Dublin, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The "Global Chocolate Confectionery Market: Analysis By Category, By Product Type, By Price Point, By Age Group, By Distribution Channel, By Region Size and Trends and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global chocolate confectionery market value stood at US$148.54 billion in 2023, and is expected to reach US$213.22 billion by 2029.
The global chocolate confectionery market remains a growing and attractive part of the food industry. Whilst developed markets continue to benefit from premiumization and market depth, 'newer' chocolate markets provide significant opportunity for expansion.
The growth of the chocolate confectionery industry in recent years has been fueled by various interconnected dynamics. Paramount among these is the rising consumer demand for premium and dark chocolates, driven by their perceived health benefits and increasing recognition as comfort food. Rising urbanization and disposable incomes in developing economies have amplified spending on chocolate, fostering growth in the premium sector.
With growing health-consciousness, consumers are prompting the market to offer specific lifestyle choice products, like reduced sugar and dairy-free options. The shift towards unique flavors, textures, and ethically-sourced ingredients has also boosted artisanal and organic chocolate demand. The global chocolate confectionery market is expected to grow at a CAGR of 6.21% over the projected period of 2024-2029.
Market Segmentation Analysis:
By Category: The report provides the bifurcation of the global chocolate confectionery market into seven segments on the basis of category, namely, tablets/molded bars, countlines, boxed assortments, chocolates pouches and bags, seasonal chocolates, chocolates with toys, and others. Tablets/molded bars is the largest segment of chocolate confectionery market owing to rising disposable income in emerging markets, increasing consumer preference for convenience and portion-controlled sized chocolates, wide availability of chocolate bars across various retail channels, increased focus on local and artisanal chocolate, a sense of nostalgia and comfort associated with traditional format of tablets and molded bars, and increased spending on indulgent products post-COVID.
Chocolates with toys is the fastest growing segment of global chocolate confectionary market as a result of strong appeal to children, increased focus on interactive and educational toys, rising gifting and occasional purchases, growing demand for novelty and experiential products, increasing number of well-targeted marketing and brand partnerships, and parental willingness to spend on small luxuries.
By Product Type: The report provides the bifurcation of the global chocolate confectionery market into three segments on the basis of product type: milk chocolates, dark chocolates, and white chocolates. Milk chocolates segment dominated the market share due to its versatile application in various products, appealing creamy texture, and innovation in flavors and fillings, all strengthened by a commitment to ethical sourcing. Over recent years, inventive developments such as the incorporation of assorted fillings, the introduction of novel flavors, and adherence to sustainable and ethical sourcing principles have rekindled consumer interest, fortifying the prominence of milk chocolate. Dark chocolate is the fastest growing segment of global chocolate confectionery market owing to growing awareness of the health benefits of dark chocolate, increasing popularity of plant-based and vegan diets, rise in premiumization and the availability of artisanal dark chocolate, growing demand for sugar-free and low-sugar alternatives, rising demand for premium chocolate in the gifting market, expanding consumer awareness of cocoa content, and rising purchasing power in emerging markets.
By Price Point: The global chocolate confectionery market can be divided into three segments, on the basis of price point, namely, economy, mid-range, and luxury. Economy is the largest segment of global chocolate confectionery market owing to broader consumer base, growing demand for budget-friendly treats, increasing availability of chocolate in mass retail channels like supermarkets and convenience stores, strong recognition and customer loyalty, increasing popularity of private-label or store-brand chocolate confectionery, and provision of frequent promotions, discounts, and seasonal offers. Mid-range segment of the chocolate confectionery market is expected to be the fastest-growing segment, due to its universal appeal, perceived quality, affordability, and alignment with the trend of chocolate as a comfort food and snack.
By Age Group: The global chocolate confectionery market can be divided into three segments, on the basis of age group, namely, adult, children, and geriatrics. Adult is the largest and fastest growing segment of global chocolate confectionery market as a result of high disposable income, rising demand for premium, artisanal & gourmet chocolate products, increased awareness about the origins and benefits of cocoa, popular choice for gifts and special occasions among adults, increasing perception of chocolates as a form of indulgence or self-reward, and heightened interest in gourmet chocolate experiences, trends in flavor profiles, and global chocolate trends shared through online platforms and social media.
