New York, Jan. 16, 2024 (GLOBE NEWSWIRE) -- In 2023, the global chocolate market was valued at USD 149.3 billion in 2023 with significant growth, and is projected to reach USD 273.4 billion by 2033 with an outstanding CAGR of 6.4%.
The world's chocolate industry is experiencing increased demand, driven mainly by the increasing popularity of organic chocolates and the changing preferences of consumers. Chocolate remains a globally favored dessert choice, alluring individuals of all ages. The origins of chocolate trace back to the Theobroma cacao tree in Central America. Switzerland stands out as a foremost consumer of chocolate per capita, with a well-known industry generating some of the world's finest and most delicious chocolates.
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Swiss chocolate devouring averages 8.8 kg per person per year, highlighting the country's chocolate culture and industry competence. Germany follows closely as the second-largest chocolate-consuming country. Health-conscious customers are progressively favoring organic chocolates, which exclude artificial sweeteners. Dark, white, and milk chocolates are popular organic varieties, each providing distinct flavor preferences.
Dark chocolate, well-known for its health benefits, is a prevalent choice, while milk chocolate appeals to those looking for a milder flavor. White chocolate is preferred for its sweet and creamy taste. Organic chocolates provide several health advantages, including skin protection from UV rays, anti-aging properties due to antioxidants, and heart health advantages through magnesium and flavonoids. Additionally, organic sugar-free chocolates contribute to optimal brain functioning and address neurological issues like Alzheimer's, powering the global chocolate market's rapid expansion in response to shifting consumer inclinations and augmented awareness of health benefits.
Key Takeaways
- Milk chocolate rules the product market segment due to its creamy texture, sweet taste, and universal appeal across various age groups.
- Every chocolate dominates the market segment due to its accessibility and familiarity.
- Supermarkets/hypermarket leads the distribution market segment due to the wide variety of chocolate products these stores offer under one roof, along with their extensive reach and convenience.
- Europe rules the regional market segment due to its large chocolate production and consumption.
Driving Factors
Industrial Application in Bakery and Confectionery
The industrial chocolate market exhibits robust competitiveness, with leading players like Mars Incorporated, Ferrero International, Mondelez International Inc., Hershey's Chocolate, and Nestle shaping the landscape. The integration of industrial chocolate into diverse confectionery products not only diversifies the market but also underlines the ingredient's versatility and appeal. This trend's long-term implications include potential market consolidation around key players and continuous innovation, keeping the industry vibrant and expanding.
Health-Conscious Consumer Preferences
The increasing consumer awareness of the health benefits associated with organic, vegan, sugar-free, and gluten-free chocolates significantly drives the chocolate market's growth. This factor synergizes with the growing global focus on healthier lifestyles and dietary choices, amplifying its impact on the market. This trend is paralleled by a rising demand for low-calorie chocolates, showcasing a broader consumer movement towards health-conscious eating.
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Restraining Factors
Fluctuations in Cocoa Price
Regions like West Africa, which are major cocoa producers, often face economic and climatic uncertainties, leading to volatile cocoa prices. The fluctuation of prices for raw materials, including cocoa, can be a major barrier to the expansion of the chocolate industry, particularly in the sugar-free industry. The sugar-free chocolate market, reliant on high-quality cocoa for its premium products, is particularly affected. This volatility directly impacts production costs, making it challenging for manufacturers to maintain consistent pricing and profit margins.
Growth Opportunities
Sustainable and Ethical Sourcing in Cocoa
The chocolate industry's focus on sustainable sourcing of cocoa beans, fair trade practices, and reducing the carbon footprint is opening new avenues for market growth. These efforts resonate with increasingly environmentally and socially conscious consumers, who are more likely to support brands that align with their values. This shift towards sustainability and ethical sourcing not only addresses critical global issues but also enhances brand reputation and customer loyalty, contributing to chocolate market expansion.
Increase in Consumer Demand for Dark Chocolate
Dark chocolate, known for its higher cocoa content and lower sugar levels, is increasingly favored for its potential health advantages, such as heart health and antioxidant properties. This shift in consumer preference is guiding chocolate companies to expand their dark chocolate offerings, catering to a health-conscious audience. The trend aligns with the broader movement towards healthier eating, positioning dark chocolate as a preferred choice for consumers seeking indulgence coupled with health benefits, thereby driving market growth.
