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Chocolate Market Segmented By Milk Chocolates, Dark Chocolates, White Chocolates Type for Daily Chocolates, Premium Chocolates, Seasonal Chocolates
The global chocolate market was valued at US$ 47 Bn in 2021 and is likely to reach US$ 80 Bn by 2032, expanding at a CAGR of 5% during the forecast period (2022-2032).
Europe is projected to capture the largest share of the global chocolate market during the forecast period.
Chocolate Market Size (2021)
US$ 47 Bn
Projected Market Value (2032)
US$ 80 Bn
Global Market Growth Rate (2022-2032)
Europe Market Value (2021)
US$ 19.95 Bn
“Rising Demand for Premium Chocolates across Regions”
Demand for premium chocolates has skyrocketed in recent years, particularly in developed nations such as France, the United States, Germany, and Belgium, which is likely to boost the worldwide chocolate market. Chocolate makers are creating premium chocolate lines in response to this rising demand.
Moreover, increased consumer preference for knowing the provenance of all components used in chocolate is another major aspect projected to propel the global chocolate market. This is due to a variety of reasons, including allergies to specific ingredients, such as lactose and vegan preferences.
In addition, rising demand for products created from specialty cocoa beans is expected to bolster the sales of chocolates substantially over the coming years.
“Increased Awareness Regarding Advantages of Dark Chocolate”
The global chocolate market is expected to benefit from the rising awareness of the advantages of dark chocolate. Dark chocolate is regarded as a healthier confectionery option. Polyphenols and flavanols, for example, are antioxidant chemicals found in dark chocolate. Food Antioxidants aid in the neutralization of free radicals and the prevention of oxidative stress.
Oxidative stress refers to the damage induced by excessive concentrations of free radicals in the body's tissues and cells. Over time, the consequences of oxidative stress may also lead to several diseases, including cancer, heart disease, Alzheimer's disease, and diabetes.
Dark chocolate can aid in the prevention of heart disease. The components in dark chocolate, specifically flavanols, have an effect on two risk factors for heart disease: high cholesterol and high blood pressure. Furthermore, the substances found in dark chocolate, such as theobromine and polyphenols, can lower low-density lipoprotein (LDL) cholesterol levels.
As a result of the advantages of dark chocolate intake, the overall chocolate market is predicted to rise rapidly during the forecast period.
“Europe Continues to Lead Global Market”
Europe is projected to continue leading the global chocolate market during the forecast period. Many of the world's main industrial chocolate producers are headquartered in the Netherlands, Belgium, Switzerland, and Germany, making Europe a center for industrial chocolate production.
European customers place a greater emphasis on chocolate quality. As a result, they are willing to spend a higher price on chocolate goods that suit their needs. Moreover, the paradigm change among European customers toward high-quality chocolate products such as organic chocolates, single-origin chocolates, artisan chocolates, and handmade chocolates is a major element estimated to propel regional market growth.
Furthermore, dark chocolates are in high demand in the region since they contain less sugar and have a bitter taste from concentrated cocoa.
The United Kingdom is expected to be the largest revenue generator in the chocolate market in Europe due to the increasing demand for plain chocolate. However, premium chocolates are gaining massive popularity, with consumers increasingly favoring premium dark chocolate.
Leading players operating in the regional market are focused on making vegan chocolates.
Chocolate is one of the most profitable components of the confectionary industry globally. The chocolate industry has been representing a multibillion-dollar market for the past decade and is expected to reach new levels of growth within the next few years. Rising awareness about the health benefits of consuming chocolate on a daily basis will remain a key booster to the global chocolate market over the next few years.
While developed countries represent established and thriving markets for chocolate, a shift in consumer taste preferences and rising spending on chocolate and other confectionary products are identified to be the major drivers of market growth, prominently in developing countries. Increasing urbanization and widespread availability of chocolate and derived products will remain another key factor fueling the market for chocolate globally.
Antioxidants-enrichment, blood pressure-suppressing character, and supposedly anti-aging properties of chocolate will remain the key factors propelling the adoption of chocolate and chocolate products. Dark chocolate that contains a larger proportion of cocoa is especially recommended to prevent or slow down aging and certain diseases, such as CVDs. These and more similar perceived benefits of chocolate will continue to drive demand for chocolate in the global market.
A few recent research findings indicate that chocolate consumption aids in looking younger as well as relieving stress, which is expected to further push the demand for chocolate. A sweeping range of new applications of chocolate in food and confectionary products are anticipated to escalate the demand, whereas wide acceptance of chocolate-flavored milk, drinks, bakery products, ice creams, functional foods, and liquor chocolates will sustain the demand throughout the next four years.
Chocolates are still largely considered as an affordable luxury in some regions of the globe. Price sensitivity may detain the penetration of the chocolate market in some of the underdeveloped parts of the world. Moreover, the uncertain economy of the cocoa supply is likely to raise chocolate prices, which is foreseen to be a major challenge to market growth.
Seasonal and festive sales of chocolate are projected to surge in the next few years. Gifting chocolate hampers and bouquets are among some popular consumer trends in the market, which will strongly favor the market over the forecast period. In addition, lucrative growth opportunities lie in handmade chocolates and signature chocolate-based products.
Some niche products, such as chocolate drinks, fudge, mousse, rolls, and sandwich are identified to be attractive revenue generators. Moreover, a variety of gourmet chocolate is also expected to present significant opportunities in the global chocolate market. Development of organic and fair-trade chocolate may completely change the market dynamics over the decade.
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The global chocolate market is expected to rise at 5% CAGR through 2032.
Europe leads the global chocolate market and is projected to hold over 40% market share.
The global chocolate market is likely to reach US$ 80 Bn by 2032.
Fererro Group, Nestle SA, Hershey Foods Corporation, Mars Inc, Mondelez International (Cadbury), Meiji Co Ltd, Ezaki Glico Co. Ltd., and August Storck KG are prominent manufacturers of chocolate.