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Global Chocolate Market: By Category: Pure Chocolate, Compound Chocolate; By Product Types: Dark Chocolate, Milk Chocolate, White Chocolate; By Processed Types; By Quality; By Application; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Chocolate Market Outlook
The global chocolate market stood at 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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Heightened Consumption of Dark Chocolates to Bolster the Global Chocolate Industry
Based on product type, the dark chocolate segment is predicted to hold a significant market share in the chocolate industry. This 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 factors 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 Industry
North America is predicted to possess a considerable share of the chocolate industry in the forecast period. The market growth can be attributed to the changing lifestyle and high consumer purchasing power in the region. Meanwhile, the Asia Pacific is predicted to be the fastest 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 aid the market growth in the forecast period.
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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By category, the market is divided into:
- Pure Chocolate
- Compound Chocolate
Among these, the pure chocolate segment can be distributed into couverture chocolate and regular chocolate.
On the basis of product types, the market can be segmented into:
- Dark Chocolate
- Milk Chocolate
- White Chocolate
Based on processed types, the industry can be segregated into:
- Chocolate Syrup
- Chocolate Bar
- Chocolate Spread
- Others
On the basis of quality, the market can be distributed into:
- Premium
- Everyday
- Seasonal Chocolate
Based on application, the market can be categorised into:
- Bakery
- Confectionery
- Beverage
- 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 Industry
The global chocolate industry is being driven by the new product launches by the manufacturers and the impulse purchasing behaviour of consumers across age groups. This can be associated with the availability of a wide range of chocolates at different price points. Additionally, the inflating disposable incomes and improved living standards of consumers are also anticipated to aid the market growth. 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 industry growth in the forecast period.
Key Industry 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:
- Nestlé S.A.
- Mars, Incorporated
- Ferrero Group
- Barry Callebaut AG
- Mondelez International
- Hershey Co.
- Kerry Group plc
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
| 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- Category, Product Types, Processed Types, Quality, Application, Region |
| Breakup by Category | Pure Chocolate, Compound Chocolate |
| Breakup by Product Types | Dark Chocolate, Milk Chocolate, White Chocolate |
| Breakup by Processed Types | Chocolate Syrup, Chocolate Bar, Chocolate Spread, Others |
| Breakup by Quality | Premium, Everyday, Seasonal Chocolate |
| Breakup by Application | Bakery, Confectionery, Beverage, Others |
| Breakup by Region | North America, Latin America, Europe, Middle East and Africa, Asia Pacific |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Trade Data Analysis | Major Importing Countries by Value and Volume, Major Exporting Countries by Value and Volume |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Nestlé SA, Mars, Incorporated, Ferrero Group, Barry Callebaut AG, Mondelez International, Hershey Co., Kerry Group plc, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
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 Category
8.4.1 Pure Chocolate
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.1.4 Breakup by Type
8.4.1.4.1 Couverture Chocolate
8.4.1.4.2 Regular Chocolate
8.4.2 Compound Chocolate
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Chocolate Market by Product Types
8.5.1 Dark 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 Milk Chocolate
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 White Chocolate
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.6 Global Chocolate Market by Processed Types
8.6.1 Chocolate Syrup
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 Chocolate Bar
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 Chocolate Spread
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 Quality
8.7.1 Premium
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 Everyday
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 Seasonal Chocolate
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.8 Global Chocolate Market by Application
8.8.1 Bakery
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Confectionery
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Beverage
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Others
8.9 Global Chocolate Market by Region
8.9.1 Market Share
8.9.1.1 North America
8.9.1.2 Europe
8.9.1.3 Asia Pacific
8.9.1.4 Latin America
8.9.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 Germany
9.2.3.2 United Kingdom
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 India
9.3.3.3 Japan
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Trade Data Analysis (HS Code – 1806)
12.1 Major Importing Countries
12.1.1 By Volume
12.1.2 By Value
12.2 Major Exporting Countries
12.2.1 By Volume
12.2.2 By Value
13 Feedstock Market Analysis
13.1 Global Cocoa Market Analysis
13.1.1 Key Industry Highlights
13.1.2 Global Cocoa Historical Market (2018-2022)
13.1.3 Global Cocoa Market Forecast (2023-2028)
13.1.4 Global Cocoa Market by Derivative
13.1.4.1 Cocoa Butter
13.1.4.2 Cocoa Powder
13.1.4.3 Cocoa Liquor
13.1.5 Global Cocoa Market by Application
13.1.5.1 Food and Beverages
13.1.5.2 Cosmetics
13.1.5.3 Pharmaceuticals
13.1.5.4 Others
13.1.6 Global Cocoa Market Breakup by Region
13.1.6.1 North America
13.1.6.2 Europe
13.1.6.3 Asia Pacific
13.1.6.4 Latin America
13.1.6.5 Middle East and Africa
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Nestlé SA
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Mars, Incorporated
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Ferrero Group
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Barry Callebaut AG
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Mondelez International
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Hershey Co.
