Chocolate Market Size, Share, Analysis, Growth, Forecast 2030

Description
Segmentation & Scope

Preference for Darker Flavour to Be Dominating Trend in Global Chocolate Market

Chocolate has been an integral part of ancient recipes, percolating as a money-making ingredient for the modern food and beverage giants. A product derived from cacao pods, chocolate is an exceptionally popular flavour globally. While debates about the palatal brilliance of chocolate made across countries by varied manufacturers continue, the undeniable liking for chocolate for its flavour and texture remains its undercurrent for growth. In recent years, a growing preference has been noted for dark chocolates. Well known to have a plethora of health benefits, dark chocolate has been winning attention amongst young and adult consumers.

According to Cleveland Clinic, dark chocolate is rich in flavanols, which is known for lowering blood pressure by producing nitric oxide that relaxes blood vessels and betters blood flow. It also contains a good amount of zinc, copper, and phosphorus. As a plant-derived ingredient dark chocolate uses lesser milk solids to retain the bitter mouthfeel. This has popularized dark chocolate amongst those trying to reduce animal-derived product intake.

Visible proof of tilt towards luxury chocolate can be felt with the launch of varied chocolate brands in the retail space. For instance, SMOOR, an Indian-origin luxury chocolate brand focuses on the incorporation of immunity-boosting ingredients such as turmeric, tulsi, pumpkin seeds, giloy, amla, and ashwagandha bring in an element of differentiation. The use of indigenous flavours to make the chocolates true to their Indian flavour is expected to carve a niche for the brand.

Changing Reputation of Chocolate Makes it an Object of Desire and a Status Symbol

An incredible amount of investment in packaging chocolates in designer ways has been critical in building luxury brands. Popular luxury brands such as Godiva, Hotel Chocolat, Prestat, Lindt & Sprugli, Guylian, Artisan du Chocolat, Montezuma, Bettys, and Maison Pierre Marcolini have continuously improved their strategy toward improving production and packaging to lure in consumers. From extravagant, gilded packaging to minimalistic designs chocolate market is witnessing a paradigm shift in creating an aspirational value. Festive packaging for Diwali, Christmas, New Year, and other season’s greetings have given manufacturers a wider platform to create brilliant packaging designs with illustrations, painterly strokes, and modern fonts.

For instance, The Mast Chocolate collaborated with The Met in 2020 to share works of art to commemorate its 150 years. The company intended to raise funds to donate $60 out of the $100 selling price to the Metropolitan Museum of Art with every purchase. Donning works of art from Van Gogh to Katsushika Hokusai, the chocolatier has set a standard for minimalistic design that has an aspirational value.

Chocolate Market Finds its Biggest Consumer in Confectionery Industry

The explosion of the confectionary industry with a growing number of home bakers has greatly impacted the chocolate market. From cakes, bakes, bars, toffees, candies, and bread, the demand for chocolate has soared exponentially. Harsh COVID-19 lockdowns brought in a wave of interest in baking at home. This spiked cocoa powder, drinking chocolate, and chocolate bar sales. Before the pandemic, café culture has been significantly responsible for chocolate consumption. With menus that use chocolate as a hot-selling ingredient, the demand for the same rose considerably. From coffees to croissant, chocolate has become an integral part of menus in all forms of restaurants and cafés. The confectionary chocolate market finds immense potential in snacking habits and gifting protocols.

Vending machines at hospitals and offices have also been essential to the sale of confectionary chocolate products. As offices resume, Fairfield Market Research assesses the market to do well as coffee vending machines that also serve hot chocolate will be used in full swing.

Favouritism Towards Milk Chocolate Drives Segment Growth

The global chocolate market includes dark, milk, and white chocolate. Out of these, the demand for milk chocolate is expected to exceedingly surpass any other. The sheer volume of milk chocolate consumed and produced is expected to keep the segment in the lead. Its straightforwardness in taste and texture has made it an ideal ingredient for making a wide range of products such as wafers, cubes, bars, chips, cookies, and other confectionery products. Preference for milk chocolate for making flavoured beverages has given the segment a leg up. While dark chocolate wears a mask of luxury enjoyed by the adult demographic, milk chocolate has always enjoyed a wider appeal, making it accessible to consumers across all age and income groups.

