Chocolate Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the chocolate market was valued at USD 1.9 billion in 2022, and it is expected to grow at a CAGR of 9.3% during the forecast period. Increasing demand for chocolates is driving growth in the market significantly. The chocolate market is quite diverse and continuously evolving. It encompasses various types of chocolates, like dark, milk, and white. A wide range of flavors and fillings are increasing the demand for chocolate among kids. Trends in the chocolate market often revolve around health-conscious options, artisanal chocolates, and sustainability efforts in cocoa production.

The rise in disposable income all over the world is driving the growth of the chocolate market. Increased health and wellness trends, along with innovation, are driving growth in the market. Continuous product innovation, including new fillings and flavors, has changed the market dynamics. The tradition of gifting culture is the key reason behind the significant growth in the market.

Growth Drivers

Increasing demand for chocolates all over the world is driving growth in the market significantly. Increasing use of chocolates at parties and even in small parties for gifting the kids. Rising disposable income all over the world is the key reason behind the significant growth in the chocolate market. The increasing influence of social media is also a key factor behind the significant growth in the market. Increasing consumer demand for premium and artisanal chocolates is adding revenue to market growth. Innovation in products like organic and functional chocolates, rising disposable income, and increasing consumption of chocolates in emerging economies are driving growth in the market.

Increasing demand for dark chocolates by health-conscious consumers is driving growth in the market. Due to the perceived health benefits of dark chocolates, the market is witnessing significant growth. Increasing urbanization in emerging economies is driving demand in the market. Seasonal demand and the use of chocolates at different parties, birthdays, and functions are driving significant growth in the market.

Segmentation

Type

·         Milk/White Chocolate

·         Dark Chocolate

Product Types

·         Softness/Selfiness

·         Countliness

·         Molded Chocolates

·         Others

Distribution Channel

·         Super Markets/ Hyper Markets

·         Retail Stores

·         Convenience Stores

·         Online Mode

·         Others

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Chocolates Market Type Segmentation

On the basis of type, the chocolate market is segmented into milk/white chocolates and dark chocolates. Dark chocolate is the leading segment in the market during the forecast period due to its health benefits. It contains antioxidants such as flavonoids, which are associated with various health benefits. Increasing awareness about health is driving growth in the chocolate market significantly. This trend has fueled the popularity of dark chocolates, especially among health-conscious consumers. Due to its perceived higher quality and sophisticated flavor profile, it attracts largely a consumer base.

Changing consumer preferences due to food blogging, culinary tourism, and cultural exchange have led to a greater appreciation for dark chocolates. Increased marketing efforts and educational campaigns are highlighting the health benefits and culinary versatility of dark chocolates. Milk chocolate has the largest market share due to its texture, higher cocoa content, and less sugar. Due to its rich flavor and potential health benefits, there is a growing demand for white chocolates. The increasing use of cocoa, butter, sugar, and milk solids is driving the demand for white chocolates.

Chocolates Market Distribution Channel Segmentation

On the basis of distribution channel, the chocolate market is segmented into supermarkets, hypermarkets, retail stores, malls, and online mode. Ease of availability in purchasing chocolates from retail stores is making it a leading segment, and it is expected to dominate the market during the forecast period. Supermarkets, hypermarkets, and online modes of purchasing chocolates are also a leading segment and are expected to grow significantly during the forecast period.

Increasing disposable income and increasing use of dark chocolate are the key factors behind the significant growth during the forecast period in the market. Online mode, due to its ease of purchasing, attractive offers, and increasing trend of e-commerce, is driving growth in the market significantly. Rising disposable income and increasing demand due to the rising population in emerging economies like India and China are driving significant growth in the market. Different brands of chocolates are popular in different regions.

Regional Outlook

On the basis of the regions, the chocolate market is segmented into 5 parts: Asia Pacific, Latin America, the Middle East and Africa, and Europe. A large consumer base with strong affinity is the reason behind the North American region’s dominance in the market during the forecast period. Increasing disposable income, increasing urbanization, and the presence of key players in the region are the reasons behind its dominance. The region’s diverse population also demands a wide range of chocolates, from traditional milk chocolate to premium ones.

The presence of major chocolate manufacturers and continuous product innovation are the factors driving significant growth in the region. Asia Pacific region due to rising disposable income, and people migrating towards the cities are driving demand for the various types of chocolates during various functions. Increasing urbanization and industrialization are the key factors behind the significant growth in this market in countries like China, India, and Japan. The European chocolate market is prominent for different reasons. Europe has a rich history and cultural heritage of chocolate consumption.

Increasing demand for quality and authenticity is driving growth in the market significantly. European countries, including Switzerland, Belgium, and Germany, are home to the world's largest chocolate manufacturers and are driving demand for artisanal chocolate products. European Union regulations on cocoa production and sustainability have led to increased consumption and awareness of sustainable chocolate products, aligning consumer preference with socially responsible consumption. Rising awareness among people about using dark chocolates effectively is driving growth in the market. The Middle East, Africa, and Latin America are witnessing moderate growth during the forecast period due to rising disposable income, and increasing healthcare awareness is driving the demand for white chocolates.

Key Players

·         Mondelez International

·         Amul

·         Nestle

·         Cadbury’s

·         Ferrero

·         Hershey

·         Mars

·         Barry Callebaut

·         Cargill

·         Puratos

·         Olam

·         Chocolaterie Guylian

·         Other Players