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Kerry Group plc
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Others
15 Industry Events and Development
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 Billion), 2018-2022
3. Global Chocolate Market Forecast: Breakup by Category (USD Billion), 2023-2028
4. Global Chocolate Historical Market: Breakup by Product Types (USD Billion), 2018-2022
5. Global Chocolate Market Forecast: Breakup by Product Types (USD Billion), 2023-2028
6. Global Chocolate Historical Market: Breakup by Processed Types (USD Billion), 2018-2022
7. Global Chocolate Market Forecast: Breakup by Processed Types (USD Billion), 2023-2028
8. Global Chocolate Historical Market: Breakup by Quality (USD Billion), 2018-2022
9. Global Chocolate Market Forecast: Breakup by Quality (USD Billion), 2023-2028
10. Global Chocolate Historical Market: Breakup by Application (USD Billion), 2018-2022
11. Global Chocolate Market Forecast: Breakup by Application (USD Billion), 2023-2028
12. Global Chocolate Historical Market: Breakup by Region (USD Billion), 2018-2022
13. Global Chocolate Market Forecast: Breakup by Region (USD Billion), 2023-2028
14. North America Chocolate Historical Market: Breakup by Country (USD Billion), 2018-2022
15. North America Chocolate Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Europe Chocolate Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Europe Chocolate Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Asia Pacific Chocolate Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Asia Pacific Chocolate Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Latin America Chocolate Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Latin America Chocolate Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Middle East and Africa Chocolate Historical Market: Breakup by Country (USD Billion), 2018-2022
23. Middle East and Africa Chocolate Market Forecast: Breakup by Country (USD Billion), 2023-2028
24. Major Importing Countries by Value
25. Major Exporting Countries by Value
26. Major Importing Countries by Volume
27. Major Exporting Countries by Volume
28. Global Cocoa Market: Key Industry Highlights, 2018 and 2028
29. Global Cocoa Historical Market: Breakup by Application (USD Billion), 2018-2022
30. Global Cocoa Market Forecast: Breakup by Application (USD Billion), 2023-2028
31. Global Cocoa Historical Market: Breakup by Region (USD Billion), 2018-2022
32. Global Cocoa Market Forecast: Breakup by Region (USD Billion), 2023-2028
33. Global Chocolate Market Structure
Key Questions Answered in the Report
In 2022, the global chocolate market 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 industry, such as the increased demand chocolate-based baked goods and desserts, rising disposable incomes, improved living standards, heightened use of innovative packaging solutions, and the rising investments in the development of new chocolate variants by the leading manufacturers, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the impulse purchasing behaviour of the consumers.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant categories include pure chocolate and compound chocolate.
The major product types include dark chocolate, milk chocolate, and white chocolate.
The significant processed types include chocolate syrup, chocolate bar, chocolate spread, and others.
The different segments based on product quality include premium, everyday, and seasonal chocolate.
The major applications include bakery, confectionery, beverage, and others.
The major players in the industry are Nestlé S.A., Mars, Incorporated, Ferrero Group, Barry Callebaut AG, Mondelez International, Hershey Co., Kerry Group plc, and 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 types, the industry can be segmented into dark chocolate, milk chocolate, and white chocolate. Based on processed types, the industry can be segregated into chocolate syrup, chocolate bar, chocolate spread, and others. The industry can be categorised, based on quality, into premium, everyday, and seasonal chocolate. On the basis of application, the market can be divided into bakery, confectionery, beverage, and 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 Nestlé S.A., Mars, Incorporated, Ferrero Group, Barry Callebaut AG, Mondelez International, Hershey Co., Kerry Group plc, and 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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