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Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • ID: 4771853
  • Report
  • June 2022
  • Region: Global
  • 110 Pages
  • Mordor Intelligence


  • Ferrero International SA
  • Grupo Arcor
  • Lake Champlain Chocolates
  • Mars Incorporated
  • Meiji Holdings Co. Ltd
  • Mondalez International
The chocolate market is projected to witness a CAGR of 4.5% during the forecast period (2021 - 2027).

The chocolate market was impacted by low sales volumes due to the COVID-19 pandemic, including supply-side issues linked to quality and certification. In terms of exports, a survey of the impact of the COVID-19 pandemic conducted by the Fine Cacao and Chocolate Institute (FCCI) revealed some worrying findings. It was reported in the Dominican Republic that the drastic lockdown put in place prevented the producers and the agricultural workers from going to the plantations for several weeks until exceptions were granted by the authorities. Thus, disruption in the supply chain of raw materials, followed by lockdown, resulted in an increasing number of specialty stores remaining closed for a long time and the decreased volume consumption of premium chocolates. For instance, Barry Callebaut, a Switzerland-based manufacturer of premium chocolates and cocoa products, reported a slowdown for the first six months of the year, with the volume declining in the third quarter (ended May 31, 2020) by 143%.

Key trends impacting the market include growing demand for organic, vegan, sugar-free, and gluten-free chocolates. With growing awareness about the negative effects of synthetic products on health and the environment, most health-conscious and informed consumers have started using organic products. Furthermore, seasonal demand plays an important role in the sales of premium chocolates. Various companies launch a wide range of chocolate varieties during occasions like Easter and Christmas. For instance, Lindt Teddy, wearing a traditional English Christmas pullover, is still a seasonal top-seller in the United Kingdom.

Key Market Trends

Increasing Demand for Single-origin and Certified Chocolate

The demand for fine flavor cocoa in regions like Europe and North America is experiencing substantial growth. Ultra- and high-end beans are used for gourmet chocolates. Regular and low-fine beans are used for regular premium chocolates, especially in countries like the United Kingdom, Brazil, the United States, China, India, the Netherlands, Germany, and Switzerland. This development is driven by the health trend and the quest for more exclusive products. The premium cocoa market, with sustainability certification and single-origin, accelerates the overall growth of the market studied. In response to the propelling demand, manufacturers are introducing their single-origin and premium chocolate line-ups. They are also supporting the local economies. These strategies are helping brands gain more profit margins and grow with a more positive brand image. For instance, Nestle set up a new chocolate molding and packing line in Ecuador. This helped the company incorporate the single-origin specific variety, “Arriba cocoa” beans, to manufacture value-added chocolates for export and domestic consumption.

Europe Dominates the Market

European consumers place greater emphasis on the quality of chocolates, owing to increasing health concerns involving cheaper chocolates in the region and a surge in the popularity of fine cocoa. Therefore, European consumers are willing to pay more for chocolate products that meet their demand. The European consumer’s paradigm shift toward high-quality chocolate products (such as single-origin chocolates, organic chocolates, handmade chocolates, artisan chocolates, etc.) is a major factor driving the chocolate market in the region. There is a tremendous demand for dark chocolates, as they have lower amounts of sugar, paired with a rich bitter taste of concentrated cocoa.

The UK market is one of the significant chocolate-consuming markets in Europe. Plain chocolate appears to be the most popular choice. However, premium chocolates are gaining traction, with consumer preference growing toward premium dark chocolate. In addition, Britain’s confectionery sales have been on the rise, with an increase in the demand for chocolate targeted toward a specific set of consumers. Companies are also focusing on developing free-from and vegan chocolates to capture the growing demand. For instance, GodessiLimited offers premium chocolates in different flavors, such as walnut and cinnamon, orange and cinnamon, peppermint, and raspberry and almonds. The chocolates are gluten-free, dairy-free, soy-free, and vegan and thus, meet the special dietary needs of the consumers.

Competitive Landscape

The chocolate market is fragmented with the presence of both regional and international players such as Mars Incorporated, Yildiz Holdings, and Ferrero International SA. The major players are continuously focusing on product innovation with the launch of premium chocolates across the world. For instance, in October 2020, Ferrero India, part of Ferrero Group, announced the launch of ‘Ferrero Rocher Moments’ - an affordable premium gifting brand inspired by Ferrero Rocher. Furthermore, manufacturers in the market studied have been largely focusing on chocolates for special occasions, such as Valentine's Day, Easter, and Christmas, by offering special chocolates in different colors and shapes, matching the theme of the celebration.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.


  • Ferrero International SA
  • Grupo Arcor
  • Lake Champlain Chocolates
  • Mars Incorporated
  • Meiji Holdings Co. Ltd
  • Mondalez International

1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 By Type
5.1.1 Dark Chocolate
5.1.2 Milk and White Chocolate
5.2 By Product Type
5.2.1 Softlines/Selflines
5.2.2 Countlines
5.2.3 Molded Chocolates
5.2.4 Other Product Types
5.3 By Distribution Channel
5.3.1 Supermarkets/ Hypermarkets
5.3.2 Specialist Retailers
5.3.3 Convenience Stores
5.3.4 Online Channel
5.3.5 Other Distribution Channels
5.4 Geography
5.4.1 North America United States Canada Mexico Rest of North America
5.4.2 Europe Spain United Kingdom Germany France Italy Russia Rest of Europe
5.4.3 Asia Pacific China Japan India Australia Rest of Asia-Pacific
5.4.4 South America Brazil Argentina Rest of South America
5.4.5 Middle East & Africa South Africa United Arab Emirates Rest of Middle East & Africa
6.1 Market Share Analysis
6.2 Most Active Companies
6.3 Most Adopted Strategies
6.4 Company Profiles
6.4.1 Mars Incorporated
6.4.2 Ferrero International SA
6.4.3 Mondalez International
6.4.4 The Hershey Company
6.4.5 Nestle SA
6.4.6 Yildiz Holding
6.4.7 Chocoladenfabriken Lindt & Sprungli AG
6.4.8 Grupo Arcor
6.4.9 Meiji Holdings Co. Ltd
6.4.10 Lake Champlain Chocolates


A selection of companies mentioned in this report includes:

  • Mars Incorporated
  • Ferrero International SA
  • Mondalez International
  • The Hershey Company
  • Nestle SA
  • Yıldız Holding
  • Chocoladenfabriken Lindt & Sprungli AG
  • Grupo Arcor
  • Meiji Holdings Co. Ltd
  • Lake Champlain Chocolates