NEW YORK, Dec. 16, 2022 (GLOBE NEWSWIRE) -- A new report on the global chocolate market has just been published by IndexBox, a platform for collecting and analyzing relevant business data. Here are some of the most interesting takeaways.
Chocolate Market Outlook
In 2022, the global chocolate market was worth an estimated $205.6 billion and is expected to grow to $262.5 billion by 2030, at a compound annual growth rate (CAGR) of 3.1%. There are many factors driving this growth, including the ever-growing popularity of premium and dark chocolate, health consciousness among consumers, and the rise of e-commerce.
In terms of volume, the global chocolate market is projected to expand at a CAGR of 1.9% from 2022 to 2030, reaching 43.5 million tons by 2030. Rising health consciousness among consumers and the health benefits associated with consuming chocolate are expected to fuel demand for premium and dark chocolates in the near future. Moreover, surges in disposable income and changing lifestyles are projected to propel market growth over the forecast period.
The dark chocolate segment accounted for more than 45% share of the overall revenue on account of its growing popularity among health-conscious consumers owing to its nutritional value and the antioxidants present in it. In addition, this segment is likely to continue its dominance over the forecast period on account of rising awareness regarding potential health benefits associated with its consumption, such as reducing risks related to heart diseases and cancers.
In terms of geography, China and the U.S. held a leading position in the global chocolate market, accounting for approximately 18% and 11% of the overall revenue in 2021, due to the presence of a large number of manufacturers in this region, particularly in U.S., which is a hub for confectionery companies operating globally, including Mars Inc., Nestle SA, and The Hershey Company. Moreover, Asia Pacific is anticipated to be the fastest growing region over the next few years on account of growing population, which is projected to increase demand for chocolate products in this region.
With the global chocolate market expected to continue growing in the coming years, there are opportunities for both small and large players in the industry. For small players, there is an opportunity to capitalize on the trend for premium and artisanal chocolates. For large players, there is an opportunity to expand their reach into new markets and tap into new growth drivers.
In addition to the big names in the chocolate industry, there are also many smaller companies that play a role in the production and sale of chocolate. These businesses include artisanal chocolatiers, who make high-quality handcrafted chocolate, as well as small-scale producers who supply raw materials to the larger companies. There is also a growing number of fair trade and organic chocolate producers who are working to create a more sustainable and ethical industry.
Chocolate Industry
The current state of the chocolate industry is in a period of transition. The rise of new producers in Asia, Oceania, and North America has led to a decline in the market share of traditional producers in Europe and South America. The consolidation of the industry has also led to the creation of large multinational companies that are able to exert significant influence over the global market.
The chocolate industry is currently facing several challenges. The first is diminishing cocoa supplies. The world's major cocoa-producing countries are Ghana, the Ivory Coast, and Indonesia. These countries have been struggling to keep up with rising demand, leading to higher cocoa prices. In addition, changing weather patterns have caused crop yields to decline in recent years
The second challenge facing the chocolate industry is increasing competition from other confectionery products. Chocolate consumption has been stagnant in developed markets such as Europe and North America, while growth in emerging markets has begun to slow. At the same time, sales of other sweets such as candy and gum have been growing rapidly. This has put pressure on chocolate manufacturers to find ways to differentiate their products and appeal to new consumers.
The third challenge facing the chocolate industry is evolving consumer preferences. Health-conscious consumers are increasingly looking for lighter and healthier alternatives to traditional chocolate products. They are also seeking out products that offer more interesting flavor profiles and unique ingredients. As a result, manufacturers are reformulating their products and experimenting with new flavors, textures, and packaging designs.
Chocolate Trends
Chocolate is one of the oldest and most popular sweets in the world. The first chocolate bar was made in England in 1847, and since then, the chocolate industry has grown into a multi-billion dollar global business. Today, there are hundreds of different brands and types of chocolate available on the market, and new trends are constantly emerging.
Some of the latest chocolate trends include:
- Chocolate with unusual flavors: Candy makers are experimenting with all sorts of new flavor combinations for their chocolate products, from savory to spicy to fruity. Some recent examples include chili pepper dark chocolate, bacon milk chocolate, and Earl Grey tea white chocolate.
- Single origin vs. blended chocolates: In recent years, there has been a growing trend towards single origin chocolates, which are made with cocoa beans from a single country or region. These chocolates often have distinctive flavor profiles that can be attributed to their terroir. Blended chocolates, on the other hand, are created by mixing together cocoa beans from multiple origins, resulting in a more well-rounded flavor.
- Vegan and dairy-free chocolate: As more and more people adopt vegan or dairy-free diets, the demand for alternative chocolate products has increased. There are now many brands that offer vegan chocolate bars made with ingredients like coconut milk or almond milk instead of dairy milk.
- Dark chocolate: Once considered an acquired taste, dark chocolate has become increasingly popular in recent years due to its health benefits. Dark chocolate is rich in antioxidants and has been linked to lowering blood pressure and cholesterol levels.
- Chocolate with health benefits: In addition to dark chocolate, there are now many chocolates on the market that claim to have added health benefits. Some of these include chocolates that are high in fiber or protein, or that contain probiotics or omega-3 fatty acids.
- Premiumization: Consumers are increasingly willing to pay more for premium quality chocolate items, especially those made with premium ingredients such as organic cocoa beans or single origin varieties. This trend has been driven in part by the growing health consciousness of consumers and their desire for natural and "clean" products.
- Artisanal chocolate: There has been a growing interest in artisanal and small-batch chocolate products in recent years. These chocolates are often made with high-quality ingredients and craftsmanship, which appeals to discerning consumers who are willing to pay a premium for a unique product.
- Sustainable chocolate: Sustainability is becoming an increasingly important issue for consumers, especially younger generations. As a result, there is growing demand for sustainable chocolate products that are made with ethically sourced cocoa beans and that have minimal impact on the environment.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Nestle SA (Switzerland), Mars Incorporated (US), Mondelez International Inc. (US), The Hershey Company (US), Lindt & Sprungli AG (Switzerland), Barry Callebaut AG (Belgium), Ferrero SpA (Italy), TCHO Ventures LLC. (US), Valrhona SAS (France), Ghirardelli Chocolate Company (US), Godiva Chocolatier Inc. (Belgium), and See's Candies Inc. (US).
Sources
World - Chocolate - Market Analysis, Forecast, Size, Trends and Insights
EU - Chocolate - Market Analysis, Forecast, Size, Trends and Insights
Asia - Chocolate - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Chocolate - Market Analysis, Forecast, Size, Trends and Insights
