NEWARK, Del, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The chocolate confectionery market is expected to be worth US$ 156.2 billion in 2024. By 2034, the market is projected to be valued at US$ 303.9 billion. The consumption of chocolate confectioneries is likely to expand at a CAGR of 6.90% from 2024 to 2034.
The industry is witnessing a spike in sales of chocolate confectionery due to the growing demand for indulgent treats and the rise in consumer preferences for artisanal and gourmet flavors. Chocolate confectioneries are also gaining impetus due to their familiarity and the nostalgic feeling among the youth and adults.
Apart from individual consumption, chocolate confectioneries also find their applications in a wide spectrum of industries. They are used in the baking and pastry industry to create a wide range of products, including cakes, brownies, cookies, pastries, etc. Their demand in the artisanal chocolate manufacturing industries has contributed significantly to the global chocolate confectionery market. Its versatile nature makes it a suitable choice in the hospitality sector for crafting exquisite desserts and enhancing the overall culinary experience.
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There is a considerable demand for milk chocolates in the general population due to their smooth and creamy texture, making it a favored choice for consumers of all ages. As compared to other confectioneries, milk chocolates are more affordable. This makes it available in every nook and corner of the world, cementing its dominance in the chocolate confectionery market. Market players are incorporating innovative flavors and textures in their products to cater to the rising consumer demand for chocolates.
Key Takeaways from the Chocolate Confectionery Market
- Milk chocolates command a substantial market share of 46.40% in 2024, emerging as the predominant choice in the chocolate confectionery market.
- In 2024, chocolate bars secured a robust market lead, claiming a share of 31.70% of the chocolate confectionery market.
- The chocolate confectionery market in China is predicted to grow at a remarkable CAGR of 9.10% through 2034.
- The chocolate confectionery market in India is projected to rise at a whopping 8.60% CAGR through 2034.
- The chocolate confectionery market in Brazil has the potential to increase at a 7.80% CAGR through 2034.
- Indonesia’s chocolate confectionery market is expected to rise at a 7.20% CAGR through 2034.
- The chocolate confectionery market in Mexico is predicted to grow at a CAGR of 6.30% through 2034.
“Key players in the chocolate confectionery market are introducing new flavors to make their products more appealing to consumers. In the last few years, sugar-free options, eco-friendly packaging, and sustainable sourcing of cocoa have been shaping the evolving landscape of the chocolate confectionery market,” Says Nandini Roy Choudhury, Client Partner at Future Market Insights.
Competitive Landscape in the Chocolate Confectionery Market
The chocolate confectionery market is filled with numerous players who, over the years, have gained a loyal consumer base. To stay in this competition, these brands have adopted effective marketing strategies and have successfully penetrated every part of the world. These brands ensure that they keep up with changing consumer preferences, which is evident from their introduction of new varieties that cater to specific consumer groups. New entrants, however, have to deal with challenges such as low profit margins, limited market reach, and lack of financial resources to stay relevant in this cut-throat competition.
Key Companies
- Mars, Incorporated
- Mondelez International
- Ferrero Group
- Nestlé
- Meiji Co. Ltd.
- The Hershey Company
- Lindt & Sprüngli AG
- Lotte
- Pladis
- Glico Group
Recent Developments in the Market
- In September 2023, Nestle acquired a majority stake in premium chocolate business Grupo CRM in Brazil through a significant deal with Advent International, solidifying its position as a key player in the South American chocolate market.
- Bühler, the Swiss technology group, announced the launch of a food innovation hub in Uzwil, Switzerland, in November 2023, providing advanced chocolate confectionery product development facilities.
- In May 2023, Dharampal Satyapal Group (DS Group) strengthened its presence in the Indian chocolate and confectionery market by acquiring The Good Stuff, the owner of the LuvIt brand.
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Market Segmentation
By Product type:
- Boxed
- Chocolate Bars
- Chips & Bites
- Truffles & Cups
- Others
By Form:
- Milk
- Dark
- White
By Distribution Channel:
- Supermarkets & Hypermarkets
- Convenience Stores
- Online
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa (MEA)
Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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- The confectionery ingredients are estimated at a CAGR of 4.6% during the forecast period. The market is likely to be valued at US$ 86,607.0 million in 2023 and likely to be secured at US$ 1,35,319.3 million by 2033.
- The market value of the global confectionary fillings market is anticipated to reach a high of US$ 1,917.8 million by the year 2032.
- According to Future Market Insights research, during the projected forecast period, the Chocolate Syrup market is expected to grow at a CAGR of 4.2%.
- Chocolate Powdered Drinks Market - Global industry segment analysis, regional outlook, share, growth; Chocolate Powdered Drinks Market 2017 to 2027 by future market insights.
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