Chocolate Market Size to grow by USD 45.78 billion between 2023-2027
According to a research report “ Chocolate Market” by Product (Milk chocolate, Dark chocolate, White chocolate ) Distribution Channel (Offline, Online ) Geography (Europe, North America, APAC, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 45.78 billion, at a CAGR of 4.97% during the forecast period. The global chocolate market is witnessing a surge in demand for premium chocolate products, with emerging economies such as China, India, and Brazil leading the charge. Vendors like Mars, Barry Callebaut, and Mondelez International are responding by enhancing differentiation, premiumization, and personalization in their chocolate offerings. For instance, Harbinger Foods introduced a new premium single-bar chocolate brand, Kokoma, in July 2021. Premium chocolates provide vendors with increased profit margins and superior taste and quality. As a result, numerous players are launching premium chocolate lines to cater to consumers influenced by price, packaging, ingredients, exclusivity, and provenance. Moreover, the tradition of gifting premium chocolates due to their luxurious nature remains prevalent..
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By Product, the Milk chocolate segment is projected to dominate the market size in 2024
Milk chocolate, a popular confectionery item, is manufactured by combining milk solids, cocoa solids, sugar, and cream. This type of chocolate contains 10-20% cocoa solids and milk powder, resulting in a smoother and creamier taste compared to dark chocolate. However, the high caloric content of milk chocolate, with approximately 2,300 calories per pound, 140 grams of fat, and 100 milligrams of cholesterol, has led to decreased consumption due to growing health consciousness and concerns over obesity and heart disease.
By Distribution Channel, Offline segment is expected to hold the largest market size for the year 2024
In the chocolate market, organized retailing, specifically hypermarkets and supermarkets, serve as significant offline distribution channels. These channels streamline the purchasing process for consumers, providing them with a wide selection of chocolate brands. Major retailers such as Tesco Plc (Tesco), Carrefour Group, and Target Brands Corp. (Target) are key players in this sector, offering various chocolate brands to their customers. The expansion of hypermarkets and supermarkets globally is a key growth driver for the chocolate market. This expansion increases the visibility of vendor products and boosts demand for them due to the retailers' extensive reach and presence.
Europe is forecasted to hold the largest market size by region in 2024
The European chocolate market is characterized by a significant consumer preference for premium chocolates, driving demand for high-quality offerings such as dark chocolates and organic varieties. With increasing health consciousness and a high incidence of obesity, there is a growing demand for fine flavor cocoa in Europe's chocolate manufacturing industry. Vendors are focusing on innovation, developing new chocolates with reduced sugar content to cater to this market trend. The highly fragmented and competitive European chocolate market is expected to witness robust growth due to the continuous launch of new products and the increasing demand for healthier chocolate options.
The Chocolate Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The chocolate market is a vibrant and diverse industry, encompassing various types of chocolates such as Mars' Dove (known for its milk chocolate with the iconic "melting moment" campaign), white chocolate, and dark chocolate. The production of chocolate involves essential ingredients like milk, sugar, cocoa butter, and cocoa liquor derived from cocoa seeds. Obesity concerns have led to increased demand for sugar-free, gluten-free, organic, vegan, and sustainable chocolates. Mars, a leading player, offers a range of premium chocolates, including Dove, which caters to various consumer preferences. Texture and flavors play a significant role in chocolate's appeal, with milk chocolate being the most popular due to its creamy texture and mild sweetness. Dark chocolate, rich in antioxidants, is favored for its health benefits. The gifting culture significantly influences chocolate sales, especially during festive seasons and special occasions. The NCA reports that lockdowns have led to bulk purchases and increased per capita consumption. Consumer consciousness towards health and sustainability is driving the demand for healthier and ethically sourced chocolates. Cacao, the primary ingredient, is a major focus for sustainable farming practices. Chocolate sales continue to grow, with premium and sustainable chocolates securing significant shelf space in retail outlets. The future of the chocolate market lies in catering to diverse consumer preferences while maintaining ethical and sustainable production practices.
Market Research Overview
The Chocolate Market encompasses various segments, including food retail, food service, and food production. With rising health awareness and concerns, the demand for multi-claim chocolates such as zero sugar, reduced sugar, lactose-free, and conventional varieties is on the rise. Major manufacturers like Ferrero International cater to this trend with offerings like Riot Dark Chocolate and Aloha Superfood Chocolate. However, health concerns have led to a shift in consumer preferences towards chocolate truffles, rice-based snacks, macadamia nuts, fruits, and vegetable-based chocolate. Chocolates infused with flavors like wasabi, edamame, pomegranate, blueberry, and cranberry are gaining popularity. The chocolate market includes chocolate bars, cocoa powder, and beverages, with variations like white, milk, and dark chocolate. Obesity, diabetes, high blood pressure, and dietary regime are major health concerns driving the demand for sugar-free, gluten-free, organic, vegan, and sustainable chocolates. Major manufacturers like Ferrero, Mars (Dove), and Nestle offer a range of chocolate confectionery, including Nutella biscuits and chocolate truffles. Chocolate sales have been impacted by lockdowns, leading to an increase in bulk purchases and gifting culture. Raw materials like cocoa butter, cocoa liquor, cocoa seeds, and cacao are essential for chocolate production. Chocolate's taste, texture, and flavors, along with its health benefits, make it a popular choice for consumers. Chocolate is rich in essential minerals like iron, copper, phosphorus, magnesium, and zinc, contributing to heart health, brain function, and blood circulation. Chocolate also has potential preventive healthcare benefits for depression, anxiety, and mental illnesses. The chocolate market faces competition from beverages, confectionery, and other food and beverage categories. Appealing packaging, taste, and texture are crucial factors in consumer decision-making. The market is segmented into low-end, middle-end, and premium chocolates, catering to different consumer preferences and budgets. In conclusion, the chocolate market is dynamic, driven by health concerns, consumer consciousness, and taste preferences. Manufacturers must adapt to these trends to meet consumer demands and stay competitive.
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