Chocolate Market

Chocolate Market Size

Chocolate Market to surpasses USD 216.5 billion by 2032 from USD 127.13 billion in 2021 at a CAGR of 5.0% in the coming years, i.e., 2022-32.

Chocolate is prepared from cacao beans. It is a common ingredient in ice-cream, cakes, pudding, Easter eggs, and confectionery among other delicacies. Chocolate can be used in the form of a liquid, like hot chocolate, or like a solid candy bar as well. Occasionally, sugar and milk are added to commercial chocolate. Although the reasons why some people feel happy after eating chocolate are disputed, it is often believed that chocolate has a favorable impact on the mood. Anandamides, which stimulate the brain in the same way as cannabis does, are found in chocolate, just like tyramine and phenylethylamine, which have amphetamine-like effects. The impact that chocolate may have on heart health has been the subject of several recent research.

Market Highlights

The Chocolate Market is expected to project a notable CAGR of 5.0% in 2032.

Chocolate Market to surpass USD 216.5 billion by 2032 from USD 127.13 billion in 2021 at a CAGR of 5.0% in the coming years, i.e., 2022-32. The Chocolate Market is anticipated to be fueled over the coming years by the growing consumer awareness of dark chocolate as a healthy confectionary product that contains antioxidants that shield the skin from damage due to UV radiation. Moreover, the increased awareness of confectionery companies among millennials and young people due to social media and satellite television channels is anticipated to have a favorable effect on the industry's growth.

Chocolate Market : Segments

The Dark Chocolate segment is expected to grow with a higher CAGR during 2022-32

Chocolate Market is categorized on the basis of Type into Dark Chocolate and Milk and White Chocolate. The dark chocolate segment is projected to hold a major market share in the Chocolate Market. This growth can be ascribed to growing knowledge of the health advantages of dark chocolate, including less risk of cardiovascular diseases, lower blood pressure, and lower cholesterol among other things. Moreover, dark chocolate contains a significant amount of cocoa, which is advised to delay the onset of ageing and a number of diseases, including CVDs. Also, studies indicate that eating chocolate can help lower stress.

The Online segment is expected to grow with a higher CAGR during 2022-32

Chocolate Market is categorized on the basis of Distribution Channels into supermarkets & hypermarkets, Convenience Stores, and Online. Over the future period, the online segment is expected to have a greater CAGR. Due to rising internet usage across the globe, online sales channel has experienced substantial growth in recent years. A significant reason anticipated to propel chocolate sales through the online channel in the next years is the growing reliance of generation X, millennials, and generation Z parents on the internet and e-commerce. In the upcoming years, a number of features given by e-retailers, including many value-added services like discounted prices, paybacks, and cash-on-delivery are anticipated to encourage the growth of the online channel.

Market Dynamics

Drivers

The Growing Demand for Sugar-Free, Organic, Vegan, and Gluten-Free Chocolates

Growing demand for organic, sugar-free, vegan, and gluten-free chocolates is among the key industry trends. Most health-conscious and well-aware people are now choosing organic products due to rising awareness about the harmful effects of synthetic products on human health and the environment. Furthermore, the sales of premium chocolates are significantly influenced by seasonal demand. During holidays like Easter and Christmas, numerous businesses release a large variety of chocolate types. Also, the widespread availability of chocolate and its derivatives, as well as rising urbanization will continue to be major drivers of the global Chocolate Market.

Rising Number of Health Benefits Associated with Chocolates and Increasing Applications

The chocolate's ability to lower blood pressure, the presence of antioxidants in it, and its claimed anti-aging benefits will continue to be the main drivers of demand for chocolate and chocolate-related products. More cocoa-rich dark chocolate is highly advised for ageing prevention and disease prevention, including cardiovascular diseases (CVDs). The market demand for chocolate will continue to be driven by these and other perceived advantages of chocolate. While widespread adoption of drinks, milk, bakery goods, functional meals, ice creams, and liquor chocolates will sustain demand over the next four years, a broad variety of innovative applications for chocolate in food and confectionery items are predicted to increase demand.

Restraint

Price-Sensitivity in the Underdeveloped Regions and Unstable Economy of Cocoa Supply

In some parts of the world, chocolate is still primarily regarded as an affordable luxury. Price sensitivity may prevent chocolate from entering certain undeveloped regions of the world. Moreover, the supply of cocoa is not stable, which would probably result in higher chocolate prices, which will pose a significant obstacle to the growth of the Chocolate Market.

Recent Developments

• Walmart had 21 locations in India as of May 2018 and intended to add about 50 more by the end of 2023. Moreover, retailers like department stores and specialty shops are positioning fine chocolates like Godiva near the point of sale to encourage more expensive impulse purchases.
• To increase clientele, Pierre Marcolini launched his first shop in a mall in the United Arab Emirates in February 2019.
• The Hershey Company introduced a brand-new item in March 2020 under the name Hershey's Cookies 'N' Chocolate Bar. A milk chocolate bar and cookie crunchies make up the product.

Chocolate Market : Key Players

• Nestlé
• Mars Incorporated
• Mondelez International
• Ferrero International S.A.
• Kraft Foods
• The Hershey Company
• Barry Callebaut
• Lindt & Sprüngli AG
• The Australian Carob Co.
• Meiji Holdings Co. Ltd.
• Arcor
• August Storck KG
• Moonstruck Chocolatier Co.
• Ezaki Glico Co. Ltd.
• Kerry Group plc
• Other Prominent Players

Chocolate Market : Regions

Chocolate Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In 2019, Europe held the larger share of the Chocolate Market. One of the main drivers of market growth in the area is the rising customer preference for dark chocolate. Due to rising per capita consumption, Germany dominated chocolate sales in Europe in 2019.

Impact of Covid-19 on Chocolate Market

Low sales volume due to the entry of the COVID-19 pandemic, which was partially caused by supply-side concerns including quality and certification, had a significant negative impact on the luxury segment of the global Chocolate Market. In order to deepen their partnership and increase the robustness of the marketing infrastructure, premium cocoa producers and chocolate makers received support from a variety of governmental sectors. This is anticipated to offer a significant method of aiding in the market's recovery.

Chocolate Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Chocolate Market report also contains analysis on:

Chocolate Market Segments:

• By Type 
  • Dark Chocolate
  • Milk and White Chocolate 
• By Category 
  • Pure Chocolate
  • Compound Chocolate 
• By Distribution Channel
  • Supermarket & Hypermarket
  • Convenience Store
  • Online 
• Chocolate Market Dynamics
• Chocolate Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Chocolate Market Report Scope and Segmentation

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