Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Chocolate Market Outlook

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.

Global Chocolate Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 133.32
Market Size 2032 USD Billion 196.43
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 4.4%
CAGR 2024-2032 - Market by Region Asia Pacific 5.7%
CAGR 2024-2032 - Market by Country India 6.5%
CAGR 2024-2032 - Market by Country Brazil 5.5%
CAGR 2024-2032 - Market by Distribution Channel Online 4.9%
CAGR 2024-2032 - Market by Category Compound Chocolate 5.0%
Market Share by Country 2023 China 16.9%

Key Takeaways

  • The rising awareness regarding the health benefits offered by dark chocolate is contributing to its increased consumption.
  • Manufacturers are increasingly focusing on new product launches to meet the evolving consumer demands.
  • There is a surge in demand for premium chocolates and innovative offerings like low-sugar chocolates, vegan chocolates, and plant-based chocolates.

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.

Chocolate Market

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Key Trends and Developments

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 Mondelēz International Mondelēz 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.

Chocolate Market Trends

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

Market Segmentation

“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

Chocolate Market By Segments

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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.

Competitive Landscape

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.
Mondelēz 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.

Chocolate Market By Region

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Chocolate Market Analysis by Region

CAGR 2024-2032 - Market by Country
India 6.5%
China 5.5%
Brazil 5.5%
Mexico 4.6%
Australia 3.9%
Japan 3.4%
USA XX%
Canada XX%
UK XX%
Germany XX%
France XX%
Italy XX%
Saudi Arabia XX%

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.

Key Highlights of the Report

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:

  • Product
  • Category
  • Distribution Channel
  • Region
Breakup by Product
  • Dark Chocolate
  • Milk Chocolate
  • White Chocolate
  • Others
Breakup by Category
  • Pure Chocolate
  • Compound Chocolate
Breakup by Distribution Channel
  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Online
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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
  • Barry Callebaut AG
  • Others

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

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.

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