Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Chocolate Market size was valued at USD 121.39 billion in 2023 and is slated to cross USD 178.9 billion by 2033, growing at a CAGR of 3.95% from 2023 to 2033.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Chocolate Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Dark Chocolate, Milk Chocolate, White Chocolate, and Others), By Application (Confectionery, Beverages, Bakery, Dairy, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Stores, Specialty Stores, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033
The chocolate market refers to the global industry involved in the manufacturing, distribution, and sale of chocolate and chocolate-based products. These are available in various varieties such as white chocolate, milk chocolate, and dark chocolate, although that includes bittersweet chocolate, chocolate liquor, cocoa powder, and ruby chocolate. The increasing population and influence of economically developed countries raise demands for different varieties and flavours of chocolates. Also, changing lifestyles, food habits, and socio-demographic features determine the preference for chocolates by brand, aroma/taste, and price. Moreover, dark has become popular because of its health benefits, It consists of ingredient that offers health benefits such as reducing the risk of cardiovascular diseases and improving blood flow, which is expected to make demand itself due to its benefits. However, the market's expansion is being impeded by supply concerns due to climate change and shifting cocoa prices.
The dark chocolate segment held a significant share of the global chocolate market in 2023 and is predicted to grow at a rapid pace over the forecast period.
On the basis of the product type, the global chocolate market is classified into dark chocolate, milk chocolate, white chocolate, and others. Among these, the dark chocolate segment held a significant share of the global chocolate market in 2023 and is predicted to grow at a rapid pace over the forecast period. This segmental growth is attributed to the its high cocoa content and health advantages. Dark chocolate's antioxidants, which may lower the risk of cardiovascular illnesses and enhance cognitive function, have increased consumer demand as health consciousness has grown. Manufacturers have responded to this trend by creating new goods with different amounts of cocoa. It is projected that the trend toward premium dark chocolate, which frequently features distinctive flavors and organic components, will further accelerate the market expansion of this segment.
The confectionery segment accounted for the largest share of the global chocolate market in 2023 and is predicted to grow at a substantial CAGR during the forecast period.
On the basis of the application, the global chocolate market is categorized into confectionery, beverages, bakery, dairy, and others. Among these, the confectionery segment accounted for the largest share of the global chocolate market in 2023 and is predicted to grow at a substantial CAGR during the forecast period. This segmental growth is attributed to the market expansion due to a vast array of products ranging from chocolate bars and truffles to nuts and coated candies; the confectionery industry remains the largest application arena for chocolate. Further, increasing demand is being driven by the growing popularity of presenting chocolate-related things for special occasions and holidays, as manufacturers develop aesthetic packaging and limited editions to capitalize on these opportunities.
The supermarkets/hypermarkets segment held a significant share of the global chocolate market in 2023 and is predicted to grow at a rapid pace over the forecast period.
On the basis of the distribution channel, the global chocolate market is classified into supermarkets/hypermarkets, convenience stores, online stores, specialty stores, and others. Among these, the dark chocolate segment held a significant share of the global chocolate market in 2023 and is predicted to grow at a rapid pace over the forecast period. It offers a wide variety of brands and product categories to consumers in one convenient location. The exposure and sales of chocolate products are significantly increased by supermarkets and hypermarkets' extensive shelf space and marketing initiatives.
Europe is anticipated to hold the major share of the global chocolate market over the forecast period.
Europe is projected to hold the greatest revenue share of the global chocolate market over the forecast period. This regional dominance is attributed to the due to its long-standing custom of producing and consuming chocolate. Countries like Switzerland, Belgium, and Germany have a long history of innovation in the chocolate industry and are well-known for their high-quality chocolates. Furthermore, regional customers have become more conscious of healthy food with ethical production methods, and the trend toward organically sourced chocolate products is gaining momentum for the market expansion.
North America is anticipated to grow at the fastest CAGR growth of the global chocolate market over the forecast period. Furthermore, rising health-conscious consumers Drives the regional market for the cholate especially in USA, their growing demand for organic products. Due to its health benefits, dark chocolate is becoming more and more popular, which is driving manufacturers to develop new products. Moreover, a wide variety of chocolate goods are easily accessible because of the robust retail infrastructure and the expansion of e-commerce.
Company Profiling
Major key players in the global chocolate market are Nestlé, The Hershey Company, Ferrero Group, Mars, Incorporated, Barry Callebaut AG, Meiji Holdings Co., Ltd., Arcor Group, Pladis Global, Ezaki Glico Co., Ltd., and others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global chocolate market based on the below-mentioned segments:
Global Chocolate Market, By Product Type
Global Chocolate Market, By Application
Global Chocolate Market, By Distribution Channel
Global Chocolate Market, By Regional
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