Global Chocolate Market

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Chocolate Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2018-2028, Segmented By Type (Milk Chocolate, Dark Chocolate, and White Chocolate), By Category (Molded, Countlines, Pouches & Bags, Boxed & Others), By Distribution Channel (Retail Stores, Specialty Retailers and Online Distributors), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)

Published Date: April 2022
Report ID: BWC19123
Available Format: PDF
Page: 199

Report Overview

The global chocolate market is flourishing owing to the changing taste preferences, rising disposable incomes, and changing lifestyles along with huge demand for chocolate on seasonal and festival occasions...

Global Chocolate Market- Industry Trends & Forecast Report 2028

The global chocolate market was worth USD 140.4 billion in 2021 and is further projected to reach USD 192.6 billion by the year 2028. The market is flourishing owing to the changing taste preferences, rising disposable incomes, and changing lifestyles. Additionally, the huge demand for chocolate on seasonal and festival occasions is also among the leading factors for driving the global chocolate market growth.

Chocolate - Overview

Chocolate is an edible product that is produced from roasted and ground cocoa pods. It is one of the most consumed and popular food products in the food processing sector among consumers across the globe. The main reason behind the growing confectionery industry is an increase in demand for chocolates. Chocolates are excellent pressure suppressants and anti-aging confectionery items. Dark chocolate is known to have health benefits such as reducing the risk of cardiovascular diseases and improving blood flow.

Global Chocolate Market Forecast and Trends

Growth Drivers

Health Benefits of Chocolates

The health benefits attributed to the consumption of chocolates act as a major driving factor for the growth of the global chocolate market. The moderate consumption of chocolate offers various health benefits such as balancing the immune system and reducing oxidative stress, combating diabetes, improving brain function, boosting athletic performance, etc. According to John Hopkins Medicine, the antioxidants in dark chocolate helps in lowering blood pressure, reducing the risk of clotting, and increasing blood circulation to the heart.

Increasing Popularity of Online Stores

The sales of chocolate through online stores are gaining significant traction, especially after the pandemic. Several consumer goods websites such as Amazon, Walmart, Instacart, Whole Foods, etc., are emerging with a wide range of products and chocolate brands. Certain platforms such as Amazon.com also sell imported chocolates in different regions that are unavailable in local stores. With the increasing penetration of smartphones and mobile wallets and online payment systems, the online sales of chocolate are projected to surge in the forecast period, propelling the overall market growth.

Restraints

Fluctuating Supply of Raw Materials

The main ingredient of the chocolate industry i.e., cocoa beans undergo frequent fluctuations in its supply due to various factors. Long periods of dry weather directly impact the supply of chocolate, creating a shortage in the market. Other factors such as diseases and pests in crop fields, effects of climatic conditions, political or civil disputes, etc., also influence the global supply of cocoa beans, directly impacting the production of chocolates. This acts as a major restraining factor for market growth.

Impact of COVID-19 on Global Chocolate Market

The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the global chocolate market. Although the chocolate demand surged globally post the pandemic owing to the rising health consciousness, the restrictions directly affected the production side of the industry. The cocoa is largely produced in Africa and is imported to the rest of the world for further processing. However, with restrictions on the imports and exports activities, the supply chain of raw materials was hindered. Furthermore, the demand for premium chocolates that are largely dependent on other industries such as travel (airports and hotels), at specialty boutiques was also hindered, obstructing the overall chocolate market growth.

Global Chocolate Market - By Type

Based on type, the global chocolate market is segmented into milk chocolate, dark chocolate, and white chocolate. Milk chocolates hold the largest market share, followed by dark chocolate. Milk chocolates boost memory, cut the risk of heart strokes, hydrates, and smoothens the skin. Dark chocolate comprises over 50% cocoa content, which helps in reducing the risk of cardiovascular diseases and improving blood flow is likely to propel its demand. However, the bitter taste of dark chocolate is likely to restrain its demand in a country like India, the Middle East nations.

Global Chocolate Market - By Category

Based on category, the global chocolate market is categorized into molded, countlines, pouches & bags, boxed & others. The molded segment accounts for the largest market share. This is because the chocolate bars packed in plastic wrappings are the favorite of the consumers. The manufacturers launch molded bar chocolates in different sizes and price ranges that cater to the needs of different consumer age groups. The countlines also cover a substantial share of the market because of the high popularity of wafer chocolates.