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| Report Attribute | Details |
| Market Value (2023) | US$ 149.3 Billion |
| Market Size (2033) | US$ 273.4 Billion |
| CAGR (from 2024 to 2033) | 6.4% from 2024 to 2033 |
| Europe Region Revenue Share | 46.50% |
| Historic Period | 2016 to 2023 |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
Regional Analysis
The European chocolate market flourishes on a preference for premium, hand-crafted chocolates, mainly high-quality dark chocolates. Ethical consumption is on the rise, with high demand for fair trade and organic options. Innovations like sugar-free and vegan choices enhance market appeal. North America sees chocolate dominate candy sales, led by a preference for milk chocolate. The Asia-Pacific market experiences rapid growth due to changing tastes, a surge in disposable incomes, and a modification towards premium chocolate, especially dark varieties. Europe holds a 46.50% global market share, driven by tradition, premium quality, and a strong cultural affinity for chocolate.
Segment Analysis
By product analysis, milk chocolate rules the market segment. This type of chocolate is commonly used in candy bars, truffles, and various confectionery items, making it a staple in the global chocolate industry. Dark Chocolate, White Chocolate, and low-sugar chocolate also contribute to the market. Dark chocolate, known for its high cocoa content as well as health benefits, is a favorite among people who are concerned about their health and chocolate consumption. Low-sugar chocolate is gaining traction among health-conscious consumers looking to reduce sugar intake without compromising on taste.
By sales category analysis, the everyday chocolate segment leads the market segment. These products are typically found in grocery stores, supermarkets, and vending machines. Premium Chocolate caters to consumers seeking high-quality, artisanal products often with unique flavors and higher cocoa content. Baking chocolate is used primarily in home baking and professional pastry settings.
According to distribution channel analysis, supermarkets and hypermarkets dominate the market. Supermarkets and hypermarkets provide consumers with the opportunity to explore a wide range of chocolate brands and products, including international and local varieties, making them a preferred shopping destination. Convenience stores offer quick and easy access to a range of chocolate products, making them ideal for impulse purchases. The rise of e-commerce platforms has made it easier for consumers to purchase chocolates from the comfort of their homes.
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Segments Covered in this Report
By Product
- Milk Chocolate
- Dark Chocolate
- White Chocolate
- Low-Sugar Chocolate
By Sales Category
- Everyday Chocolate
- Premium Chocolate
- Baking Chocolate
- Seasonal Chocolate
- Health-Conscious Chocolate
By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Stores
- Other Distribution Channels
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Competitive Landscape Analysis
In the competitive global Chocolate Market, industry giants Mars Wrigley Confectionery, The Hershey Company, and Ferrero Group lead with widespread product ranges and global presence. Lindt & Sprüngli and Ghirardelli provide premium segments, highlighting quality and luxury. Barry Callebaut Group, a key cocoa supplier, impacts the B2B sector with an aim for sustainability. Cadbury and Milka showcase mass appeal, prominence, widespread brand loyalty, and consumer reach.
Key Market Players
- Toblerone
- Ghirardelli
- Barry Callebaut Group
- Ferrero Ardennes SA
- Guylian
- Ferrero Rocher
- Mars Wrigley Confectionery
- Natra
- Patchi
- Hershey's
- Valrhona
- Milka
- Cadbury
- Lotus Chocolate Company
- Lindt & Sprüngli
- Meiji Holding Co., Ltd.
- Cargill, Inc.
- Mars Inc.
- Nestle S.A.
- Mondelez International, Inc.
Recent Developments
- In January 2024, Sugar Bowl Bakery introduces a delectable addition to its portfolio, the Cranberry Orange White Chocolate Duet Bites. Launched by Kevin Ly, Director of Innovation and R&D, this innovative flavor combines zesty cranberries, fresh orange essence, and sweet white chocolate, enhancing the bakery's commitment to quality ingredients and unique flavors. The product caters to diverse consumption occasions, available at select Costco retailers nationwide from November 2023, priced at $9.99 per box. This introduction reflects Sugar Bowl Bakery's strategic move to captivate consumers and boost its presence in the competitive chocolate market.
- In January 2024, Starbucks unveils its Winter Menu 2024, featuring enticing beverages and delectable treats. New offerings include the Almond Biscotti Oat Latte, Iced Almond Biscotti Oat Latte, and Golden Caramel White Hot Chocolate. Accompanying these are fresh food additions like Egg White Bites and Caramel White Chocolate Blondie. Starbucks continues to adapt to consumer preferences, providing a diverse and appealing selection in the competitive chocolate market.
- In December 2023, Mars China advances its commitment to sustainable packaging with the launch of the SNICKERS® bar featuring dark chocolate cereal. The innovative product showcases low-sugar, low-GI content, and individual packaging made from easily recyclable mono-polypropylene material. This aligns with Mars China's "Designed for Recycling" concept, contributing to a healthier planet.
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