Chocolate Market Size Worth USD 161.99 Billion in 2032 | Emergen Research

Increasing demand for premium chocolates, growing awareness of the advantages of dark chocolate, and rising innovations in new chocolate products are some of the key factors driving Chocolate market revenue growth.

Vancouver, Jan. 22, 2024 (GLOBE NEWSWIRE) — The global chocolate market size was USD 115.80 billion in 2022 and is expected to register a revenue CAGR of 3.4% during the forecast period. Increasing demand for premium chocolates, growing awareness of the advantages of dark chocolate, and rising innovations in new chocolate products are some of the key factors driving market revenue growth.

Growing awareness of the advantages of dark chocolate is also a major factor driving market revenue growth. Nutrient-rich dark chocolate has a good impact on human health. Consuming dark chocolate with a high cocoa content in moderation can help prevent heart disease by supplying antioxidants and minerals. It also contains an abundance of zinc, selenium, phosphorus, and potassium. Cocoa and dark chocolate both have healthy fatty acid compositions. Stearic acid, palmitic acid, and oleic acid make up the majority of the fats. The effects of stearic acid on bodily cholesterol are neutral. Though it only accounts for one-third of total fat calories, palmitic acid has the ability to elevate cholesterol levels. While dark chocolate does contain theobromine and caffeine, it has very low caffeine concentration means that it is uncommon to keep individuals awake at night.

Rising innovations in new chocolate products is the key factor driving market revenue growth. Chocolate is widely used in confections and baked goods, and its production and sales volume are so large that it is regarded as a separate food industry. Currently, a variety of innovative developments are appearing in chocolate confectionery. The most significant of these are plant-based or vegan chocolates, inventive textures, and the concept of healthy indulgence, which refers to the pursuit of a product that satisfies the palate while combining healthier and more nourishing ingredients.

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The health risks associated with chocolate consumption can restrain market revenue growth. Overindulging in chocolate consumption can have positive and negative health impacts, particularly on the neurological and cardiovascular systems, the stomach, and the heart. The adverse effects are transient and go away when the substance is discontinued. However, certain individuals are more susceptible than others to the effects of specific chocolate-containing substances, increasing their risk of experiencing adverse effects such as an upset stomach, sleeplessness, palpitations or extrasystoles. Eating chocolate exacerbates the irritation that gastric juices already cause to the lining of the stomach in individuals with gastritis, perhaps making the illness worse.

A current trend observed in the global chocolate market is increasing preference for gifting of chocolate hampers and bouquets. Conventional and generic chocolates gifts are no longer as appealing as these once were as the focus now is on carefully chosen chocolate hampers that fascinate recipients and take the spotlight. Chocolate hampers are a tender token of love and gratitude, filled with thoughtfully chosen goods that suit the recipient’s tastes and preferences. Chocolate is the most popular gift choice globally, right after flowers. It makes birthdays, anniversaries, holidays, and other special occasions joyful with its beautiful collection of premium chocolates.

Segment Insights

Type Insights:

On the basis of type, the global chocolate market is segmented into traditional, artificial, and others.

The traditional segment accounted for the largest revenue share in the global chocolate market in 2022. Revenue growth of the segment is driven by the diverse appeal of dark, milk, and white chocolates, which satisfy a range of consumers and are used in a variety of culinary applications. The traditional chocolates are further segmented into dark chocolates, white chocolates and milk chocolates. Just sugar and cocoa beans are used to make dark chocolate. Dark chocolates are made in various ways by different companies, but generally speaking, they contain more cocoa in the form of cocoa butter, cocoa solids, and cocoa beans. Chocolate was not appetizing in the early days, when it was largely dark and bitter. To improve it, the dark chocolate was mixed with milk powder.

Frequency of Sale Insights:

On the basis of frequency of sale, the global chocolate market is segmented into daily chocolates, premium chocolates, and seasonal chocolates.

The premium chocolate segment accounted for the largest revenue share in the global chocolate market in 2022. The key factor driving premium chocolate segment revenue growth is the emphasis on distinctive attributes and meticulous selection of high-quality cocoa beans. Premium chocolates are premium or high-end chocolates with distinctive attributes that set them apart from other chocolates on the market at a greater price. Premium chocolates are generally accessible in a variety of flavors, including mint, honey, beer, espresso, blueberries, raspberries, pomegranates, and peanut butter. Premium chocolates carefully choose the ideal cocoa beans, even if that means importing them in from other countries.

