Global Chocolate Market was worth US$ 132.65 Billion in 2023. It is expected to grow at a CAGR of 4.48% from 2024 to 2032 and be valued at US$ 196.79 Billion by 2032.
Over 3,000 years ago, the Maya, Toltec, and Aztec peoples cultivated the cocoa tree. They used the cocoa bean as money and made a drink from its fruit, which is occasionally served ceremonially. Made from cocoa beans, chocolate is a culinary product eaten as candy and used to flavor, coat, and create numerous confections and baked goods. It is high in carbs, has several health advantages, and is a rapid energy source. It also has trace levels of the stimulating alkaloids theobromine and caffeine. Chocolate that has been fermented, dried, and roasted, along with some sugar and cream added, tastes fantastic, but raw, unprocessed chocolate tastes harsh and dry. The rich flavor of chocolate is enjoyed by people worldwide, both on its own and in a vast array of dishes. We get more than half of our chocolate from West African nations, namely Ghana and Cote d'Ivoire.
Global Chocolate Market Trends
Health Benefits of Chocolate
Millions of people enjoy chocolate daily because of its distinct, rich, and sweet flavor. It has become a popular culinary product. A variety of health advantages may result from chocolate's antioxidant capacity. As with dark chocolate, the additional advantages increase with the cocoa content. It is imperative to verify the label, as dark chocolate could have lower fat and sugar content. Global demand for chocolate is rising as a result. Scientists from the University of Calgary, Alberta Health Services Canada, and UCL worked with these researchers. Researchers discovered that those who reported consuming any dark chocolate within 24 hours were 70% less likely than those who reported consuming no chocolate at all to experience clinically significant depressed symptoms. Compared to those who did not, the 25% of chocolate eaters who devoured the most chocolate (of any type, not just dark) were also less likely to convey depression signs. The World Health Organization estimates that depression affects over 300 million people globally and is the leading cause of disability.
Rising demand for Specialty Chocolate
Many people are requesting healthier products, and flexitarianism, vegetarianism, and veganism have increased demand for specific components. According to Kerry's global product director for nutritional and functional proteins, a quarter of consumers worldwide find vegan-friendly confectionery enticing. Over the past four years, the percentage of gelatin-free sugar confectionery claims has increased to 9.3%. The increasing demand for specialized chocolate that satisfies a wide range of dietary requirements and health-conscious lifestyles drives the growth of the global chocolate market.
Innovate by using delicious ingredients and cutting-edge cooking techniques. For example, the Hershey Company introduced two new plant-based, dairy-free chocolate products in March 2023: Hershey's Plant-Based Extra Creamy with Almonds and Sea Salt and Reese's Plant-Based Peanut Butter Cups. Oats are used in the production of both goods instead of milk. In order "to generate additional moments of goodness" that will be "more accessible for chocolate aficionados looking for plant-based alternatives," the business created the delectable delights.
Increased seasonal demand for Chocolates
The holidays are the best time of year to sell chocolate. According to an Assocham report, demand for chocolate increases by 40% during India's festival season due to concerns about contaminated sweets and unusually high prices for dried fruit. Since most chocolate is sold during these few seasonal periods (including Valentine's Day, Easter, Halloween, and Christmas), many chocolate makers invest a lot of effort and resources in these events. The worldwide chocolate industry's seasonality refers to more than satisfying consumer demand. It involves using flavors, packaging, and presentation to create a story. For example, Valrhona has prepared an assortment of 140g of Christmas chocolates for all ages, a classic advent calendar with 24 days of treats, and the ideal package of 15 chocolate bonbons for various delectable sensations for the 2023 Christmas and New Year celebrations. With 28 premium Valrhona palettes with classic tastes, this imaginative chocolate gift box is filled with delight.
The robust Food and Beverage market drives the expansion of the Chocolate Market
One of the top segments of the global chocolate market is the food and beverage sector. Chocolate is one of the most enticing foods in the world because of its organoleptic qualities, yet historically, people have mostly eaten it for its flavor and aroma. This tendency is fueled by changing lifestyles and an increase in disposable income. The food industry's continuous innovation and increased distribution and marketing initiatives enhance chocolate's appeal and accessibility to a broader range of consumers. For instance, print and TV advertisements are used by Cadbury to advertise their Dairy Milk bars. They also engage younger audiences with emotionally charged digital advertisements such as "Tastes Like This Feels."
