Specialty Chocolate Stores in Australia - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Not-so-hot chocolate: Inflation has turned consumers to cheaper options while raising input costs

Rising premiumisation trends among consumers have supported incomes for specialty chocolate stores. Growing health consciousness has also benefited stores as consumers have opted for healthier premium chocolates. However, competition and spiralling costs have placed stress on some stores, with major player Max Brenner closing over half its outlets in 2018-19, contributing to a sharp fall in revenue. The COVID-19 pandemic has also disrupted demand for specialty chocolates since March 2020, with fluctuations in discretionary income and consumer sentiment limiting high-margin, premium chocolate sales. Overall, revenue is declining by an annualised 2.7% over the five years through 2022-23, to $318.0 million.

Specialty chocolate stores are primarily engaged in retailing chocolate and chocolate products. The industry includes specialty and boutique chocolate stores that also retail products like hot chocolate, cakes and pastries. Supermarkets, department stores and online only operators are excluded from the industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.