Global Chocolate Market - Regional Insights

Geographically, the global chocolate market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the global chocolate market. The presence of large middle-income groups along with rapid expansion in the supermarket stores in this region is significantly driving the growth of the market. Furthermore, expanding the working-class population and increasing urbanization, as well as the presence of a wide variety of brands, also plays a crucial factor in propelling market growth.

Competitive Landscape

The leading market players of the global chocolate market are Mondelez International, Nestlé SA, Ferrero SpA, Mars, Incorporated, Gujarat Cooperative Milk Marketing Federation Ltd., The Hershey Company, Meiji Co Ltd, Lindt & Sprüngli, Surya Food & Agro Ltd., ITC Limited, August Storck KG, Barry Callebaut, Ezaki Glico Co., Ltd., and Lotus Chocolate Company Limited, and other prominent players.

The market is fragmented with the presence of several chocolate manufacturers and suppliers. However, multinational players such as Modelez, Nestle, Hershey’s, etc., dominate a major share in the market. The companies constantly launch new products with attractive packaging to lure customers and significantly invest in advertising and marketing to boost their sales. It also adopts competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., which are also prominent in this market.

Recent Development

In January 2022, Mars Wrigley's Dove Chocolate, an American manufacturer, announced the release of DOVE Large Promises, its new product which is three times larger the size of the original DOVE Promises.
In January 2022, DouxMatok, an Israeli food, and beverage company announced its strategic commercial partnership with Blommer Chocolate Company, a US-based integrated chocolate manufacturer and supplier, to produce and sell a portfolio of chocolate products with significantly less sugar.

Scope of the Report

Attributes	Details
Years Considered	Historical data – 2018-2021
	Base Year – 2021
	Forecast – 2022 – 2028
Facts Covered	Revenue in USD Billion
Market Coverage	U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation	By Type, By Category, By Distribution Channel, By Region
Key Players	Mondelez International, Nestlé SA, Ferrero SpA, Mars, Incorporated, Gujarat Cooperative Milk Marketing Federation Ltd., The Hershey Company, Meiji Co Ltd, Lindt & Sprüngli, Surya Food & Agro Ltd., ITC Limited, August Storck KG, Barry Callebaut, Ezaki Glico Co., Ltd., and Lotus Chocolate Company Limited, and other prominent players.

By Type

Milk Chocolate
Dark Chocolate
White Chocolate

By Category

Molded
Countlines
Pouches & Bags
Boxed
Others

By Distribution Channel

Retail Stores
Specialty Retailers
Online Distributors

By Region

North America
Europe
Asia-Pacific (APAC)
Latin America (LATAM)
Middle-East & Africa (MEA)

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
Research Methodology
1. Qualitative Research
  1. Primary & Secondary Research
2. Quantitative Research
3. Market Breakdown & Data Triangulation
  1. Secondary Research
  2. Primary Research
4. Breakdown of Primary Research Respondents, By Region
5. Assumption & Limitation
Executive Summary
Global Chocolate Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
  2. Restraints
  3. Opportunities
  4. Challenges
3. Technological Landscape/Recent Development
4. Regulatory Framework
5. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
Global Chocolate Market Overview
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Type
    1. Milk Chocolate
    2. Dark Chocolate
    3. White Chocolate
  2. By Category
    1. Molded
    2. Countlines
    3. Pouches & Bags
    4. Boxed
    5. Others
  3. By Distribution Channel
    1. Retail Stores
    2. Specialty Retailers
    3. Online Distributors
  4. By Region
    1. North America
    2. Europe
    3. The Asia Pacific
    4. Latin America
    5. The Middle East and Africa
North America Chocolate Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Type
  2. By Category
  3. By Distribution Channel
  4. By Country
    1. United States
    2. Canada
Europe Chocolate Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Type
  2. By Category
  3. By Distribution Channel
  4. By Country
    1. Germany
    2. United Kingdom
    3. Italy
    4. France
    5. Spain
    6. Rest of Europe
The Asia Pacific Chocolate Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Type
  2. By Category
  3. By Distribution Channel
  4. By Country
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of Asia Pacific
Latin America Chocolate Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Type
  2. By Category
  3. By Distribution Channel
  4. By Country
    1. Brazil
    2. Mexico
    3. Rest of Latin America
The Middle East & Africa Chocolate Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Type
  2. By Category
  3. By Distribution Channel
  4. By Country
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Rest of Middle East & Africa
Competitive Landscape
1. List of Key Players and Their Offerings
2. Market Share Analysis, 2021
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Development (Merger, Acquisition, Partnership)
Impact of COVID-19 on Global Chocolate Market Industry
Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
1. Nestle
2. Barry Callebaut
3. The Hershey Company
4. Lindt & Sprungli AG
5. The Australian Carob Co.
6. Ferrero Group
7. Mars, Incorporated
8. Meiji Holdings Co., Ltd.
9. Arcor
10. Mondelez International
11. Other Prominent Players
Key Strategic Recommendations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1 Global Chocolate Segmentation

