The ‘Global Chocolate Market Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global chocolate market, assessing the market on the basis of its segments like categories, product types, processed types, quality, applications, and major regions.
Chocolate Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical CAGR (2021): USD 106.6 billion
• Forecast CAGR (2023-2028): 5.5%
• Forecast Market Size (2027): USD 147 billion
The increasing popularity of dark chocolate, owing to the health benefits offered by the product is driving the market growth. Dark chocolate contains crucial minerals such as zinc, magnesium, and phosphorus which promote bone health, improving the quality of sleep, and augmenting immunity.
Additionally, dark chocolate has a mild flavour and can reduce the chances of getting cardiovascular or blood pressure-related diseases. The increasing consumption of chocolate products by millennials is a major chocolate market driving factor. Meanwhile, the increasing demand for food products such as chocolate-flavoured ice cream, milk, biscuits, and candies, among others, is adding to the market growth. Demand for chocolate typically increases around special occasions including Easter, Valentine’s Day, and New Year’s, where chocolates are given as gifts. The increasing demand around holidays and in general, are anticipated to propel production of the chocolate market.
Over the forecast period, there is an expected increase in demand for specialised chocolates, including chocolates with varied flavours and features such as sugar-free.
Chocolate Industry Definition and Major Segments
Chocolate is an edible product which is obtained by roasting and grinding seeds of cacao tree. It can be consumed in various forms including solid and liquid, in desserts, bakery products, and beverages, among others. Chocolate contains high levels of sugar and carbohydrates which provides quick energy to cope with tasks. It also contains little amounts of caffeine and stimulating alkaloids.
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Based on category, the market can be segmented into:
- Pure Chocolate
- Couverture Chocolate
- Regular Chocolate
- Compound Chocolate
On the basis of product types, the market has been classified into:
- Dark Chocolate
- Milk Chocolate
- White Chocolate
The market can be categorised based on processed types into:
- Chocolate Syrup
- Chocolate Bar
- Chocolate Spread
- Others
By quality, the market has been segmented into:
- Premium
- Everyday
- Seasonal Chocolate
Based on application, the market is classified into include:
- Bakery
- Confectionery
- Beverage
- Others
On the basis of region, the market can be categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Chocolate Market Trends
The key trends in the global chocolate market include the increased sale of dark as well as milk chocolate through the e-commerce industry. Further bolstered by the increasing online purchasing power and flourishing e-commerce sector, the market is anticipated to be witness a healthy growth in the forecast period. Meanwhile, the increasing incorporation of chocolate in household meal preparation is boosting the sale of chocolate syrups and chocolate spreads.
Technological advancements in the advertising industry, coupled with the advent of social media, are improving the branding and promotion of chocolate products manufactured by the major market players. Social media is also diffusing awareness about new product innovations and attractive offers on chocolate products which are further aiding the global chocolate market.
North America accounts for a remarkable share in the market owing to the high purchasing power of consumers, changing lifestyles, and trend of chocolate consumption around holidays. Asia Pacific is expected to witness significant market growth, driven by emerging economies such as India and China where there is increased awareness of chocolate health benefits and growing influence of Western consumption patterns.
Key Market Players
The major players in the chocolate market report are:
- Nestlé SA
- Mars, Incorporated
- Ferrero Group
- Barry Callebaut AG
- Mondelez International
- Hershey Co.
- Kerry Group plc
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.
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