According to the latest report by IMARC Group, titled “Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on chocolate market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global chocolate market size reached US$ 162.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 213.4 Billion by 2032, exhibiting a growth rate (CAGR) of 2.9% during 2024-2032.
Chocolate Market Overview:
Chocolate is a food product derived primarily from cocoa solids and cocoa butter, alongside various sweeteners and emulsifiers, such as sugar and milk. There are different types of chocolate, namely dark, milk, and white, each distinguished by their cocoa content and formulation. Aspects such as flavor profile, texture, and cocoa sourcing further delineate the multitude of available options. Chocolate has numerous advantages beyond its primary role as a popular confectionery item.
It contains antioxidants and is scientifically attributed to having mood-enhancing capabilities. Additionally, it finds applications in various industries like confectionery, cosmetics, and even pharmaceuticals, where it is utilized as a flavoring agent or an active compound. It is also used in the culinary arts, especially in premium desserts and dishes, thus boosting its market presence beyond snack aisles.
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Chocolate Market Trends:
The global chocolate market is majorly driven by the increasing consumer preference for premium and specialty chocolates, attributed to rising disposable incomes and evolving tastes. Along with this, the rapid expansion of retail channels, including e-commerce platforms, makes it easier for consumers to access a wide range of products from different countries, thereby bolstering sales. Another trend shaping the market is the growing awareness of the health benefits associated with dark chocolate, which is rich in antioxidants and known to improve heart health. This is leading to a rise in the demand for dark and organic chocolates.
Moreover, seasonal and festival-related demand continues to serve as a cyclical growth factor, as chocolates remain popular gifts and treats during such occasions. Apart from this, innovations in flavor and form, such as chocolate infused with exotic fruits or spices, are also attracting consumer interest and stimulating market growth. In confluence with this, the sustainability aspect is gaining importance too; ethically sourced and ‘Fair Trade’ chocolate is becoming increasingly popular, acknowledging the environmental and socio-economic factors associated with cocoa farming.
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Competitive Landscape with Key Players:
- Arcor
- Barry Callebaut
- Chocoladefabriken Lindt & Sprüngli AG
- Chocolaterie Guylian
- Ferrero International
- Mars Incorporated
- Meiji Co. Ltd.
- Mondelez International Inc. (Kraft Foods)
- Moonstruck Chocolate Company
- Nestlé S.A.
- The Hershey Company
Chocolate Market Segmentation:
Breakup by Product Type:
- White Chocolate
- Milk Chocolate
- Dark Chocolate
- Others
Breakup by Product Form:
- Molded
- Countlines
- Others
Breakup by Application:
- Food Products
- Bakery Products
- Sugar Confectionery
- Desserts
- Others
- Beverages
- Others
Breakup by Pricing:
- Everyday Chocolate
- Premium Chocolate
- Seasonal Chocolate
Breakup by Distribution:
- Direct Sales (B2B)
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Stores
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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