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Regional Insights:

Europe accounted for largest revenue share in the global chocolate market in 2022. Strategic innovations and the launch of new chocolate products are the factors driving market revenue growth. For instance, on 30 September 2021, the Italian candy company Ferrero launched a line of tablets for the first time in its history. Ferrero Rocher Tablets come in three flavors – milk, dark, and white, and these are only offered in unique retail multipacks made specifically for travelers (3 x 90g). In addition, revenue growth of the market in this region is driven by the rising consumer desire for products with healthier ingredients. For instance, on 18 March 2021, Nestlé announced the launch of Incoa, a 70% dark chocolate bar derived solely from the cocoa fruit under its Les Recettes de L’Atelier brand.

North America is expected to register a robust revenue CAGR during the forecast period. Revenue growth of the market in this region is driven by companies forming strategic alliances to launch innovative chocolate products in response to customer demand. For instance, on 04 January 2022, GODIVA announced the launch of four new licensing partnerships to expand its portfolio in the U.S. and Canada markets. GODIVA is expanding its range of licensed offerings by partnering with Boardwalk Frozen Treats, Jimmy’s Gourmet Bakery, Le Vian, and Cookies United.

Scope of Research

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Major Companies and Competitive Landscape

The global chocolate market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective chocolate solutions.
Some major players included in the global chocolate market report are:

• The Kraft Heinz Company
• Nestle
• Moonstruck Chocolate
• Mars, Incorporated
• Ghirardelli Chocolate Company
• Ferrero
• THE HERSHEY COMPANY
• Mondelez United Kingdom
• Meiji Holdings Co., Ltd.
• Arcor
• Ezaki Glico Co., Ltd
• August Storck KG
• Barry Callebaut
• Lindt & Sprüngli AG
• Cargill, Incorporated
• Olam International Limited
• FUJI OIL CO., LTD
• ECOM Agroindustrial Corp. Limited.
• Cocoa Processing Company Limited (CPC)
• Touton S.A.

Strategic Development

• On 29 July 2022, Betterland Foods announced Creamy Nougat as the newest WOO flavor, the second SKU to be introduced under the layered chocolate bar line. Creamy Nougat is a blend of rich Fairtrade chocolate, creamy, cow-free nougat, and silky, smooth caramel. Perfect Day’s animal-free whey protein is used to make WOO’s fluffy nougat. The precision fermentation process used to make Perfect Day’s proteins uses up to 99% less water and generates up to 97% fewer greenhouse gas emissions than regular dairy.
• On 10 January 2022, the German company Ritter Sport introduced a new vegan milk chocolate bar in its native country. With just a few basic ingredients, the new Vegan Pur Ohne Muh (which translates to “Vegan Pure Without Moo”) chocolate bar replicates the flavor of milk chocolate without the use of any dairy products. The Cacao-Nica program, with which Ritter Sport has been collaborating for thirty years to support sustainable cocoa practices in Nicaragua, is the source of the cocoa used in the bar.

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For the purpose of this report, Emergen Research has segmented global chocolate market on the basis of type, frequency of sale, cocoa content, distribution channels, product form, packaging type, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)
  • Traditional
    • • Milk Chocolates
      • Dark Chocolates
      • White Chocolates
  • Artificial
  • Others
• Frequency of Sale Outlook (Revenue, USD Billion; 2019-2032)
  • Daily Chocolates
  • Premium Chocolates
  • Seasonal Chocolates
• Cocoa Content Outlook (Revenue, USD Billion; 2019-2032)
  • Low Cocoa Content
  • Medium Cocoa Content
  • High Cocoa Content
• Distribution Channels Outlook (Revenue, USD Billion; 2019-2032)
  • Supermarkets
  • Hypermarkets
  • Convenience Stores
  • Specialty Chocolate Stores
  • Online Retail (e-commerce)
  • Others
• Product Form Outlook (Revenue, USD Billion; 2019-2032)
  • Moulded
  • Softlines/Selflines
  • Countlines
  • Others
• Packaging Type Outlook (Revenue, USD Billion; 2019-2032)
  • Pouches and Bags
  • Boxed Chocolate
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    • • U.S.
      • Canada
      • Mexico
  • Europe
    • • Germany
      • France
      • U.K.
      • Italy
      • Spain
      • Benelux
      • Rest of Europe
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
  • Latin America
    • • Brazil
      • Rest of LATAM
  • Middle East & Africa
    • • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of MEA

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