Global Chocolate Market Report and Forecast 2024-2032

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.

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.

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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

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

Market Segmentation

“Global Chocolate Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following 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

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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Chocolate Market Analysis by Region

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