Chocolate Confectionery Global Market Report 2024

The chocolate market size has grown steadily in recent years. It will grow from $135.11 billion in 2023 to $140.97 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. During the historical period, the growth in the chocolate confectionery industry can be attributed to several key factors. These include the effects of globalization and expanded trade, shifts in consumer preferences towards chocolate products, innovative marketing and branding strategies adopted by manufacturers, economic trends influencing consumer affordability and spending patterns, and fluctuations in cocoa prices, which significantly impact the production costs and pricing of chocolate products.

The chocolate market size is expected to see steady growth in the next few years. It will grow to $168.73 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. Anticipated growth in the upcoming period within the chocolate confectionery industry is expected to be influenced by several factors. These include the introduction of innovative product offerings, increased consumer demand for premium chocolates, the evolution of snacking habits and culture, expansion of e-commerce platforms facilitating wider accessibility, and the emphasis on clean label and natural ingredients in chocolate products. Key trends projected in the forecast period encompass a focus on health and wellness preferences among consumers, growing concerns about sustainability and ethical sourcing practices in the chocolate industry, continuous innovation in flavors and varieties of chocolate products, a heightened focus on premiumization and the growth of the luxury chocolate segment, and the rising influence of convenience and snacking culture on chocolate consumption patterns.

The upward trend in chocolate consumption is anticipated to drive the growth of the chocolate confectionery market in the foreseeable future. Chocolate consumption, encompassing the total volume of chocolate consumed by individuals or populations within a specified timeframe, spans across all age groups. The increasing demand for chocolate is a catalyst for chocolate confectioneries to upscale their production of chocolate and related products. Notably, statistics from the National Confectioners Association (NCA) in March 2023 indicate a noteworthy surge in overall chocolate sales, reaching $18.2 billion in 2022, reflecting a substantial 9.1% increase from the previous year. With total chocolate sales for the same period reaching $23.9 billion, the escalating chocolate consumption serves as a driving force for the growth of the chocolate confectionery market.

The expanding landscape of e-commerce is poised to propel the chocolate confectionery market's growth in the coming years. E-commerce, denoting the online buying and selling of goods and services, facilitates the online sale and distribution of chocolate confectionery products. This offers consumers the convenience of making purchases from the comfort of their homes. As of August 2023, data from the United States Census Bureau reveals a significant 7.5% increase in the estimate for e-commerce during the second quarter of 2023 compared to the same period in 2022. In contrast, overall retail sales saw a 0.6% increase. Notably, 15.4% of all sales in the second quarter of 2023 were conducted through online stores. The growing prevalence of e-commerce stands as a driving factor for the chocolate confectionery market's expansion.

A prominent trend gaining traction in the chocolate confectionery market is product innovation, spearheaded by major industry players aiming to fortify their market position. Notably, in November 2022, Fabelle, a brand under ITC Limited based in India and renowned for luxury chocolates, introduced Fabelle Finesse, touted as the world's finest chocolate. This groundbreaking product was made possible through ITC's innovative technology called the Cocoa Finesser, enabling the production of chocolate as thin as seven microns. This technological leap allows Fabelle to achieve a new benchmark in chocolate particle size, unattainable through traditional refining processes alone. Product innovation emerges as a key driver in sustaining market presence for major companies operating in the chocolate confectionery sector.

Prominent players in the chocolate confectionery market are strategically introducing new products, with a focus on premium chocolate bars, to establish a competitive advantage. Premium chocolate bars represent a class of high-quality chocolate bars meticulously crafted with exceptional ingredients, promising consumers a luxurious and indulgent sensory experience. A case in point is Ferrero International SA, an Italy-based chocolate manufacturer, which unveiled the Rocher Premium Chocolate Bars in September 2022. These chocolate bars are designed to elevate the premium chocolate bar category by introducing a delightful interplay of textures and flavors. The Rocher Premium Chocolate Bars feature ingredients such as crunchy hazelnut pieces, fine chocolate, and exquisite creamy fillings, available in four enticing flavors such as original milk hazelnut, 55% dark hazelnut, white hazelnut, and hazelnut and almond.

In June 2021, The Hershey Company, a leading US-based chocolate manufacturer, completed the acquisition of Lily's Sweets LLC for a substantial $425 million. This acquisition aligns with Hershey's multifaceted better-for-you snacking strategy, leveraging Lily's well-received low-sugar products to enhance Hershey's existing portfolio of iconic better-for-you offerings. Lily's Sweets LLC, the acquired entity, is a US-based producer of confectionery products, including chocolate bars. This strategic acquisition positions Hershey to strengthen its market presence and cater to the evolving preferences of consumers seeking healthier snacking alternatives.

Major companies operating in the chocolate confectionery market report are Barry Callebaut AG, Mondelez International Inc., Nestlé S.A., The Hershey Company, Ferrero Group, Mars Incorporated, Meiji Holdings Co. Ltd., Grupo Arcor, Chocoladenfabriken Lindt & Sprüngli AG, Ghirardelli Chocolate Co., Moonstruck Chocolatier Co., Chocolaterie Guylian, Lake Champlain Chocolates, The Australian Carob Co., Archer Daniels Midland Company, AMCO GmbH, Cargill Incorporated, Cocoatrade Limited, Ecom Cocoa International, Gerkens Cacao GmbH, ICAM S.p.A., Olam International Limited, Puratos Group NV, Alfred Ritter GmbH & Co. KG, Sarotti AG, Schachinger GmbH, August Storck KG, United Confectioners Group, Valio Ltd., Venchi S.p.A., Villars Maître Chocolatier SA, Wedel S.A.

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

The primary types of chocolate confectionery are milk chocolate, dark chocolate, and white chocolate, which fall into categories including premium, seasonal, and everyday varieties. Milk chocolate is a type of chocolate made from cocoa, sugar, and milk, commonly found in chocolate bars and various confectionery items. These products are distributed through a variety of channels such as supermarkets, hypermarkets, convenience stores, pharmaceutical and drug stores, specialty stores, duty-free shops, e-commerce platforms, and other retail outlets.

The chocolate confectionery market research report is one of a series of new reports that provides chocolate confectionery market statistics, including chocolate confectionery industry global market size, regional shares, competitors with a chocolate confectionery market share, detailed chocolate confectionery market segments, market trends and opportunities, and any further data you may need to thrive in the chocolate confectionery industry. This chocolate confectionery 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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