Global Chocolate Market Analysis by Type (Dark, Milk, White), Distribution Channel, Country and Company Trends (2024-2032)

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Global Chocolate Market Overview

The global chocolate market was valued at USD 132.65 billion in 2023 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.48% from 2024 to 2032, reaching an estimated value of USD 196.79 billion by 2032.

Chocolate, made from roasted and ground cocoa beans, is a popular confectionery product worldwide. It is a key ingredient in various products, from beverages and desserts to candy bars and baking recipes. Dark chocolate contains cocoa butter, sugar, and 50-90% cocoa solids, while milk chocolate includes milk, butter, sugar, and 10-50% cocoa solids. The global appeal of chocolate is evident, with a majority of people purchasing some form of chocolate confectionery in the past year. Additionally, more than half of consumers report eating chocolate at least once a week.

Key Trends in the Global Chocolate Market

  • Global Chocolate Consumption: In 2022, global chocolate consumption was around 7.5 million tons. In 2023, over 98% of American consumers purchased chocolate-related products, including candy, gum, and mints.
  • Top Chocolate-Consuming Countries: Switzerland, Germany, Ireland, and the UK have the highest per capita chocolate consumption, with Switzerland leading at 8.8 kg per person annually.
  • EU Chocolate Exports: EU member countries exported 867,000 tons of chocolate and chocolate bars in 2023, a 2% increase from the previous year. Germany was the top exporter, followed by the Netherlands, Poland, Belgium, and Italy.
  • Emerging Markets: Chocolate consumption is also on the rise in countries like China and India. In 2023, China imported three times more Russian chocolate, and India’s younger, urban population is driving demand for chocolate, especially as a popular gift for special occasions.

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Asia-Pacific Chocolate Market

The Asia-Pacific region is experiencing significant growth in the chocolate market, driven by its large youth population and changing consumer habits. The United Nations estimates that over 60% of the world’s youth population lives in this region, contributing to the increasing demand for chocolate. Additionally, gifting chocolates during festivals and other celebrations is becoming more common, further boosting demand.

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Recent Developments in the Chocolate Industry

  • Lindt Vegan Classic Award: Lindt’s Vegan Classic won the Best Vegan Chocolate award in the PETA Vegan Food Awards in July 2022.
  • Nestle Health Science Acquisition: Nestle completed the acquisition of Vital Proteins, a manufacturer of collagen-based foods and beverages, in February 2022.
  • Mondelez India’s Expansion: In December 2023, Mondelez India announced a significant investment in manufacturing and infrastructure in India.
  • ITC’s Fabelle Trinity Launch: In October 2023, ITC Ltd.’s Fabelle Exquisite Chocolates launched the world’s most expensive chocolate, the Fabelle Trinity – Truffles Extraordinaire.
  • Ferrero Rocher’s Easter Collection: Ferrero Rocher launched its 2023 Easter collection, featuring sustainably sourced cocoa and limited-edition chocolates.

Key Players in the Global Chocolate Market

Major players in the global chocolate industry include Nestlé S.A., Mondelez International, Inc., AMUL Industries Pvt Ltd., The Hershey Company, Meiji Holdings Co. Ltd., Saputo Inc., Chocoladefabriken Lindt & Sprüngli AG, and Hotel Chocolat Group plc.

Chocolate Market Company News

  • Mars Acquires Hotel Chocolat: In January 2024, Mars acquired Hotel Chocolat, a premium UK-based chocolate brand.
  • Nestle’s Brazilian Expansion: In September 2023, Nestle acquired a majority stake in Brazilian premium chocolate maker Grupo CRM.
  • Mondelēz’s Toblerone Campaign: In October 2023, Mondelēz launched the “Never Square” campaign for Toblerone, positioning it as a premium chocolate brand.
  • Ferrara Candy Co.’s Acquisition: In July 2023, Ferrara Candy Co. acquired Brazilian snacks company Dori Alimentos.
  • Reliance Consumer Products’ New Stake: In May 2023, Reliance Retail Venture’s FMCG unit acquired a controlling stake in Lotus Chocolate Company Ltd.
  • MBK Partners’ Expansion: In April 2023, MBK Partners acquired Pierre Marcolini, a premium Belgian chocolate brand.
  • Mars Wrigley’s GALAXY FUSIONS: In February 2023, Mars Wrigley India launched GALAXY FUSIONS, a 70% dark chocolate, marking its entry into India’s dark chocolate market.

These developments reflect the dynamic and competitive nature of the global chocolate market, with companies focusing on innovation, sustainability, and strategic acquisitions to strengthen their positions in a growing industry.

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