Global Luxury Chocolates Market - Market Size & Forecasting (2017-2028)

The luxury chocolate market is estimated to be USD 16,543.2 million in 2020 and is projected to reach USD 33,764.5 million by 2028, at a CAGR of 9.3% during the forecast period in the COVID-19 period. However, without the COVID-19 impact, the luxury chocolates market is expected to be at USD 16,630.9 million in 2020 and USD 34,333.4 million in 2028, with a CAGR of 9.5%.

Growing demand for chocolate in developing countries is due to the increasing income levels and changing eating habits of individuals. Innovations in the packaging of chocolates and their use as a gift also contribute to the development of the global market. Some of the noteworthy findings of the market include rising health benefits related to dark chocolates that are rich in cocoa, increasing demand for premium-based dark chocolates, and a desire for innovation of various flavored premium chocolates, which are expected to propel the growth of the market.

According to the National Institute of Mental Health, 40 million people in the U.S. are affected by anxiety disorders, accounting for 18% of the total population. Eating chocolate increases brain serotonin and acts as an antidepressant. It also releases endorphins in the body, which produces the feels-good effect. These factors are expected to boost the demand for luxury chocolate in the forecast period.

Luxury chocolate is perhaps the most commonly used phrase, and this best defines the pure indulgence experienced with the creamy chocolate texture of melted chocolate and the full flavor that it provides when the chocolate is warmed, often covered with cream. The most indulgent types of luxurious chocolate are certainly the most abused types of chocolate in their make-up, and many chocolate truffles use hydrogenated fats as a more cost-effective replacement for 100% cocoa butter.

This research report categorizes the market for luxury chocolates based on various segments and region and forecasts revenue growth and analysis of trends in each of the submarkets. The report analyses the key growth drivers, opportunities and challenges which influence the luxury chocolates market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger and acquisition have been included in order to draw the competitive landscape in the luxury chocolates market. The report strategically identifies and profiles the key market players and analyses their core competencies in each segment such as fruit, nature, product type, application, and distribution channel of the luxury chocolates market

Based on the product type, the market is segmented into milk chocolate, dark chocolate, and white chocolate. Among these, the milk chocolate segment dominates the global luxury chocolate market. The large share of milk chocolate is due to the health benefits associated with white chocolates, such as regulation of fats in the body, cardiovascular benefits, and others.

Based on the distribution channel, the market is segmented into online and offline. The offline distribution channel is again segmented into convenience stores and hypermarket/supermarket. Among these, the online distribution channel is dominating the global luxury chocolate market. The online distribution channel is dominating the market, owing to the availability of maximum variety of chocolates at one place and growing usage of the internet in different countries. Moreover, the hypermarket/supermarket segment is expected to have significant growth in the forecast period, owing to the availability of all luxury and regular chocolates at a single place.

Based on the end user, the market is segmented into hotels and restaurants, in-house, and others. Among these, the hotels and restaurants segment dominates the global luxury chocolate market. The large share of hotels and restaurants segment is due to the growing use of premium chocolates as desserts and many hotels offering luxury chocolate gifts for any occasion to their customers.

By region, this market is segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. Among these regions, the Asia Pacific region is to hold the largest share of the global luxury chocolate market in the forecast period. Rising health awareness, coupled with an increase in per capita income in this region, is expected to drive the demand and growth in luxury chocolate over the forecast period. Moreover, the Middle East and Africa region is expected to register significant growth in the forecast period.

The competitive scenario highlights the performance of major companies operating in this market. This includes detailed profiling of major companies and their competitive benchmarking. Product profiling provides key information including products/solutions offered, key developments, company performances, and strategies adopted in recent years. The major companies profiled include Godiva, Hotel Chocolat, Prestat, Lindt & Sprugli, Guylian, Artisan du Chocolat, Montezuma, Bettys, Maison Pierre Marcolini, Fifth Dimension, and others. These companies have adopted product development, expansion, and merger strategies to consolidate their market position amid intense competition.