Chocolate Market Analysis

Global Chocolate Market Overview

Chocolate Market Size was valued at USD 132.8 Billion in 2023. The chocolate industry is projected to grow from USD 139.161 Billion in 2024 to USD 202.33 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.79% during the forecast period (2024 - 2032). Growing awareness of the health benefits of dark chocolate consumption and chocolate consumption also reduces the release of the stress hormone named cortisol are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Chocolate Market Trends

• Growing awareness of the health benefits of dark chocolate consumption is driving the market growth.

Market CAGR for the chocolate is driven by High-quality chocolate consumption is still the main market driver due to consumer awareness of its health benefits. Growing demand for vegan, organic, gluten-free, and sugar-free chocolate is another factor influencing product demand in the upcoming years. This affected the supply and distribution chain, negatively impacting the market growth. However, the demand for chocolates increased during the pandemic as people stocked up on packaged and processed foods. Additionally, consumers favored consuming these during the pandemic to lessen stress and improve mood. This ensured a stable demand for chocolates during the pandemic. Consumers' increased belief in the superiority of bean and single-origin chocolates over bar chocolates is anticipated to motivate market participants to invest in the trend to increase their profits. The growing emphasis on the bean-to-bar concept has resulted in a significant increase in demand for premium and specialty chocolate products in recent years. Innovation and the development of new products are still being driven by the single-origin cocoa trend. This is expected to contribute to the overall market growth in the coming years. Serotonin, which relaxes the brain and acts as an antidepressant, is said to be increased by moderate chocolate consumption.

Chocolate consumption also reduces the release of the stress hormone named cortisol. Including these elements in a regular diet can mitigate health issues and help avoid reliance on medication. Chocolate sales are expected to increase in the coming years due to its ability to relax the mind and induce happiness. Increasing awareness regarding preventive healthcare is anticipated to fuel the market growth during the projected timeframe.

Another factor influencing the market is the growing awareness of the health benefits of dark chocolate consumption. According to the Cleveland Clinic, dark chocolate is known to enhance blood circulation, reduce blood pressure, improve brain function, and other the risk of heart disease when consumed in moderation, as it has vital minerals such as zinc, magnesium, phosphorus, copper, and iron. Moreover, some factors expected to drive the market growth include the premiumization of chocolate-based products and the use of visually appealing packaging to attract consumers' attention. It also causes the release of endorphins in the body, which quickly improves mood. As per World Population Review data, almost 3.4 percent or 251-310 million of the population suffers from depression. Therefore, the rising prevalence of mental illnesses such as anxiety and depression may promote product demand during the forecast period. Thus, driving the chocolate market revenue.

Chocolate Market Segment Insights

Chocolate Product Insights

The chocolate market segmentation, based on product, includes dark chocolate, milk chocolate, white chocolate, and cocoa powder. The milk chocolate segment dominated the market; many people enjoy the creamy and smooth flavor of milk chocolate. Mixing cocoa solids, milk powder, and sugar produces a rich, they, and pleasing flavor profile for various palates. Milk chocolate frequently has a nostalgic connotation and is linked to childhood. Since milk chocolate is often consumed as a treat when people they're young, they may continue to enjoy it as adults due to their positive childhood memories. Milk chocolate is widely available and simple to find in various products, including bars, candies, and desserts. Its accessibility and practicality help to explain why it is so popular and widely used.

Chocolate Form Insights

Based on form, the chocolate market segmentation includes chocolate bars, liquid chocolate, and truffles chocolate. The chocolate bars category generated the most income. The taste and enjoyment of chocolate bars are the main factors influencing consumption. The flavor and texture of chocolate bars are carefully crafted to combine sweetness, creaminess, and the distinctive properties of cocoa. One of the most powerful inducers of consumption is the joy of eating chocolate. Convenient snacks like chocolate bars are simple to transport and eat while on the go. They are portable and ideal for quick indulgence or sating cravings throughout the day, thanks to their individual packaging.

Figure 1: Chocolate Market, by Form, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Chocolate Category Insights

The chocolate market segmentation, based on category, includes conventional, organic, lactose-free, gluten-free, reduced sugar, zero sugar, and multi-claim. The conventional category generated the most income. Typically, when someone uses the term "conventional chocolate," they use sugar, cocoa butter, milk powder, and other additives. Traditional chocolate has a taste that is well-known and popular. An enjoyable taste experience is produced by the blending of sweetness, creaminess, and the flavors of cocoa and milk powder. Traditional chocolate products like chocolate bars are commonly found in grocery stores, supermarkets, convenience stores, and other retail establishments. They are readily available and can be found in many retail locations, making them simple for customers to obtain.

Chocolate Distribution Channel Insights

Based on distribution channels, the chocolate market segmentation includes food production, food service, and retail. The food production category generated the most income. Food distribution makes A productive supply chain possible by ensuring a constant flow of goods from producers to consumers. Food production companies have established systems for locating raw materials, processing them into finished goods, and distributing them to different retail or food service outlets. This effective supply chain supports maintaining product availability while meeting consumer demand. A lot of food manufacturing businesses have the size and capability to produce large quantities of food items, including chocolate. This makes it possible to produce chocolate products in large quantities, allowing for greater distribution and consumer accessibility. Facilities for producing food are outfitted with the infrastructure, staff, and machinery needed for the high-volume production necessary to satisfy consumer demand.

