In terms of revenue, the Global Chocolate Market is expected to reach USD 171.7 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.40% from 2022 to 2028. The Global Chocolate Market is gaining momentum over the forecast period due to increasing demand for high-quality Chocolate products owing to rising disposable income among consumers coupled with increasing awareness about health benefits associated with Chocolate consumption are some of the major factors driving the growth of the Global Chocolate Market. In addition, technological advancements in manufacturing processes and increasing consumer preference towards natural ingredients used in making Chocolate products are further fuelling the growth of this market. However, a lack of awareness regarding the harmful effects of excessive sugar intake and stringent regulatory framework governing the production of Chocolate products may hinder the growth of the global market over the forecast period.
Key Highlights from the Report:
- The supermarket and hypermarket segment dominated the market growth at a substantial Compound Annual Growth Rate (CAGR). The increase in demand for healthy and branded premium Chocolates accentuated the segment growth in 2021.
- Besides, the online category is estimated to witness the fastest growth during the forecast period. This is majorly due to the increased e-commerce market as well as growing home delivery services worldwide.
- Europe is the largest regional segment. The increasing popularity of dark Chocolates and other flavored Chocolates are likely to fuel market expansion in the area.
Some of key players in the Chocolate Market include - Arcor, Barry Callebaut, Chocoladefabriken Lindt & Sprüngli AG, Chocolaterie Guylian, Ferrero International, Mars Incorporated, Meiji Co. Ltd., Mondelez International Inc. (Kraft Foods), Moonstruck Chocolate Company, Nestlé S.A., The Hershey Company.
Chocolate extracted from roasted cocoa seeds is mainly used in confectionery and bakery products. Growth in the food and beverage industry has a positive impact on the target market growth. In addition, increasing consumer preference for molded Chocolate, which typically includes solid-shaped or segmented bar/block variants infused with various additional flavors or filled with nuts, raisins, and other fillings is contributing to the growth of the target market. Furthermore, there is a growing awareness of the health benefits of consuming dark Chocolate as another growth-boosting factor. Regular consumption of moderate amounts of dark Chocolate is known to improve blood circulation in the body, enhance brain function, lower blood pressure and minimize the risk of heart disease. Other factors such as premiumization of Chocolate products, attracting consumers' attention with attractive packaging, and production of organic, vegan, and sugar- and gluten-free Chocolates are expected to further drive the market.
High product availability in supermarkets and hypermarkets is a major contributor to segment growth. Moreover, as consumer demand for Chocolate grows, manufacturers are opening stores in malls, which will drive Chocolate sales through supermarkets and hypermarkets over the next few years.
Europe is expected to emerge as a potential market for Chocolate. The market growth in the region is attributed to the popularity of dark Chocolate among consumers is a major factor contributing to the market growth in the region. According to the CBI, Ministry of Foreign Affairs, in 2019, Europe accounted for largest share in the dark Chocolate Market globally. In Europe, Germany dominated Chocolate sales in 2020 owing to increasing per capita consumption.