Chocolate Confectionery Market Overview, 2024-29

Chocolate is one of the most profitable components of the confectionary industry globally. Chocolates are being portrayed as more than a treat and are considered as a portable gift option. The chocolate industry has been representing a multibillion dollar market for the past decade and is expected to reach new levels of growth within the next few years. Rising awareness about the health benefits of consuming chocolate on a daily basis will remain a key booster for the global chocolate market over the next few years. A host of trends and opportunities that are currently driving the market are slated to shape the market's condition during the forecast period.

Increasing urbanisation and widespread availability of chocolate and derived products will remain another key factor fuelling the market for chocolate globally. Moreover, the uncertain economy of the cocoa supply is likely to raise chocolate prices, which is foreseen to be a major challenge to market growth. With medical experts quoting chocolates as having health benefits, the customers' demand for healthier options in their favourite dessert is on the rise. This opened up a new scope for the marketers to develop variants such as organic, sugar-free, and energy bars. The rise in external players entering the market, renowned local marketers in the region have brought in modernization of the product and their supply chain.

According to the research report 'Global Chocolate Market Overview, 2029', the global chocolate market is projected to witness growth at a CAGR of 6.73% over the forecast period ending in 2029. Seasonal and festive sales of chocolate are projected to surge in the next few years. Gifting chocolate hampers and bouquets are among some popular consumer trends in the market, which will strongly favour the market over the forecast period. Various companies launch a wide range of chocolate varieties on occasions like Easter and Christmas. Boxed chocolate collections have replaced flower bouquets, as they prove more value for money.

Other factors, such as the Premiumization of chocolate-based products, the utilisation of aesthetically appealing packaging to attract consumers’ attention, along with the production of organic, vegan, and sugar- and gluten-free chocolates, are projected to drive the market further. Ultra-and high-end beans are used for gourmet chocolates. The premium cocoa market, with sustainability certification and single-origin, accelerates the overall growth of the market studied. In response to the growing demand, manufacturers are introducing their single-origin and premium chocolate line-ups. They are also supporting the local economies. These strategies are helping brands gain more profit margins and grow with a more positive brand image.

An increasing global population coupled with changing tastes and preferences in developing nations is driving the market's growth. Chocolates' antioxidant content, blood pressure lowering capability, and ostensible anti-aging benefits are expected to drive future growth. Additionally, flavours play a vital role in increasing its popularity, as a result of which manufacturers are introducing new formats and categories to meet new market demands. Chocolates are not only consumed selflessly but are also increasingly being considered as a gifting option on various occasions, bringing in a new revolution in the chocolate industry. Companies are increasingly promoting chocolates that are free of trans fat, saturated fats, and artificial flavours and sweeteners.

Dark chocolate is the fastest growing segment due to its anti-oxidant properties, free radicals and flavonoids, which aid in cancer prevention, heart health and cognitive ability. The cocoa polyphenols further aid in controlling cholesterol levels, thus driving increased consumption of dark chocolates. The report further examines dark, milk, and white chocolate market segments and explores their performance across international markets.

Chocolates are still largely considered an affordable luxury in some regions of the globe. Price sensitivity may lower the penetration of the chocolate market in some of the underdeveloped parts of the world. The presence of a large number of leading international chocolate brands and higher chocolate consumption will continue to account for the top market position in Europe.

The global chocolate market has observed a rise in consumption as well as the production of chocolates. Regions like Europe and North America have greatly contributed to this growth, whereas Asia-Pacific has been viewed as a promising market. Growth in the region's economy that is directly or indirectly affecting the people's lifestyle can be viewed as one of the factors driving its chocolate market.

Middle East and Africa are expected to expand at the fastest CAGR of 9.55% from 2024 to 2029 owing to increasing product availability at retail stores. Furthermore, favourable government initiatives, such as tax concessions, for grinders and chocolate producers are expected to increase product availability in the region. Moreover, an increasing number of specialty retailers is expected to contribute to market growth in the region.

The Asia-pacific region is the second fastest growing market for chocolates due to the population explosion in China and India. Rising disposable incomes and western influence are major driving forces in this region. In addition, lucrative growth opportunities lie in handmade chocolates and signature chocolate-based products. Seasonal and festive sales are likely to hold a strong foothold in developing Asian economies, such as India.

Considered in this report

• Geography: Global
• Historical year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report

• Global chocolate market with its value and forecast along with its segments
• Region-wise chocolate market analysis
• Various divers and challenges
• On-going trends and developments
• Five force models
• Top profiled companies
• Strategic recommendation

Regions covered in the report

• North America
• Europe
• South America
• Asia-Pacific
• Middle-East & Africa

Types of chocolates in the report

• Milk chocolate
• Dark chocolate
• White chocolate

Application of chocolates in the report

• Everyday
• Seasonal/ Box
• Premium
• Gourmet

Sales Channel of chocolates in the report

• Supermarkets & Hypermarkets
• Convenience Stores
• Online
• Others

The approach of the report

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases.

After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to chocolate industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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