Chocolate Market Size, Share & Growth Analysis Report By 2030 (2024)

Global Chocolate Market size was valued at USD 42.29 billion in 2019 and is poised to grow from USD 46.61 billion in 2023 to USD 67.88 billion by 2031, growing at a CAGR of 4.98% in the forecast period (2024-2031).

Growing demand for organic, vegan, sugar-free, and gluten-free chocolates is driving growth of the global chocolate market. With growing awareness of the negative effects of synthetic products on health and the environment, the majority of health-conscious and informed consumers have begun to use organic products. Furthermore, seasonal demand influences the sale of premium chocolates. During holidays such as Easter and Christmas, various companies release a wide variety of chocolate varieties. For example, Lindt Teddy, dressed in a traditional English Christmas pullover, remains a seasonal best-seller in the United Kingdom.

Other factor driving Chocolate market growth is significant growth in the food and beverage industry. Furthermore, rising consumer demand for molded chocolates, which typically include solid-shaped or segmented bar/block variants infused with various additional flavors or stuffed with nuts, raisins, and other fillings, is boosting Chocolate market growth. Furthermore, rising public awareness of the health benefits of dark chocolate consumption is fueling growth. Dark chocolate is known to improve blood circulation in the body, improve brain function, lower blood pressure, and reduce the risk of heart disease when consumed in moderation.

US Chocolate Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global chocolate market is segmented based on type, product type, distribution channel, and region. Based on type, the Chocolate market is segmented into milk/white chocolate and dark chocolate. Based on product type, the global chocolate market is categorized into softlines/ selflines, countlines, molded chocolates, and others. Based on distribution channel, Chocolate market is bifurcated into supermarkets/ hypermarkets, specialist retailers, convenience stores, online channels, and others. Based on region, Chocolate market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Chocolate Market Analysis by Type

The dark chocolate segment is expected to be the largest segment in the global chocolate market over the forecast period. Dark chocolate contains 55-90% of cocoa solids. Cocoa beans are full of phytonutrients that serve as antioxidants and added health benefits. Cocoa beans are a rich source of iron, copper, magnesium, zinc, and phosphorus. The presence of these nutrients is much higher in dark chocolate than that in milk chocolates.

Chocolate Market Analysis by Product Type

In product type, softlines/ selflines type has a higher market share in the chocolate market followed by countlines. The definition of “countline" in confectionery industry jargon for items sold by number rather than by weight. Countlines consider a single individual center, usually in a format that allows one-handed eating. Apart from that, molded chocolates have gained popularity for gifting purposes.

Chocolate Market Analysis by Distribution Channel

The supermarket/hypermarket segment contributed to the highest share of more than 60% in 2021 owing to high product availability. The online segment is anticipated the fastest growth over the forecast period. Increasing internet penetration in various countries and high adoption of online purchasing gained significant traction in the last few years. The major driving factor for online sales channel would be Generation X, millennials, and generation Z parents on internet and e-commerce access.

Europe dominated the global chocolate market with a market share of 35%. The increasing popularity of dark chocolate among consumers is a major factor fuelling the Chocolate market growth in the region. In the Europe region, Germany has the highest Chocolate market share in 2020 owing to increasing per capita consumption.

The chocolate market in the United Kingdom is one of the largest in Europe. The most popular appears to be plain chocolate. Premium chocolates, on the other hand, are gaining popularity, with consumers increasingly favoring premium dark chocolate. Furthermore, confectionery sales in the United Kingdom have increased, with an increase in demand for chocolate aimed at a specific group of consumers. To meet the growing demand, companies are also focusing on developing free-from and vegan chocolates. GodessiLimited, for example, sells premium chocolates in a variety of flavors, including walnut and cinnamon, orange and cinnamon, peppermint, and raspberry and almonds. The chocolates are gluten-free, dairy-free, soy-free, and vegan, and thus meet the consumers' special dietary needs.

The Middle East and Africa are expected to grow at the fastest CAGR of 6.7% from 2021 to 2028, owing to increased product availability in retail stores. Furthermore, favorable government initiatives, such as tax concession, chocolate producers are expected to increase product availability in the region. Furthermore, an increasing number of specialty retailers is expected to contribute to regional Chocolate market growth. For example, in February 2019, Pierre Marcolini opened the first store in a mall in the UAE in order to broaden his customer base.

Chocolate Market Driver

• Demand for chocolate is rising as now the approach to consuming chocolate has changed. consumers realise the health benefits of consuming chocolates such as mood swings and heart related issues. Adaption of dark chocolates and gourmet chocolates has catered to the growth of this segment. Unique products with the inclusion of natural and organic ingredients have let the consumers come back for more.

Chocolate Market Restraint

• The production of chocolate is largely challenged by the change in the climate. Usually, the production of chocolate requires hot and humid areas within about 20 degrees of the equator. These are specially developed from the fruit of "Theobroma cocoa tree" these trees are specifically found in Amazon and Orinoco river basins in South America. In order to maintain chocolate production, the main requirement is moderate rainfall and good humidity condition. This will help in making the land viable for good cocoa production.

The global chocolate market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of Chocolate market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and new product lunch with more varieties.

Top Players in the Global Chocolate Market

• Mars, Inc.
• Mondelez International, Inc.
• Ferrero Group
• Nestle SA
• The Hershey Company
• Lindt & Sprüngli AG
• Barry Callebaut AG
• Meiji Co. Ltd.
• Ezaki Glico Co., Ltd.
• Lotte Confectionery Co., Ltd.
• Yildiz Holding Inc.
• Arcor Group
• Chocoladefabriken Lindt & Sprüngli (USA) Inc.
• Blommer Chocolate Company
• Foley's Candies LP
• Pladis Global
• Orion Corp.
• Nestle Japan Ltd.
• CasaLuker
• Petra Foods Limited

Chocolate Market Recent Developments

• In October 2021, Godiva Japan Co., Limited announced that it launched three new chocolate drinks which are used "Whole Fruit Chocolate," made with 100% cacao fruit, for a limited time (October 13th to November 9th, 2021) and quantities.
• In August 2021, Ferrero launched a three-bar of luxury Ferrero Rocher chocolate for the first time in history. Enrico Martini, Category Director, said: “With the launch of the new Ferrero Rocher bars, we wanted to offer a new taste experience inspired by one of our most iconic brands that is loved all over the world.

• Box chocolates have been viewed as a growing trend in the chocolate market in the last couple of years. Globally, chocolates consumption has still plenty of areas to expand relative to many illustrious regions. The growth of the chocolate market in these regions is heavily reliant on high-end and super high-end segments.
• The 3D printing era had made sure that the chocolate market takes a completely new level and impacted the chocolate industry. Companies like Hershey, Nestlé, Mars Inc., and Mondelez International started to experiment with 3D printed chocolate in the last few years and it brings innovation and creativeness to the chocolate industry.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, rising disposable income, combined with growing awareness of the health benefits of chocolate, is expected to drive Chocolate market growth. The European region has a large dark chocolate-consuming population, and with more product launches, the Chocolate market is expected to grow significantly in the coming years. The e-commerce industry has seen a significant increase in sales. The growth and development of online shopping are causally related to economic growth and the rate of urbanization, which are expected to propel Chocolate market growth opportunities over the forecast period.