Westford, USA, Nov. 17, 2022 (GLOBE NEWSWIRE) -- The report attributes the growth of the global chocolate market to a number of factors, including the popularity of premium dark chocolate and increased awareness of how healthy dark chocolate can be. In addition, there is increasing demand for cocoa products from growing countries like India and China. Chocolate consumption is also on the extremely high in developed markets such as the United States and Europe, as consumers become more health-conscious and want to find ways to satisfy their sweet cravings without spending a lot of money. This growth has helped increase the share of premium dark chocolate in total chocolate sales from 36% in 2016 to 44% in 2020, according to SkyQuest.
Another factor contributing to the growth of the chocolate market is the growing popularity of culinary events that feature chocolate as a main course or dessert, such as Chocolate Days (in Malaysia) and Easter Chocolate Bunny (in Australia).
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The highest estimated growth rates are projected for retail chocolate as it continues to penetrate new markets including Asia Pacific and Latin American countries, where it is being adopted as a key part of lifestyle choices such as health and wellness or socializing with friends. Foodservice also registered strong growth momentum with total consumption growing by 7% from 2016 to 2021 globally.
Global Cocoa Bean Production Pegged at 4.9 million Tons in Global Chocolate Market
The key producers of cocoa beans are Côte d'Ivoire, Ghana, Ecuador Nigeria, Indonesia, Colombia and Brazil. Nigeria is the largest producer of cocoa beans in the world, followed by Ecuador. In 2021, Ghana and Côte d'Ivoire produced 60% of the global production of 4.9 million tons of cocoa, which was followed by Ecuador with 7% market share. Cocoa farming requires a lot of manpower and land, which explains why some countries are more concentrated in the chocolate market than others. However, growth prospects for cocoa farming are hindered by raw material insecurity and price volatility.
Milk powder is the main form of chocolate that is consumed globally. Dairy milk alternatives such as almond milk or soymilk confer nutritional benefits that augment chocolate's flavor profile. Non-dairy forms of chocolate include dark chocolates made from cacao solids that have been treated with natural flavors like coffee or spices, white chocolates made with sugar instead of cacao butter and vegetable-based chocolates such as those made from sweet potato or beet root.
The growing popularity of veganism is also boosting demand for plant-based chocolates. Flavors such as mint, lavender and strawberries are being incorporated into more mainstream brands to appeal to consumers who want Chocolate without animal ingredients.
Europe is the Largest Producer in Chocolate Market
Europe will lead the global Chocolate market followed by North America and Asia Pacific. Every year, Europe process over 628,000 tons of cocoa beans. Out of which Sweetland take up around 53,000 tons of cocoa. The trend of increasing demand for chocolate products from emerging markets such as China and India is anticipated to drive significant growth in these regions over the next seven years. As per SkyQuest study, Asia Pacific process over 23% of the global cocoa production and the number has been expanding with each passing year.
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On the supply side, growth of the global chocolate market is being fueled by rising cocoa bean prices, which are expected to remain high due to growing demand coupled with limited supply options. This has resulted in consolidation among small-scale chocolate manufacturers, prompting some companies to relocate their operations to countries such as Brazil and Ethiopia where cocoa beans are plentiful and labor costs are low.
There are some challenges facing the chocolate market. The rise in popularity of lower calorie snacks such as chocolates has resulted in a decline in sales from confectionery markets such as Europe and North America. Moreover, concerns about deforestation and sustainability issues have caused some consumers to select vegan or dairy-free products over traditional chocolates.
Despite these challenges, the global chocolate industry is expected to be healthy overall and will remain an attractive investment prospect over the next few years.
Lindt AG, Ferrero SpA, Mars Incorporated, and Nestlé SA are Leaders in Global Chocolate Market
One factor impacting growth across chocolate market is the well-established global chocolatier brands such as Lindt AG (Switzerland), Ferrero SpA (Italy), Mars Incorporated (US) and Nestlé SA (Switzerland). These companies are making investments in new production capabilities – including plant upgrades; bespoke recipe development; innovation labs; packaging research and development; sourcing strategies; distribution projects; new retail partnerships; ecommerce operations; specialty product lines – as well as marketing spend on experiential marketing programs such as themed events, recipe demos and chocolates designed specifically for kids.
There are many reasons why Lindt AG is one of the largest companies in the global chocolate market. For one, their products are well-known and loved all over the globe. Their products can be found in practically every store that sells food and chocolates, which allows them to reach a large customer base. Furthermore, Lindt AG produces a wide variety of different types of chocolate, which allows them to offer something for everyone.
Perhaps one of the biggest reasons why Lindt AG is so dominant is their Cross Brand Strategy. This strategy allows them to produce different types of chocolate under different labels, such as The Lindt Company, Lindt USA, and Lindt Switzerland. This allows them to target a variety of different markets and keep their customers loyal to their products.
To keep up with this growth, manufacturers in the global chocolate market will need to continue developing new products and improving production methods. They will also need to expand their distribution channels, including increasing exports. In order to meet these challenges, many chocolate manufacturers are exploring new ingredients and processes, such as using plant-based ingredients or creating cacao paste from powder rather than cocoa butter.
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Major Players in Global Chocolate Market
- Barry Callebaut (Switzerland)
- Lindt & Sprüngli AG (Switzerland)
- Mondelez International (US)
- Nestle S.A. (Switzerland)
- The Hershey Company (US)
- Ferrero International S.A. (Italy)
- Mars, Incorporated (US)
- Meiji Holdings Co., Limited (Japan)
- Grupo Arcor (Argentina)
- Lake Champlain Chocolates (US)
- Yıldız Holding(Turkey)
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