable and clean labels | Chocolate manufacturers are increasingly focusing on responsible sourcing of ingredients, eco-friendly packaging, and reduced waste, amidst the consumer demand for brands that align with ethical values. |
Premium and high-quality chocolate demand | The rising disposable income among the global population is leading to the increased adoption of high quality and premium chocolate products, further supporting the market expansion. |
Increasing applications of chocolates | Chocolate is increasingly being adopted in various sectors including beverages, baking, among several others, further increasing its demand. |
The chocolate market growth 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. Chocolate is an essential ingredient in desserts and baked goods. The growing demand for chocolate in various products and its consumption by food chains in bulk volumes are contributing to the chocolate market expansion.
The impulse purchasing behaviour of consumers across age groups and the availability of a range of chocolate products at different price points are favouring the market growth. Additionally, the inflating disposable incomes and improved living standards of consumers support them to afford premium and luxury chocolates. Moreover, new product launches and use of innovative packaging solutions are expected to attract more consumers
“Global Chocolate Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup | Categories |
Product | Dark Chocolate, Milk Chocolate, White Chocolate, Others |
Category | Pure Chocolate, Compound Chocolate |
Distribution Channel | Supermarkets and Hypermarkets, Convenience Stores, Online, Others |
Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
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Consumption of dark chocolates due to its numerous health benefits and unique taste is expected to increase
Based on product type, the demand for dark chocolates is expected to remain robust over the forecast period. Dark chocolate contains 26.3 milligrams of high antioxidants per 100 grams. The dark chocolate market growth can be attributed to rising awareness pertaining to the health benefits associated with dark chocolate consumption 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, adding on to their rising demand.
The market players are focusing on innovations and new product launches, such as vegan and plant-based offerings, to stay ahead in the competition
Company | Year Founded | Headquarters | Services |
Mars, Incorporated | 1911 | United States | Provides a wide array of products through business categories including snacking, pet care and food and nutrition. |
MondelÄz International, Inc. | 2012 | United States | Specialises in snacks, including biscuits (cookies, crackers and salted snacks), chocolate, gum and candy, as well as various cheese, grocery and powdered beverage products. |
Ferrero International | 1946 | Luxembourg | Provides a wide variety of products through its brands Kinder, Ferrero Rocher, Tic Tac, among others. |
Nestlé S.A. | 1866 | Switzerland | Provides a range of products under its brands Nescafé, Perrier, NaturNes, Milo, KitKat, others. |
Other notable players in the chocolate market include 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. Manufacturers are upgrading their product portfolios and incorporating the latest capabilities to innovate their offerings and meet the evolving demands of consumers.
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North America is expected to occupy a significant chocolate market share in the forecast period. On an average, an American consume about 9.5 pounds of chocolate annually. The market growth can be attributed to the changing lifestyle and high consumer purchasing power in the region. In Europe, Switzerland is a major consumer of chocolate. The Swiss consume about an average of 19.8 pounds of chocolate per year.
The Asia Pacific chocolate market size is expected to witness a healthy growth, with emerging economies such as India and China driving the product demand. The growing western influence in the region, improving living standards, and the growing awareness pertaining to the health benefits associated with dark chocolate consumption are likely to support the market expansion. The market is also expected to benefit from the increasing consumer preference for premium chocolates in the region.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product |
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Breakup by Category |
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Breakup by Distribution Channel |
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Breakup by Region |
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Market Dynamics |
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Trade Data Analysis |
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Competitive Landscape |
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Companies Covered |
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*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 (2018-2023)
8.3 Global Chocolate Market Forecast (2024-2032)
8.4 Global Chocolate Market by Product
8.4.1 Dark Chocolate
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Milk Chocolate
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 White Chocolate
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Chocolate Market by Category
8.5.1 Pure Chocolate
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Compound Chocolate
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Chocolate Market by Distribution Channel
8.6.1 Supermarkets and Hypermarkets
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Convenience Stores
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Online
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Others
8.7 Global Chocolate Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
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 Historical Trend (2018-2023)
9.4.1.2 Forecast Trend (2024-2032)
9.4.2 Canada
9.4.2.1 Historical Trend (2018-2023)
9.4.2.2 Forecast Trend (2024-2032)
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 Historical Trend (2018-2023)
10.4.1.2 Forecast Trend (2024-2032)
10.4.2 Germany
10.4.2.1 Historical Trend (2018-2023)
10.4.2.2 Forecast Trend (2024-2032)
10.4.3 France
10.4.3.1 Historical Trend (2018-2023)
10.4.3.2 Forecast Trend (2024-2032)
10.4.4 Italy
10.4.4.1 Historical Trend (2018-2023)
10.4.4.2 Forecast Trend (2024-2032)
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 Historical Trend (2018-2023)
11.4.1.2 Forecast Trend (2024-2032)
11.4.2 Japan
11.4.2.1 Historical Trend (2018-2023)
11.4.2.2 Forecast Trend (2024-2032)
11.4.3 India
11.4.3.1 Historical Trend (2018-2023)
11.4.3.2 Forecast Trend (2024-2032)
11.4.4 ASEAN
11.4.4.1 Historical Trend (2018-2023)
11.4.4.2 Forecast Trend (2024-2032)
11.4.5 South Korea
11.4.5.1 Historical Trend (2018-2023)
11.4.5.2 Forecast Trend (2024-2032)
11.4.6 Australia
11.4.6.1 Historical Trend (2018-2023)
11.4.6.2 Forecast Trend (2024-2032)
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 Historical Trend (2018-2023)
12.4.1.2 Forecast Trend (2024-2032)
12.4.2 Argentina
12.4.2.1 Historical Trend (2018-2023)
12.4.2.2 Forecast Trend (2024-2032)
12.4.3 Mexico
12.4.3.1 Historical Trend (2018-2023)
12.4.3.2 Forecast Trend (2024-2032)
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 Historical Trend (2018-2023)
13.4.1.2 Forecast Trend (2024-2032)
13.4.2 United Arab Emirates
13.4.2.1 Historical Trend (2018-2023)
13.4.2.2 Forecast Trend (2024-2032)
13.4.3 Nigeria
13.4.3.1 Historical Trend (2018-2023)
13.4.3.2 Forecast Trend (2024-2032)
13.4.4 South Africa
13.4.4.1 Historical Trend (2018-2023)
13.4.4.2 Forecast Trend (2024-2032)
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 2032
2. Global Chocolate Historical Market: Breakup by Category (USD Million), 2018-2023
3. Global Chocolate Market Forecast: Breakup by Category (USD Million), 2024-2032
4. Global Chocolate Historical Market: Breakup by Product (USD Million), 2018-2023
5. Global Chocolate Market Forecast: Breakup by Product (USD Million), 2024-2032
6. Global Chocolate Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
7. Global Chocolate Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
8. Global Chocolate Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Chocolate Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Chocolate Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Chocolate Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Chocolate Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Chocolate Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Chocolate Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Chocolate Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Chocolate Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Chocolate Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Chocolate Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Chocolate Market Forecast: Breakup by Country (USD Million), 2024-2032
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
In 2023, the global market for chocolate attained a value of nearly USD 133.32 billion.
The market is projected to grow at a CAGR of 4.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 196.43 billion by 2032.
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.
The global chocolate market attained a value of USD 133.32 billion in 2023, 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 2024-2032, growing at a CAGR of 4.4%. The market is projected to reach USD 196.43 billion by 2032.
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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