Belgium and Swiss Chocolates Give Europe an Edge Over Others

Traditionally, western countries have been chocolate consumers and connoisseurs. From gourmet chocolates to mass produce, North America and Europe have been historically known to bring together art and ingredient to create a hot selling item. Smoother, richer, and accentuating tastes have given European chocolate fame and a lucrative spot in the market. Belgian and Swiss chocolates draw tremendous attention across the world for their reputation. Made to create a silky, exotic, and rich mouthfeel, the European chocolates have become the gold standard for many chocolatiers across the globe.

North America on the other hand has played the field with mass-produced chocolates. U.S.-based companies such as THE HERSHEY COMPANY and Mars have excellent recall value for chocolate across the globe. In the coming years, companies are expected to capitalize on growing demand for gluten-free, dairy-free, vegan, soy-free, and GMO-free labels to lure in consumers.

Meanwhile, Asia Pacific is touted as the unmissable market for chocolate by Fairfield Market Research. With local and international chocolate brands flooding retail and e-commerce spaces, the chocolate market has a huge scope in the emerging economies of India, China, and Japan.

Global Chocolate Market: Competitive Landscape

Some of the key players operating in the global chocolate market are Barry Callebaut, Lindt & Sprüngli AG, Mondelez International, Nestle, The Hershey Company, Ferrero Group, Mars, Incorporated, The Australian Carob Co., Meiji Holdings Co., Ltd., Arcor, Cargill, Incorporated, and Moonstruck Chocolate.

Companies are expected to add new flavours, launch limited edition bars, and create exclusive season contracts with designers to set themselves apart. For instance, Hershey's brand launched a limited edition of its iconic bar that highlights “SHE” letters of its eponymous bar. The bars were launched in February 2022 as a part of Women's History Month celebrations. Marketing strategies that spell inclusivity and season’s celebrations with attractive packaging are expected to be key differentiators for chocolatiers during the forecast period.

Regional Classification of the Global Chocolate Market is Listed Below:

North America

U.S.
Canada

Europe

Germany
France
Spain
U.K.
Italy
Russia
Rest of Europe

Asia Pacific

China
Japan
India
Southeast Asia
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East and Africa

GCC
South Africa
Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Chocolate Market

Chocolate Market by Product/Technology/Grade, Application/End-user, and Region
Executive Summary (Opportunity Analysis and Key Trends)
Historical Market Size and Estimates, Value and Volume, 2019 - 2022
Volume Consumption at Regional and Country Level, 2023 - 2030
Market Dynamics and Economic Overview
Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
Regional and Product/Grade/Application/End-user Price Trends Analysis
Production Output Analysis (Major Producing Regions)
Value Chain and Five Force’s Analysis
Regional/Sub-region/Country Market Size and Trend Analysis
Company Market Share Analysis and Key Player Profiles

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1. Executive Summary
1.1. Global Chocolate Market: Snapshot
1.2. Future Projections, 2023 - 2030, (US$ Mn)
1.3. Key Segment Analysis and Competitive Insights
1.4. Analyst Recommendations

2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.1.1. Driver A
  2.2.1.2. Driver B
  2.2.1.3. Driver C
  2.2.2. Restraints
  2.2.2.1. Restraint 1
  2.2.2.2. Restraint 2
  2.2.3. Market Opportunities Matrix
2.3. Value Chain Analysis
2.4. Supply Chain Interpretation (Margins, etc.)
2.5. Porter’s Five Forces Analysis
2.6. Covid-19 Impact Analysis
  2.6.1. Supply
  2.6.2. Demand
2.7. Government Regulations
2.8. Recent Industry Developments
2.9. Per Capita Chocolate Consumption, by Region
2.10. Promotional Strategies, Key Players
2.11. R&D Expenditures Key Manufacturers
2.12. Economic Analysis
2.13. PESTLE Analysis

3. Production Output and Trade Statistics, 2019 - 2030
3.1. Chocolate Supply-Demand Analysis
3.2. Regional Production Statistics
  3.2.1. North America
  3.2.2. Europe
  3.2.3. Asia Pacific
  3.2.4. Latin America
  3.2.5. Middle East & Africa
3.3. Trade Statistics