By Distribution Channel: The global chocolate confectionery market can be divided into six segments, on the basis of distribution channel, namely, convenience stores, supermarkets/hypermarkets, specialty stores, e-commerce, duty-free stores, and others. Supermarkets/Hypermarkets is the largest segment of global chocolate confectionery market owing to diverse product offerings, wide demographic reach, frequent promotional discounts & loyalty programs, competitive pricing, provision of in-store sampling, increase in bulk purchasing, and opportunity for customers to inspect product quality firsthand. The e-commerce segment of the chocolate confectionery market is expected to be the fastest-growing due to the increasing consumer preference for online shopping, the convenience of home delivery, and the ability to easily compare products and prices. Additionally, the proliferation of digital platforms and the growth of mobile commerce have expanded the reach of e-commerce, enabling consumers to access a wide variety of chocolate confectionery from different brands and regions, often at competitive prices.
By Region: The report provides insight into the global chocolate confectionery market based on regions namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Europe is the largest market for chocolate confectionery. Europe has a deep-rooted tradition and love for chocolate, with some of the world's most famous chocolate brands, like Cadbury, Ferrero, and Lindt originating here. Factors such as a mature market, high disposable income, and a culture that appreciates fine chocolate, contribute to Europe's significant share in the global market. In Europe, the chocolate confectionery market thrives on the indulgence factor of chocolates and their association with luxury. Continuous innovation in flavors, such as the introduction of exotic ingredients like chili, sea salt, and matcha, keeps consumers intrigued and fuels market growth. Alongside, growing health awareness has spiked demand for healthier options like high-cocoa, low-sugar chocolates. Dark chocolates, in particular, have garnered interest due to their antioxidant properties.
The Asia Pacific chocolate confectionery market is the fastest-growing region of global chocolate confectionery market, owing to a combination of cultural, demographic, and trend-based factors. With a significant population and increasing disposable incomes, particularly in countries like China and India, the region presents vast potential for growth. Traditionally, consumers across Asian countries have perceived chocolate as an exotic delicacy and a luxurious gift item, which has fueled its demand. However, consumption patterns have evolved, and chocolate is now an everyday indulgence for many. This shift is primarily due to increased exposure to global cultures, marketing efforts by major chocolate manufacturers, and the development of local chocolate production. The burgeoning children population in the region significantly influences the market dynamics. Children, naturally drawn towards the sweet taste of chocolates, constitute a large consumer base for chocolate confectioneries.
Competitive Landscape:
The global chocolate confectionery market is marked by being a moderately consolidated market, featuring numerous multinational giants and various regional contenders. Market leaders distinguish themselves through brand credibility, product quality, innovation, expansive distribution networks, and effective marketing strategies. These companies compete based on factors such as brand reputation, product quality, innovation, distribution networks, and marketing strategies. They constantly strive to innovate in terms of flavors, packaging, and product formats to attract and retain consumers.
The key players of the market are:
- Mondelez
- Nestle
- Meiji Holdings
- Hershey
- Chocoladefabriken Lindt & Sprungli
- Ezaki Glico Co.
- Barry Callebaut
- Mars
- Ferrero International
- Yildiz Holding (Pladis Global)
- CEMOI Group
- Orion Group (Orion Confectionery)
- August Storck
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $157.76 Billion |
| Forecasted Market Value (USD) by 2029 | $213.22 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Chocolate Confectionery Market Analysis
3.2 Global Chocolate Confectionery Market Category Analysis
3.3 Global Chocolate Confectionery Market Product Type Analysis
3.4 Global Chocolate Confectionery Market Price Point Analysis
3.5 Global Chocolate Confectionery Market Age Group Analysis
3.6 Global Chocolate Confectionery Market Distribution Channel Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Driver
6.1.1 Rapid Urbanization
6.1.2 Growth Of E-commerce
6.1.3 Rising Disposable Income
6.1.4 Health and Wellness Trends
6.1.5 Gifting Culture and Festive Celebrations
6.1.6 Marketing and Branding Initiatives
6.2 Challenges
6.2.1 Fluctuating Raw Material Costs
6.2.2 Regulatory Changes
6.2.3 Health Concerns
6.3 Market Trends
6.3.1 Artificial Intelligence (AI) and Data Analytics
6.3.2 Technological Innovations
6.3.3 Sustainable Practices
6.3.4 Vegan Products, Reduced-sugar And Sugar-free Chocolate Confectionery
6.3.5 Continued Momentum Of 'Snacking Culture'
6.3.6 Increasing Demand for Premium Chocolate Confectionery
6.3.7 Expansion Into New Product Categories, Personalization & Customization, and Exotic & Novel Flavors
7. Competitive Landscape
7.1 Global Chocolate Confectionery Market Players: Competitive Landscape
7.2 Global Chocolate Confectionery Players by Market Share
7.3 Global Chocolate Confectionery Players by Brand Share
7.4 The US Chocolate Confectionery Players by Market Share
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/oflyv6
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