Chocolate Market Size And Forecast
Chocolate Market size was valued at USD 124.03 Billion in 2019 and is projected to reach USD 165.17 Billion by 2027, growing at a CAGR of 3.6% from 2020 to 2027.
The growth of the Global Chocolate Market is primarily driven by the rising awareness among consumers regarding the health benefits associated with cocoa-rich dark chocolates. This trend is anticipated to boost the popularity of chocolate across the globe. The popularity of dark chocolate is expected to rise over the forthcoming years owing to the fact that it helps in preventing cardiac diseases, in addition to other benefits. Growing demand for dark chocolate in developed countries is attributed to increasing income levels and changing eating behaviors. Innovations in the production of dark chocolates and their usage as a gift also lead to the success of the global market.
Global Chocolate Market Definition
Chocolate is one of the most profitable components of the confectionary industry globally. One of the most consumed and popular food products among consumers across the globe is chocolate. Chocolate usage often inhibits cortisol, a stress hormone, from being released. It is preferable for the consumers to include elements in a regular diet that alleviate a health issue rather than depending upon medication. As chocolate helps in relaxing the mind and inducing happiness, it is expected that sales of chocolate will continue to witness a boost during the coming years.
Chocolates are also associated with a token of appreciation, love, and happiness, which are given as gifts during the festive season. Dark chocolate consumption is also associated with reducing the risk of cardiovascular diseases owing to the presence of good fats and flavonoids that are considered to lower blood pressure and bad cholesterol level. Based on the amount of cocoa employed during preparation, different varieties of chocolates are produced globally. As the Global Chocolate Market is highly driven by the taste preferences of consumers, it is imperative that companies focus on product development and marketing strategies to gain a wider consumer base and capture new markets.
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Global Chocolate Market Overview
While developed countries represent established and thriving markets for chocolate, a shift in consumer taste preferences and rising spending on chocolate and other confectionery products are identified to be the major drivers to market growth, prominently in developing countries. Increasing urbanization and the widespread availability of chocolate and derived products will remain another key factor fueling the market for chocolate globally.
Antioxidants-enrichment, blood pressure-suppressing character, and supposedly anti-aging properties of chocolate will remain the key factors propelling the adoption of chocolate and chocolate products. Dark chocolate that contains a larger proportion of cocoa is especially recommended to prevent or slow down aging and certain diseases, such as CVDs. These and more similar perceived benefits of chocolate will continue to drive demand for chocolate in the global market.
A few recent research findings indicate that chocolate consumption aids in looking younger as well as relieving stress, which is expected to further push the demand for chocolate. A sweeping range of new applications of chocolate in food and confectionery products are anticipated to escalate the demand, whereas wide acceptance of chocolate-flavored milk, drinks, bakery products, ice creams, functional foods, and liquor chocolates will sustain the demand throughout the following years. Seasonal and festive sales of chocolate are projected to surge in the next few years. Gifting chocolate hampers and bouquets are among some popular consumer trends in the market, which will strongly favor the market over the forecast period.
Moreover, lucrative growth opportunities lie in handmade chocolates and signature chocolate-based products. Chocolates are still largely considered an affordable luxury in some regions of the globe. Price sensitivity may detain the penetration of the Chocolate Market in some of the underdeveloped parts of the world. Moreover, fluctuating prices of raw materials, especially cocoa, the instability of its supply, and the political instability in cocoa-producing countries are likely to restrain the growth of the market over the next couple of years.
Global Chocolate Market: Segmentation Analysis
The Global Chocolate Market is Segmented on the basis of Product, Distribution Channel, And Geography.
Chocolate Market, By Product
• Milk Chocolate
• Dark Chocolate
• White Chocolate
Based on Product, the market is bifurcated into Milk Chocolate, Dark Chocolate, and White Chocolate. The milk chocolate segment registered the largest market share in 2019, followed by dark chocolate. The dark chocolate segment is expected to have the highest CAGR in the next five years due to the health benefits resulting from its high cocoa content. A majority of consumers are opting for dark chocolate over white and milk chocolate. While milk chocolate has the benefits of cocoa, it is not bitter in taste and provides a healthy alternative to high cholesterol sweets.
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Chocolate Market, By Distribution Channel
• Supermarket & Hypermarket
• Convenience Store
Based on Distribution Channel, the market is bifurcated into Supermarket & Hypermarket, Convenience Store, and Online. The online segment is expected to see the highest CAGR over the projected period. Online sales channel has seen tremendous growth in the last few years owing to the growing proliferation of the internet in different countries. Moreover, online retailers, including Amazon and Walmart, are adding this product category to the main focus area.
The increasing dependency of millennials on the Internet and e-commerce is the main factor projected to boost chocolate consumption across online platforms in the coming years. Various features, including a range of value-added services, such as reduced pricing, cash-on-delivery, and paybacks, provided by e-retailers are anticipated to fuel the development of the online channel in the coming years.
Chocolate Market By Geography
• North America
• Asia Pacific
• Rest of the world
Based on Regional Analysis, the Global Chocolate Market is classified into North America, Europe, Asia Pacific, and the rest of the world. North America and Europe are known to be the dominant regions in the Chocolate Market. Europe held the largest share in 2019. The growing popularity of dark chocolate among consumers is a major factor contributing to the market growth in the region.
The Middle East and Africa are expected to expand at the fastest CAGR from 2020 to 2027 owing to increasing product availability at retail stores. Furthermore, favorable government initiatives, such as tax concession, for grinder and chocolate producers are expected to increase product availability in the region. Moreover, an increasing number of specialty retailers is expected to contribute to market growth in the region.
The “Global Chocolate Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Barry Callebaut Group, Kraft Foods, Mondelez International (Cadbury), Ferrero Group, Hershey Foods Corp, Mars, Inc., Moonstruck Chocolate Company, Nestle SA, Lindt & Sprungli AG, and Meiji Holdings Co., Ltd. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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