4. Price Trends Analysis and Future Projects, 2019 - 2030
4.1. Key Highlights
4.2. Prominent Factors Affecting Prices
4.3. By Type and By Sales Category
4.4. By Region

5. Global Chocolate Market Outlook, 2019 - 2030
5.1. Global Chocolate Market Outlook, by Type, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  5.1.1. Key Highlights
  5.1.1.1. Dark
  5.1.1.2. White
  5.1.1.3. Milk
  5.1.1.4. Ruby
  5.1.2. Market Attractiveness Analysis
5.2. Global Chocolate Market Outlook, by Sales Category, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  5.2.1. Key Highlights
  5.2.1.1. Everyday
  5.2.1.2. Premium & Gourmet
  5.2.1.3. Seasonal
5.3. Global Chocolate Market Outlook, by Distribution Channels, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  5.3.1. Key Highlights
  5.3.1.1. Supermarkets & Hypermarkets
  5.3.1.2. On-Trade (Vending Machine, Convenience Stores)
  5.3.1.3. Online
  5.3.1.4. Specialty Retailers
5.4. Global Chocolate Market Outlook, by Region, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  5.4.1. Key Highlights
  5.4.1.1. North America
  5.4.1.2. Europe
  5.4.1.3. Asia Pacific
  5.4.1.4. Latin America
  5.4.1.5. Middle East & Africa
  5.4.2. Market Attractiveness Analysis

6. North America Chocolate Market Outlook, 2019 - 2030
6.1. North America Chocolate Market Outlook, by Type, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  6.1.1. Key Highlights
  6.1.1.1. Dark
  6.1.1.2. White
  6.1.1.3. Milk
  6.1.1.4. Ruby
  6.1.2. Market Attractiveness Analysis
6.2. North America Chocolate Market Outlook, by Sales Category, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  6.2.1. Key Highlights
  6.2.1.1. Everyday
  6.2.1.2. Premium & Gourmet
  6.2.1.3. Seasonal
6.3. North America Chocolate Market Outlook, by Distribution Channels, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  6.3.1. Key Highlights
  6.3.1.1. Supermarkets & Hypermarkets
  6.3.1.2. On-Trade (Vending Machine, Convenience Stores)
  6.3.1.3. Online
  6.3.1.4. Specialty Retailers
6.4. North America Chocolate Market Outlook, by Country, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  6.4.1. Key Highlights
  6.4.1.1. U.S.
  6.4.1.2. Canada