Chocolate Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American chocolate market will dominate this market, The region's cheaper chocolates are causing rising health concerns, and fine cocoa is becoming more and more they-liked. As a result, North American consumers are willing to pay more for chocolate products that satisfy their needs.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: CHOCOLATE MARKET SHARE BY REGION 2024 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s chocolate market accounts for the second-largest market share due to the Growing consumer demand for dark chocolate in the area is a key factor in the expansion of the regional market. ITC Trade Map 2020 data show that nearly 1,521 thousand tons of chocolate products they’re imported into Europe. In addition, Europe was the region with the highest per capita consumption of chocolate, which the CBI, Ministry of Foreign Affairs estimates to be 5 kilograms. In the upcoming years, these factors are anticipated to strengthen the local market. Further, the German chocolate market held the largest market share, and the UK chocolate market was the fastest-growing market in Europe.

The Asia-Pacific Chocolate Market is expected to grow at the fastest CAGR from 2023 to 2032. This expansion can be attributed to the region's retail stores’ more available products. Additionally, the region should have easier access to goods due to encouraging government initiatives like tax breaks for chocolate makers and grinders. Another element promoting regional growth is the rising demand for artisanal chocolates. Additional factors anticipated to increase the region's chocolate sales include growing consumer awareness, product innovation, middle-class consumers' increased disposable incomes, and expanding manufacturers' distribution channels. Moreover, China’s chocolate market held the largest market share, and the Indian chocolate market was the fastest-growing in Asia-Pacific.

Chocolate Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the chocolate market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The chocolate industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the chocolate industry to benefit clients and increase the market sector. The chocolate industry has offered some of the most significant medical advantages in recent years. Major players in the chocolate market, including Mondelez International, Inc. (US), Nestlé S.A. (Switzerland), Blommer Chocolate Company (US), Barry Callebaut (Switzerland), Puratos Group (Belgium), Lindt & Sprüngli AG (Switzerland), Ferrero Group (Luxembourg), Mars Incorporated (US), Ezaki Glico Co., Ltd. (Japan), Pladis (London), Orion Corp. (South Korea), Meiji Holding Co. Ltd. (Japan), General Mills Inc. (US), Guittard Chocolate Company (US), and The Hershey Company (US) and others, are attempting to increase market demand by investing in research and development operations.

Nestle SA, Nestlé is who they are. Good company, good food. Food can improve people's lives. The senses are fed and entertained by good food. It promotes the health and they-being of children, pets, and elderly parents. They can all benefit from living life to the fullest. Good food preserves resources for future generations and respects our planet. Yet, the world is evolving quickly. They also understand that tomorrow must be better for what works today. Think about how difficult it will be to provide for the needs of 10 billion people by 2050. Innovating and changing will be necessary for this. Regarding food, beverages, and nutritional health solutions, Nestlé is constantly pushing the envelope. In this manner, they can improve the quality of life and contribute to a healthier future for all. Today, our company employs about 275,000 people, has over 2,000 brands, and operates in 188 countries.

Ferrero Group (Luxembourg), With its cherished confections, The Ferrero Group cheers up people everywhere. The Ferrero Group, with more than 35 well-known brands like Kinder, Nutella, Ferrero Rocher, and Tic Tac that are sold in more than 170 countries, was founded in 1946 by brothers Pietro and Giovanni Ferrero in Alba, a charming town in northern Italy. It is now one of the largest street-packaged food companies in the world. The portfolio of the family-owned company, now in its third generation, Ferrero, is expanding to include even more legendary brands like Thorntons, Fannie May, Butterfinger, and Eat Natural. The Ferrero culture, which has more than 35,000 "Ferrerians" worldwide, is founded on strong family values, a commitment to quality and excellence, and respect for the environment and the communities where they work.

Key Companies in the chocolate market include

• Mondelez International, Inc. (US)


• Nestlé S.A. (Switzerland)


• Blommer Chocolate Company (US)


• Barry Callebaut (Switzerland)


• Puratos Group (Belgium)


• Lindt & Sprüngli AG (Switzerland)


• Ferrero Group (Luxembourg)


• Mars Incorporated (US)


• Ezaki Glico Co., Ltd. (Japan)


• Pladis (London)


• Orion Corp. (South Korea)


• Meiji Holding Co. Ltd. (Japan)


• General Mills Inc. (US)


• Guittard Chocolate Company (US)


• The Hershey Company (US

Chocolate Industry Developments

March 2022: Mars, Inc. released two new vegan chocolates, dubbed January "Veganuary," a month when most people pledge to eat only vegan food. The two new chocolate bars, Topic Vegan and Bounty Vegan are the vegan versions of Topic and Bounty. The business had previously introduced a vegan version of Galaxy chocolate.

Chocolate Market Segmentation

Chocolate Product Outlook

• Dark Chocolate


• Milk Chocolate


• White Chocolate


• Cocoa Powder

Chocolate Form Outlook

• Chocolate Bars


• Liquid Chocolate


• Truffles Chocolate

Chocolate Category Outlook

• Conventional


• Organic


• Lactose-Free


• Gluten-Free


• Reduced Sugar


• Zero Sugar


• Multi-Claim

Chocolate Distribution Channel Outlook

• Food Production


• Food Service


• Food Retail

Chocolate Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  

• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  

• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  

• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America