Europe Chocolate Market
The Europe chocolate market is known for its rich heritage, numerous flavors, and fantastic craftsmanship. According to Prodcom data, the European Union (except the UK) produced an anticipated 3.6 Million tonnes of final chocolate merchandise in 2020. Chocolate has an extended history deeply intertwined with the European way of life and holds a unique area in clients' hearts across the continent. European chocolatiers are celebrated for their traditional techniques and revolutionary approaches. They offer various indulgent treats - from conventional milk and dark chocolates to artisanal creations infused with precise ingredients.
Switzerland, Belgium, and France are well known for their top-notch chocolate services. They have set the standard for flavor and presentation. According to OEC World, in 2022, Switzerland exported US$ 913 million worth of chocolate, making it the region's tenth-largest chocolate exporter. The European chocolate market prospers despite demanding situations, changing client choices, and expanding health awareness. This is due to its dedication to quality innovation and a rich heritage spanning generations.
Global Chocolate Company News
Nestlé S.A., Mondelez International, Inc., AMUL Industries Pvt Ltd., The Hershey Company, Meiji Holdings Co. Ltd., Saputo Inc., Chocoladefabriken Lindt, and Sprungli AG, and Hotel Chocolat Group plc are significant players in the global chocolate market.
- In January 2024 - Mars acquired Hotel Chocolat, a premium chocolate brand in the UK, adding it to its portfolio.
- In September 2023 - Nestle, the Swiss food group, bought a majority stake in Brazilian premium chocolate maker Grupo CRM to expand into luxury confectionary.
- In October 2023 - Mondelēz International's Toblerone is now positioned as a premium chocolate brand with its "Never Square" campaign, inspired by luxury brands. It has introduced unique formats and gifting options, including Toblerone Truffles and Tiny Toblerone packs for mindful snacking.
- In July 2023 - Ferrara Candy Co. acquired Brazilian snacks company Dori Alimentos. The company sells a variety of chocolate and sugar confectionery brands, including Dori, Pettiz, and Jubes.
- In May 2023 - Reliance Retail Venture's FMCG unit, Reliance Consumer Products, acquired a controlling stake in Lotus Chocolate Company Ltd.
- In April 2023 - MBK Partners, a private equity firm, is set to acquire Pierre Marcolini, a Belgian chocolate brand often called the "Hermes of Chocolate." MBK purchased Godiva's business rights in South Korea, Japan, and Australia four years ago. They plan to bolster their premium chocolate offerings by adding Pierre Marcolini to their portfolio.
- In February 2023 - Mars Wrigley India introduced GALAXY FUSIONS, dark chocolate with 70% cocoa. This marks Mars Wrigley India's entry into the dark chocolate market in India and a significant expansion of local production of the brand GALAXY, which has been loved globally for over 60 years.
Type - Global Chocolate Market breakup in 2 viewpoints:
1. Dark Chocolate
2. Milk/White Chocolate
Distribution Channel - Global Chocolate Market breakup in 4 viewpoints:
1. Hypermarkets/Supermarkets
2. Convenience Stores
3. Online Retail Stores
4. Other Distribution Channel
Country - Global Chocolate Market breakup of 25 Countries:
1. North America
1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherland
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. Nestlé S.A.
2. Mondelez International, Inc.
3. AMUL Industries Pvt Ltd.
4. The Hershey Company
5. Meiji Holdings Co. Ltd.
6. Saputo Inc.
7. Chocoladefabriken Lindt, and Sprungli AG
8. Hotel Chocolat Group plc
Table of Contents
Companies Mentioned
- Nestlé S.A.
- Mondelez International, Inc.
- AMUL Industries Pvt Ltd.
- The Hershey Company
- Meiji Holdings Co. Ltd.
- Saputo Inc.
- Chocoladefabriken Lindt, and Sprungli AG
- Hotel Chocolat Group plc
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 185 |
| Published | May 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 132.65 Billion |
| Forecasted Market Value ( USD | $ 196.76 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