7. Europe Chocolate Market Outlook, 2019 - 2030
7.1. Europe Chocolate Market Outlook, by Type, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  7.1.1. Key Highlights
  7.1.1.1. Dark
  7.1.1.2. White
  7.1.1.3. Milk
  7.1.1.4. Ruby
  7.1.2. Market Attractiveness Analysis
7.2. Europe Chocolate Market Outlook, by Sales Category, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  7.2.1. Key Highlights
  7.2.1.1. Everyday
  7.2.1.2. Premium & Gourmet
  7.2.1.3. Seasonal
7.3. Europe Chocolate Market Outlook, by Distribution Channels, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  7.3.1. Key Highlights
  7.3.1.1. Supermarkets & Hypermarkets
  7.3.1.2. On-Trade (Vending Machine, Convenience Stores)
  7.3.1.3. Online
  7.3.1.4. Specialty Retailers
7.4. Europe Chocolate Market Outlook, by Country, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  7.4.1. Key Highlights
  7.4.1.1. Germany
  7.4.1.2. France
  7.4.1.3. U.K.
  7.4.1.4. Italy
  7.4.1.5. Turkey
  7.4.1.6. Russia
  7.4.1.7. Rest of Europe
  7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Asia Pacific Chocolate Market Outlook, 2019 - 2030
8.1. Asia Pacific Chocolate Market Outlook, by Type, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  8.1.1. Key Highlights
  8.1.1.1. Dark
  8.1.1.2. White
  8.1.1.3. Milk
  8.1.1.4. Ruby
  8.1.2. Market Attractiveness Analysis
8.2. Asia Pacific Chocolate Market Outlook, by Sales Category, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  8.2.1. Key Highlights
  8.2.1.1. Everyday
  8.2.1.2. Premium & Gourmet
  8.2.1.3. Seasonal
8.3. Asia Pacific Chocolate Market Outlook, by Distribution Channels, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  8.3.1. Key Highlights
  8.3.1.1. Supermarkets & Hypermarkets
  8.3.1.2. On-Trade (Vending Machine, Convenience Stores)
  8.3.1.3. Online
  8.3.1.4. Specialty Retailers
8.4. Asia Pacific Chocolate Market Outlook, by Country, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  8.4.1. Key Highlights
  8.4.1.1. China
  8.4.1.2. Japan
  8.4.1.3. South Korea
  8.4.1.4. India
  8.4.1.5. Southeast Asia
  8.4.1.6. Rest of Asia Pacific
  8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Latin America Chocolate Market Outlook, 2019 - 2030
9.1. Latin America Chocolate Market Outlook, by Type, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  9.1.1. Key Highlights
  9.1.1.1. Dark
  9.1.1.2. White
  9.1.1.3. Milk
  9.1.1.4. Ruby
  9.1.2. Market Attractiveness Analysis
9.2. Latin America Chocolate Market Outlook, by Sales Category, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  9.2.1. Key Highlights
  9.2.1.1. Everyday
  9.2.1.2. Premium & Gourmet
  9.2.1.3. Seasonal
9.3. Latin America Chocolate Market Outlook, by Distribution Channels, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  9.3.1. Key Highlights
  9.3.1.1. Supermarkets & Hypermarkets
  9.3.1.2. On-Trade (Vending Machine, Convenience Stores)
  9.3.1.3. Online
  9.3.1.4. Specialty Retailers
9.4. Latin America Chocolate Market Outlook, by Country, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  9.4.1. Key Highlights
  9.4.1.1. Brazil
  9.4.1.2. Mexico
  9.4.1.3. Rest of Latin America
  9.4.2. BPS Analysis/Market Attractiveness Analysis

10. Middle East & Africa Chocolate Market Outlook, 2019 - 2030
10.1. Middle East & Africa Chocolate Market Outlook, by Type, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  10.1.1. Key Highlights
  10.1.1.1. Dark
  10.1.1.2. White
  10.1.1.3. Milk
  10.1.1.4. Ruby
  10.1.2. Market Attractiveness Analysis
10.2. Middle East & Africa Chocolate Market Outlook, by Sales Category, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  10.2.1. Key Highlights
  10.2.1.1. Everyday
  10.2.1.2. Premium & Gourmet
  10.2.1.3. Seasonal
10.3. Middle East & Africa Chocolate Market Outlook, by Distribution Channels, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  10.3.1. Key Highlights
  10.3.1.1. Supermarkets & Hypermarkets
  10.3.1.2. On-Trade (Vending Machine, Convenience Stores)
  10.3.1.3. Online
  10.3.1.4. Specialty Retailers
10.4. Middle East & Africa Chocolate Market Outlook, by Country, Value (US$ Mn) and Volume (Tons), 2019 - 2030
  10.4.1. Key Highlights
  10.4.1.1. GCC
  10.4.1.2. South Africa
  10.4.1.3. Egypt
  10.4.1.4. Rest of Middle East & Africa
  10.4.2. BPS Analysis/Market Attractiveness Analysis

11. Competitive Landscape
11.1. Company Market Share Analysis, 2022
11.2. Competition Matrix (By Tier and Size of companies)
11.3. Strategic Collaborations
11.4. Company Profiles
  11.4.1. Mars Wrigley Confectionary
  11.4.1.1. Company Overview
  11.4.1.2. Product Portfolio
  11.4.1.3. Financial Overview
  11.4.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
  11.4.2. The Hershey Company
  11.4.3. Ferrero Group
  11.4.4. Mondelez International Inc.
  11.4.5. Meiji Co Ltd
  11.4.6. Nestle SA
  11.4.7. Chocoladefabriken Lindt Sprungli AG
  11.4.8. Pladis Global
  11.4.9. Ezaki Glico Co. Ltd.
  11.4.10. Haribo GmbH Co. K.G.
  11.4.11. Perfetti Van Melle

12. Appendix
12.1. Acronyms and Abbreviations
12.2. Research Scope & Assumptions
12.3. Research Methodology and Information Sources

Chocolate Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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