Figure 2 Global Chocolate Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2021

Figure 4 Global Chocolate Market Size, By Value (USD Million), 2018-2028

Figure 5 Global Chocolate Market Share, By Type, By Value, 2018-2028

Figure 6 Global Chocolate Market Share, By Category, By Value, 2018-2028

Figure 7 Global Chocolate Market Share, By Distribution Channel, By Value, 2018-2028

Figure 8 Global Chocolate Market Share, By Region, By Value, 2018-2028

Figure 9 North America Chocolate Market Size, By Value (USD Million), 2018-2028

Figure 10 North America Chocolate Market Share, By Type, By Value, 2018-2028

Figure 11 North America Chocolate Market Share, By Category, By Value, 2018-2028

Figure 12 North America Chocolate Market Share, By Distribution Channel, By Value, 2018-2028

Figure 13 North America Chocolate Market Share, By Country, By Value, 2018-2028

Figure 14 Europe Chocolate Market Size, By Value (USD Million), 2018-2028

Figure 15 Europe Chocolate Market Share, By Type, By Value, 2018-2028

Figure 16 Europe Chocolate Market Share, By Category, By Value, 2018-2028

Figure 17 Europe Chocolate Market Share, By Distribution Channel, By Value, 2018-2028

Figure 18 Europe Chocolate Market Share, By Country, By Value, 2018-2028

Figure 19 The Asia-Pacific Chocolate Market Size, By Value (USD Million), 2018-2028

Figure 20 The Asia-Pacific Chocolate Market Share, By Type, By Value, 2018-2028

Figure 21 The Asia-Pacific Chocolate Market Share, By Category, By Value, 2018-2028

Figure 22 The Asia-Pacific Chocolate Market Share, By Distribution Channel, By Value, 2018-2028

Figure 23 The Asia-Pacific Chocolate Market Share, By Country, By Value, 2018-2028

Figure 24 Latin America Chocolate Market Size, By Value (USD Million), 2018-2028

Figure 25 Latin America Chocolate Market Share, By Type, By Value, 2018-2028

Figure 26 Latin America Chocolate Market Share, By Category, By Value, 2018-2028

Figure 27 Latin America Chocolate Market Share, By Distribution Channel, By Value, 2018-2028

Figure 28 Latin America Chocolate Market Share, By Country, By Value, 2018-2028

Figure 29 The Middle East & Africa Chocolate Market Size, By Value (USD Million), 2018-2028

Figure 30 The Middle East & Africa Chocolate Market Share, By Type, By Value, 2018-2028

Figure 31 The Middle East & Africa Chocolate Market Share, By Category, By Value, 2018-2028

Figure 32 The Middle East & Africa Chocolate Market Share, By Distribution Channel, By Value, 2018-2028

Figure 33 The Middle East & Africa Chocolate Market Share, By Country, By Value, 2018-2028

List of Tables

Table 1 Global Chocolate Market Size, By Type, By Value, 2018-2028

Table 2 Global Chocolate Market Size, By Category, By Value, 2018-2028

Table 3 Global Chocolate Market Size, By Distribution Channel, By Value, 2018-2028

