Global Premium Chocolate Market to Reach a Valuation of USD 12.86 Billion by 2034 | Future Market Insights, Inc.

NEWARK, Del, July 23, 2024 (GLOBE NEWSWIRE) -- The global premium chocolate market share is anticipated to reach a valuation of USD 6.87 billion in 2024, driven by increasing demand for customized chocolates. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 8.7% between 2024 and 2034, and reaching a total valuation of approximately USD 12.86 billion by 2034.

Manufacturers are investing in research and development to innovate new products, ingredients, and manufacturing processes, in order to stay competitive. They are exploring sustainable demand for cocoa farming techniques, enhancing flavor extraction methods, and are developing technologies for preserving chocolate quality and freshness.

Companies, by leveraging technology solutions, can provide real time information about sourcing, and production processes, empowering consumers to make informed purchasing decisions. The integration of technology, such as blockchain, augmented reality, and QR codes, is enabling premium chocolate organisations to enhance consumer engagement throughout the supply chain.

Chocolate companies are exploring new distribution channels and market segments to reach a broader audience of consumers. The exploration includes partnerships with luxury hotels, airlines, duty free shops, and gourmet food stores, as well as entry into emerging sales channels such as subscription boxes, meal kits, and online marketplaces.

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Organic components have an influence on premium chocolate market trends, such as clean labeling, which is significantly responsible for the premium chocolate market growth. Due to the health advantages contained inside, there is a demand for chocolate of a higher caliber.

As a result, it belongs to the FMCG product category. Additionally, a wide range of packaging options, the ability to customize ingredients, a wide price range, and other similar features offer attractive purchasing experiences, increasing premium chocolate market valuation.

Key Takeaways from the Market Study

• Global premium chocolate market was valued at USD 4,264.0 million in 2019.
• From 2019 to 2023, the market demand expanded at a CAGR of 7.6%.
• The market in Japan is expected to expand at a CAGR of 6.4% through 2034.
• By product type, the dark chocolate segment to account for a share of 62.6% in 2024.
• The market in India is expected to expand at a CAGR of 7.0% through 2034.
• In terms of distribution channel, the indirect segment to account for a share of 78.3% in 2024.

“Popular chocolate companies often release seasonal and limited edition collections to create excitement and drive sales during specific times of the year, such as Christmas. The limited time offerings include unique flavors, packaging designs, and thematic elements, which appeal consumers,” - Nandini Roy Choudhury, Client Partner at Future Market Insights 

Dark premium chocolate to gain traction during the forecast period.

Dark chocolate is expected to account for a share of 62.6% in 2024. And increasing adoption towards dark chocolate was noted in the recent past all across the globe. As per the consumer behavior analysis conducted by FMI, a considerable share of the population considered dark chocolate to be their first preference in all product types of premium chocolates available in the market.

Dark premium chocolate is expected to gain significant traction during the forecast period. This growth is driven by increasing consumer awareness of its health benefits, including high antioxidant content and lower sugar levels. Additionally, a growing preference for luxurious and indulgent treats is fueling the demand for premium quality dark chocolate. As a result, manufacturers are expanding their product lines to cater to this rising trend.

Asia Pacific is expected to witness the highest market growth over the forecast period.

As lifestyles evolve and Western influences impact consumer habits, there is a growing demand for premium and gourmet products. The changing tastes and preferences of buyers in the Asia Pacific region contribute to the increasing popularity of premium chocolates. Most importantly, economic growth in many Asia Pacific governments has led to a boost in disposable income. As consumers in the region have more spending power, they are increasingly seeking premium and indulgent products, including high-quality chocolates. Additionally, urbanization and adopting Western lifestyles contribute to the demand for premium chocolates. Urban consumers, exposed to international trends and culinary experiences, are more likely to embrace the premiumization of chocolate products. Also, the rapid growth of e-commerce in the Asia Pacific region provides consumers with easier access to various premium chocolate brands. Online platforms enable consumers to explore and purchase premium chocolates from local and international manufacturers. Gifting is an integral part of many Asian Pacific cultures, and premium chocolates are often chosen as gifts, especially during festivals and special occasions. The cultural emphasis on gift-giving enhances the demand for premium chocolate products.

Competitive Landscape

Prominent players in the premium chocolate market are Nestle SA, The Hershey Company, Yildiz Holding, Mars Incorporate, Lake Champlain Chocolates, Ferrero Spa, Mondelez International Inc., Cemoi Chocolatier SA, Pierre Marcolini Group, and Chocoladefabriken Lindt & Sprungli AG, among others.

Company Portfolio

• Mondelez International offers premium chocolate products under its flagship brand Cadbury, as well as other premium chocolate brands including Toblerone and Green & Black's.
• Nestlé offers premium chocolate products through its renowned brands including Nestlé Swiss, Cailler, and Nestlé Les Recettes de L'Atelier.

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Scope of Report

Authored by: 

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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About Future Market Insights (FMI) 

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. 

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