Chocolate Global Market Report 2024

The chocolate confectionery market size has grown strongly in recent years. It will grow from $181.04 billion in 2023 to $190.8 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. During the historical period, the growth in the chocolate industry can be attributed to several factors. These include the cultural significance attached to chocolate consumption, the increased globalization and accessibility of chocolate products, effective advertising and branding strategies employed by manufacturers, the rise in disposable income allowing for more discretionary spending on chocolates, continual product innovation and the introduction of various chocolate varieties, and the tradition of gifting chocolates on various occasions, contributing to its popularity and consumption.

The chocolate confectionery market size is expected to see steady growth in the next few years. It will grow to $228.01 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. Anticipated growth in the upcoming period within the chocolate industry is expected to be influenced by several factors. These include a focus on premiumization and the introduction of artisanal offerings, increased emphasis on sustainable and ethical sourcing practices, ongoing innovations in chocolate formats, the integration of functional ingredients and health-related claims, and the impact of global economic trends on consumer preferences and spending habits. Key trends projected in the forecast period encompass the incorporation of functional and healthy ingredients into chocolate products, the exploration of innovative flavor combinations and infusions to enhance variety, a trend towards customization and personalization in chocolate offerings, the integration of digital technologies in marketing and sales strategies, and a shift in consumer preferences towards dark chocolate and healthier alternatives due to a growing interest in health-conscious options.

The anticipated rise in internet penetration for online sales is poised to be a significant driver for the growth of the chocolate market in the future. Internet penetration rate, reflecting the percentage of individuals with internet access, plays a crucial role in online chocolate sales. The internet has transformed traditional retail and mail-order sales, providing a platform for online distribution and interaction. Social media platforms have further added a personal touch to online experiences. According to a report by DataReportal, as of the beginning of 2023, 5.16 billion people globally use the internet, constituting 64.4% of the global population. Internet users continue to grow, with a global increase of 100 million users in the 12 months leading up to January 2023. Additionally, data from Optinmonster in January 2022 highlighted the rapid expansion of online shopping, projecting the global online shopping market to surpass $4 trillion by 2020. In the United States, an estimated 300 million online shoppers are anticipated by 2023, encompassing 91% of the country's current population. With 69% of Americans already engaging in online shopping and 25% making monthly online purchases, the surge in internet penetration is a driving force behind the growth of the chocolate market.

The escalating demand for chocolate snacks is poised to fuel the growth of the chocolate market in the years to come. Chocolate snacks encompass a diverse array of delightful treats that combine the decadent flavor of chocolate with various ingredients and forms, including chocolate-covered biscuits, almonds, and truffles. These snacks feature chocolate in different roles, such as coating, filling, layering, stuffing, and flavoring, catering to a wide range of tastes and preferences. For instance, data from Agriculture and Agri-Food Canada in June 2022 revealed that Japan experienced total retail sales of $6.9 billion in 2021 for chocolate confectionery (74%) and chocolate-coated biscuit snacks (26%). Moreover, Japan's purchase of cocoa and cocoa preparations amounted to $1.0 billion (267,200 metric tons) from the world in 2021. The increasing consumer demand for diverse chocolate snacks stands as a driving factor for the overall growth of the chocolate market.

A noteworthy trend gaining prominence in the chocolate market is product innovation, with major companies actively focusing on introducing new products to bolster their market standing. For instance, in September 2021, Ferrero SpA, an Italy-based company and a prominent manufacturer of branded chocolate and confectionery products, launched Ferrero Rocher tablets. This innovative product is positioned to strengthen Ferrero's competitive position in the rapidly growing premium chocolate tablet sector. The Ferrero Rocher Tablets, faithful to the brand's distinctive chocolate form and multisensory flavor, mark a strategic step forward in the pursuit of product innovation within the chocolate market.

Prominent companies in the chocolate market are embracing a strategic partnership approach to create an enticing array of sweets crafted from real fruit. Strategic partnerships involve leveraging the strengths and resources of collaborating entities for mutual benefits and success. An exemplar of this strategy unfolded in May 2023 when The Hershey Company, a leading US-based chocolate and snack company, announced a partnership with Ocean Spray Cranberries, Inc. The collaboration aimed to introduce a new product line featuring delicious snacks made from real fruit. The snack collection includes milk chocolate-covered cranberry bites and dark chocolate-coated cherry-infused cranberry bites, offering a delightful surprise to the taste buds. Packaged in multi-serve lockable pouches of 5oz and 8oz sizes, these snacks cater to on-the-go munching for the entire family. Additionally, they are perfect for creating trail mix or adding a delectable touch to ice cream. Ocean Spray Cranberries, Inc., the partner in this venture, is a cooperative of farmers based in the US specializing in cranberry cultivation.

In September 2021, Barry Callebaut, a Switzerland-based chocolate manufacturer, successfully acquired Europe Chocolate Company for an undisclosed amount. This strategic acquisition positions Barry Callebaut to meet the increasing demand from food manufacturers seeking highly personalized specialty chocolate and decorations. Europe Chocolate Company, based in Belgium, is an industrially specialized chocolate and decoration manufacturer catering to various sectors, including bread, ice cream, dairy, biscuit, confectionery, and the restaurant industry. This acquisition enhances Barry Callebaut's capabilities to provide tailored solutions in response to evolving market demands.

Major companies operating in the chocolate market report are Barry Callebaut, The Hershey Company, Nestle SA, Mars Incorporated, Lotte Corporation, Mondelez International Inc., Chocoladefabriken Lindt & Sprüngli AG, Ferrero SpA, Lake Champlain Chocolates, Cémoi Group, Olam International Limited, Koninklijke DSM N.V., Kerry Group PLC, Delfi Limited, Tate & Lyle PLC, Meiji Holdings Co. Ltd., Ezaki Glico Co. Ltd., Crown Confectionery Co. Ltd., Haribo GmbH & Co. KG, Arcor Group, Moonstruck Chocolate Company, Blommer Chocolate Company, Patric Chocolate LLC, Perugina S.p.A., TCHO Ventures Inc., Theo Chocolate Inc., Thorntons Limited, Alter Eco Americas PBC, Endangered Species Chocolate LLC, Divine Chocolate Limited, Green & Black's Limited, Guylian NV.

Europe was the largest region in the chocolate market in 2023. The regions covered in the chocolate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the chocolate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of chocolate include milk chocolate, dark chocolate, and white chocolate. Milk chocolate, in particular, must contain a minimum of 12% milk to be classified as such. These chocolates find diverse applications in the food and beverage industry and are distributed through various channels such as supermarkets, hypermarkets, specialty retailers, convenience stores, online platforms, among others.

The chocolate market research report is one of a series of new reports that provides chocolate market statistics, including chocolate industry global market size, regional shares, competitors with a chocolate market share, detailed chocolate market segments, market trends and opportunities, and any further data you may need to thrive in the chocolate industry. This chocolate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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