Dublin, June 16, 2023 (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 with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global chocolate confectionery market in 2022 stood at US$137.95 billion, and is likely to reach US$186.99 billion by 2028.
Chocolate confectionery refers to sweet treats primarily composed of chocolate or cocoa derivatives, including products such as chocolate bars, truffles, and pralines. Originating as a luxury item in Mesoamerica, chocolate underwent a transformation to a sweet beverage favored by European elites, following the introduction of sugar.
The 20th-century industrial revolution, marked by key innovations such as the cocoa press and mass production, led to the evolution of chocolate from a premium product to a universally relished confectionery. The transition of these sweets into easily accessible, portable snacks has broadened their consumer base, thereby boosting their popularity and indicating the dynamic progression of the chocolate confectionery market.
In recent years, the popularity of chocolate confectionery has increased for various reasons, primarily due to its potential health benefits, the rise of artisan and premium chocolates, the growth of online sales channels providing greater accessibility, and innovation in flavors and forms driven by effective marketing campaigns.
As consumers continue to increase their awareness of lifestyle and consumption choices, it is expected that the chocolate confectionery market to deepen its offering in specific lifestyle choice products including reduced sugar and dairy free. The global chocolate confectionery market is projected to grow at a CAGR of 5.20% during the forecast period of 2023-2028.
Global Chocolate Confectionery Market Dynamics:
- Growth Drivers: According to the IMF, the rising GDP per capita in both advanced and developing economies has led to an increase in disposable income, particularly among an expanding middle class. This surge in income has propelled consumer spending on luxury items, including high-quality chocolates, boosting the global chocolate confectionery market. Countries like the UK, and the US have particularly seen a rise in per capita chocolate confectionery expenditure. Further, the market is expected to grow owing to rapid urbanization, growth of e-commerce, health and wellness trends, gifting culture and festive celebrations, marketing and branding initiatives, etc. in recent years.
- Challenges: The profitability of the chocolate industry hinges on the costs of key raw materials like cocoa, sugar, and milk, which can be influenced by various factors including climate, political instability, and global supply-demand dynamics. A spike in raw material costs in 2022 heightened the industry's complexity and squeezed profit margins, necessitating effective procurement and hedging strategies. Consequently, diligent cost monitoring and efficient supply chain risk management are pivotal to sustaining profitability in the industry. Additionally, other factors like regulatory changes, health concerns, etc. are other challenges to the market.
- Market Trends: The ongoing momentum of the 'snacking culture', driven by busy lifestyles and changing eating habits, is expected to propel the global chocolate confectionery market. Particularly, millennials and Gen Z's preference for convenient, on-the-go options and the general perception of chocolate as a comfort food boost its consumption. With companies innovating to meet these trends through bite-sized portions and re-sealable packaging, the rise of snacking culture is poised to fuel the market's growth significantly. More trends in the market are believed to grow the chocolate confectionery market during the forecasted period, which may include increasing penetration of Artificial Intelligence (AI) and Data Analytics, growing integration of AR and VR, technological innovations, sustainable practices, expansion into new product categories, personalization & customization, and exotic & novel flavors, etc.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has had a transformative impact on the global chocolate confectionery market, resulting in supply chain disruptions and shifting consumer behaviors, which compelled the industry to focus on healthier variants, e-commerce, and digital marketing strategies. The pandemic's transformative changes presented both challenges and opportunities, paving the way for the chocolate confectionery industry's evolution in the post-COVID era.
The post-COVID impact on the chocolate confectionery market is expected to result in continued e-commerce growth, altered consumption patterns favoring comfort and premium products, recovery of duty-free sales, and a sustained demand for healthier, ethically-sourced options.
Competitive Landscape and Recent Developments:
The global chocolate confectionery market is moderately consolidated, with key players like Mondelez International, Mars Incorporated, Ferrero Group, and Nestle leading the way.
The top six consumer facing chocolate confectionery companies held more than 55% of global market share, with the top three alone (Mars, Ferrero and Mondelez) holding more than 30% share. These companies, known for brands like Cadbury, Mars, Ferrero Rocher, and KitKat, differentiate themselves through brand credibility, high-quality products, innovation, wide distribution networks, and effective marketing strategies.
They respond to consumer interests by continuously innovating in flavors, packaging, and product formats, including premium and dark chocolate offerings. Sustainability is also crucial, with companies like Waterbridge Belgian Chocolate and major cocoa grinders emphasizing ethical sourcing.
Artisanal and local brands offer unique, gourmet experiences and cater to health-conscious and ethically-minded consumers. Recent brand developments highlight a focus on health-conscious, premium, and ethical offerings, such as The Hershey Company's acquisition of 'better-for-you' brand Lily's and Barry Callebaut's innovative 2nd Generation Chocolate.
Further, key players in the chocolate confectionery market are:
- Mondelez International Inc
- Nestle SA
- Meiji Holdings Co., Ltd.
- Hershey Co
- Chocoladefabriken Lindt & Sprungli AG
- Ezaki Glico Co., Ltd.
- Barry Callebaut
- Mars Inc
- Ferrero International SA
- Yildiz Holding (Pladis Global)
- CEMOI Group
- Orion Group (Orion Confectionery)
- August Storck KG
The major players constantly innovate with new flavors and products, with recent examples including Mondelez's plant bar flavors and seasonal launches. Major players invest in research, development, distribution networks, and appealing packaging.
Recent partnerships include Hershey's agreement with Barry Callebaut and Mondelez's acquisition of Ricolino. These actions showcase the dynamic nature of the chocolate confectionery market and the ongoing efforts to meet consumer demands.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 183 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $145.12 Billion |
| Forecasted Market Value (USD) by 2028 | $186.99 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Chocolate Confectionery Market: An Analysis
3.1.1 Global Chocolate Confectionery Market: An Overview
3.1.2 Global Chocolate Confectionery Market by Value
3.1.3 Global Chocolate Confectionery Market by Category (Tablets / Molded Bars, Countlines, Boxed Assortments, Chocolates Pouches and Bags, Seasonal Chocolates, Chocolates with Toys, and Others)
3.1.4 Global Chocolate Confectionery Market by Product Type (Milk Chocolates, Dark Chocolates, and White Chocolates)
3.1.5 Global Chocolate Confectionery Market by Price Point (Economy, Mid-Range, and Luxury)
3.1.6 Global Chocolate Confectionery Market by Age Group (Adult, Children, and Geriatrics)
3.1.7 Global Chocolate Confectionery Market by Distribution Channel (Supermarkets/ Hypermarkets, Convenience Stores, Specialty Stores, E-commerce, Duty-free Stores, and Others)
3.1.8 Global Chocolate Confectionery Market by Region (Europe, North America, Asia Pacific, Latin America, and Middle East & Africa)
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
5.1 Impact of COVID-19 on Global Chocolate Confectionery Market
5.2 Post-COVID-19 Impact on Global Chocolate Confectionery Market
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 Growing Integration of AR and VR
6.3.3 Technological Innovations
6.3.4 Sustainable Practices
6.3.5 Expansion Into New Product Categories, Personalization & Customization, and Exotic & Novel Flavors
6.3.6 Continued Momentum Of 'Snacking Culture'
6.3.7 Out Of Home Consumption
6.3.8 Vegan Products, Reduced-sugar And Sugar-free Chocolate Confectionery
6.3.9 Increasing Demand for Premium Chocolate Confectionery
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/k22wv8
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