Table 4 Global Chocolate Market Size, By Region, By Value, 2018-2028

Table 5 North America Chocolate Market Size, By Type, By Value, 2018-2028

Table 6 North America Chocolate Market Size, By Category, By Value, 2018-2028

Table 7 North America Chocolate Market Size, By Distribution Channel, By Value, 2018-2028

Table 8 North America Chocolate Market Size, By Country, By Value, 2018-2028

Table 9 Europe Chocolate Market Size, By Type, By Value, 2018-2028

Table 10 Europe Chocolate Market Size, By Category, By Value, 2018-2028

Table 11 Europe Chocolate Market Size, By Distribution Channel, By Value, 2018-2028

Table 12 Europe Chocolate Market Size, By Country, By Value, 2018-2028

Table 13 The Asia-Pacific Chocolate Market Size, By Type, By Value, 2018-2028

Table 14 The Asia-Pacific Chocolate Market Size, By Category, By Value, 2018-2028

Table 15 The Asia-Pacific Chocolate Market Size, By Distribution Channel, By Value, 2018-2028

Table 16 The Asia-Pacific Chocolate Market Size, By Country, By Value, 2018-2028

Table 17 Latin America Chocolate Market Size, By Type, By Value, 2018-2028

Table 18 Latin America Chocolate Market Size, By Category, By Value, 2018-2028

Table 19 Latin America Chocolate Market Size, By Distribution Channel, By Value, 2018-2028

Table 20 Latin America Chocolate Market Size, By Country, By Value, 2018-2028

Table 21 The Middle East & Africa Chocolate Market Size, By Type, By Value, 2018-2028

Table 22 The Middle East & Africa Chocolate Market Size, By Category, By Value, 2018-2028

Table 23 The Middle East & Africa Chocolate Market Size, By Distribution Channel, By Value, 2018-2028

Table 24 The Middle East & Africa Chocolate Market Size, By Country, By Value, 2018-2028

Table 25 Nestle. Company Overview

Table 26 Nestle. Financial Overview

Table 27 Barry Callebaut Company Overview

Table 28 Barry Callebaut Financial Overview

Table 29 The Hershey Company Overview

Table 30 The Hershey Financial Overview

Table 31 Lindt & Sprungli AG Company Overview

Table 32 Lindt & Sprungli AG Financial Overview

Table 33 The Australian Carob Co Company Overview

Table 34 The Australian Carob Co Financial Overview

Table 35 Ferrero Group Company Overview

Table 36 Ferrero Group Financial Overview

Table 37 Mars, Incorporated Company Overview

Table 38 Mars, Incorporated Financial Overview

Table 39 Meiji Holdings Co., Ltd. Company Overview

Table 40 Meiji Holdings Co., Ltd. Financial Overview

Table 41 Arcor Company Overview

Table 42 Arcor Financial Overview

Table 43 Mondelez Inte Company Overview

Table 44 Mondelez Inte Financial Overview

Market Segmentation

By Type

Milk Chocolate
Dark Chocolate
White Chocolate

By Category

Molded
Countlines
Pouches & Bags
Boxed
Others

By Distribution Channel

Retail Stores
Specialty Retailers
Online Distributors

By Region

North America
Europe
Asia-Pacific (APAC)
Latin America (LATAM)
Middle-East & Africa (MEA)

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Frequently Asked Questions (FAQs):

1. What is the current size of the global chocolate market?

Ans: The global chocolate market reached USD 140.4 billion in 2021.

2. What are the major factors driving the growth of the global chocolate market?

Ans: The major factors driving the growth of the global chocolate market are health benefits of chocolates and increasing popularity of online stores.

3. Who are the key players in the global chocolate market?

Ans: The key players in the global chocolate market are: Mondelez International, Nestlé SA, Ferrero SpA, Mars, Incorporated, Gujarat Cooperative Milk Marketing Federation Ltd., The Hershey Company, Meiji Co Ltd, Lindt & Sprüngli, Surya Food & Agro Ltd., ITC Limited, August Storck KG, Barry Callebaut, Ezaki Glico Co., Ltd., and Lotus Chocolate Company Limited, and other prominent players.

4. Which category segment accounted for the largest share in the global chocolate market?

Ans: The molded segment accounted for the largest share in the global chocolate market.

5. Which region is at the highest growth rate in the global chocolate market?

Ans: North America has the largest share in the global chocolate market.

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