Market Synopsis

Global Chocolate Market is valued at USD 136.76 Million in the year 2022 and is projected to reach a value of USD 193.01 Million by the year 2030. The Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.40% over the forecast period.

Chocolate is a sweet food that has been around since ancient times. Its history dates back to pre-Columbian civilizations where cocoa beans were used as currency. Today, Chocolate is enjoyed worldwide and is consumed daily by people of all ages. In recent years, the demand for Chocolate has increased due to its health benefits. Chocolate contains antioxidants, minerals, vitamins, and other beneficial compounds that are good to boost serotonin wich calm brain and overall wellbeing. In addition, Chocolate can help reduce stress levels and improve moods.

Consumers across the globe are increasingly looking for healthier food options. They prefer to eat foods that contain less sugar, salt, and fat. As a result, manufacturers have started producing low-fat and healthy versions of popular Chocolate products. These products are gaining traction among consumers who want to maintain their health while indulging in Chocolate.

Furthermore, increasing adoption of organic farming practices across the globe is anticipated to boost the demand for organic Chocolate products. Organic farming practices include the use of chemical fertilizers and pesticides that are not allowed in organic farming. These practices help in maintaining the quality of soil and water resources. Therefore, the use of these practices results in higher yields of crops. As a result, the demand for organic Chocolate is expected to witness significant growth over the forecast period. Additionally, increasing consumer awareness about the harmful effects of artificial sweeteners is expected to propel the demand for natural Chocolate products.

The Global Chocolate Market has been witnessing steady growth over the past few years. This trend is expected to continue into the future due to increasing demand from emerging economies like China and India. In addition, rising disposable income levels among consumers are fueling the demand for Chocolate products. Moreover, the increasing popularity of dark Chocolates is further boosting the demand for this product type.

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Market Segmentation:

The Global Chocolate Market is segmented by product form, application, pricing, and distribution. Based on product form, the target market is segmented as molded, countlines, and others. Based on application, market is segmented as food products, bakery products, sugar confectionery, desserts, beverages, and others. On the basis of pricing, the market is segmented as everyday Chocolate, premium Chocolate, and seasonal Chocolate. By distribution, market is bifurcated into direct sales (b2b), supermarkets/hypermarkets, convenience stores, online stores, and others.

Supermarkets/Hypermarkets segments holds the largest market share in terms of revenue during the forecast period:

The supermarket and hypermarket sectors dominated the market in 2021, holding the biggest market share. This development can be ascribed to the appealing and unusual items available at such locations, as well as in-house marketing for branded premium Chocolates in supermarkets and hypermarkets, which boosted Chocolate sales. Online sales are rising at the quickest Compound Annual Growth Rate (CAGR) due to the millennial population's reliance on e-commerce, and online merchants are focused on targeting consumers through online offers, resulting in greater online sales. It is well publicised.

The Europe region dominated the Chocolate Market during the forecast period:

Europe is projected to witness significant growth in the coming years due to increasing popularity of dark Chocolates and other flavored Chocolates. This is mainly attributed to growing per capita consumption of Chocolate in European countries like UK, Germany and Russia. Moreover, increasing prevalence of obesity and diabetes in these countries is expected to drive the market demand.

European consumers are more concerned about the quality of Chocolate as health concerns, including cheaper Chocolate, are rising in the region and the popularity of high-end cocoa is skyrocketing. As a result, European consumers are willing to spend a higher price for Chocolate that meets their needs. The Chocolate Market in the region is being driven by a significant movement in the European consumer paradigms toward high-quality Chocolate (single origin Chocolate, organic Chocolate, handmade Chocolate, craftsman Chocolate, and so on). There is great demand for dark Chocolate, which has a low sugar content and a rich cocoa bitterness.

Asia Pacific is anticipated to register the highest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributed to increasing per capita income, changing lifestyles, and consumption rate of Chocolate and rising disposable income levels in countries like China and India. According to the Food and Agriculture Organization (FAO), China consumed around 1.5 million tons of cocoa beans in 2015. Moreover, according to the International Cocoa Organization (ICCO), India was ranked third globally in terms of cocoa bean production in 2016.

Competitive Landscape:

Some of the major key players in the Chocolate Market are 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. and The Hershey Company.

Segmentation of the Global Chocolate Market: