Global Chocolate Market
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
- Research Objective
- Product Overview
- Market Segmentation
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumption & Limitation
- Qualitative Research
- Executive Summary
- Global Chocolate Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Restraints
- Opportunities
- Challenges
- Technological Landscape/Recent Development
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Global Chocolate Market Overview
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- 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
- The Asia Pacific
- Latin America
- The Middle East and Africa
- By Type
- Market Size & Forecast by Value, 2018-2028
- North America Chocolate Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- By Type
- By Category
- By Distribution Channel
- By Country
- United States
- Canada
- Market Size & Forecast by Value, 2018-2028
- Europe Chocolate Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- By Type
- By Category
- By Distribution Channel
- By Country
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Market Size & Forecast by Value, 2018-2028
- The Asia Pacific Chocolate Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- By Type
- By Category
- By Distribution Channel
- By Country
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Market Size & Forecast by Value, 2018-2028
- Latin America Chocolate Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- By Type
- By Category
- By Distribution Channel
- By Country
- Brazil
- Mexico
- Rest of Latin America
- Market Size & Forecast by Value, 2018-2028
- The Middle East & Africa Chocolate Market
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- By Type
- By Category
- By Distribution Channel
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Market Size & Forecast by Value, 2018-2028
- Competitive Landscape
- List of Key Players and Their Offerings
- Market Share Analysis, 2021
- Competitive Benchmarking, By Operating Parameters
- 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) **
- Nestle
- Barry Callebaut
- The Hershey Company
- Lindt & Sprungli AG
- The Australian Carob Co.
- Ferrero Group
- Mars, Incorporated
- Meiji Holdings Co., Ltd.
- Arcor
- Mondelez International
- 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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