Chocolate Market size is set to grow by USD 45.78 billion from 2023-2027, increasing premiumization of chocolates to boost the market growth, Technavio

NEW YORK, May 10, 2024 /PRNewswire/ -- The global chocolate market size is estimated to grow by USD 45.78 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 4.97% during the forecast period.

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Market Driver

In today's chocolate market, various trends influence consumer preferences. Companies focus on packaging innovation to extend shelf life and revive interest, with keywords such as consumer consciousness, health benefits, and vegan, organic, gluten-free, and sugar-free options. Keywords like lockdowns, mental illnesses, and preventive healthcare drive demand for dark chocolate and its health benefits, including improved blood circulation, blood pressure, and brain function. Keywords like cacao, flavors, and texture differentiate chocolate types, such as traditional, milk, artificial, carob confectionery, and caffeine-free. Premium and sustainable chocolates, including those made from Cacao, are popular for gifting culture. Bulk purchases and shelf space are crucial factors for chocolate sales, while keywords like calcium deficiency and Nutella highlight specific consumer needs. Ferrero and other chocolate confectionery brands continually innovate to cater to these trends. 

Market Challenges

• The chocolate market experiences volatility due to fluctuating cocoa prices, a primary component. Cocoa prices, influenced by growing conditions, can vary significantly month to month, resulting in unpredictable production costs for major manufacturers of chocolate products, including Dove (Mars), Ferrero, and various fruit-flavored and vegetable-based chocolates. This volatility impacts the production of conventional, lactose-free, reduced sugar, and zero-sugar chocolate bars, truffles, and liquids, as well as chocolate-covered snacks like potato chips and popcorn. Rising health concerns and awareness have led to the emergence of new chocolate offerings, such as those made with macadamia nuts, rice, and superfoods like Aloha Superfood Chocolate and Riot Dark Chocolate. Despite these challenges, the market continues to expand, incorporating cocoa powder and catering to diverse dietary regimes, including those with high blood pressure and diabetes.

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Segment Overview 

This chocolate market report extensively covers market segmentation by

1. Product 
• 1.1 Milk chocolate
• 1.2 Dark chocolate
• 1.3 White chocolate
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Milk chocolate- The chocolate market continues to evolve, shaped by consumer consciousness and shifting health trends. With growing awareness of health benefits, there is a rising demand for vegan, organic, gluten-free, and sugar-free chocolate options. The impact of lockdowns and mental health issues, such as anxiety and depression, has led to an increased focus on preventive healthcare. Dark chocolate, rich in cocoa solids, has emerged as a popular choice due to its potential benefits for blood circulation, blood pressure, and brain function. Dark chocolate also contains essential minerals like zinc, magnesium, phosphorus, copper, and iron. These minerals contribute to overall health and well-being. As consumers become more health-conscious, traditional milk chocolate sales have seen a decline. However, premium and sustainable chocolate offerings, made with high-quality cacao, continue to appeal to consumers. The gifting culture remains strong, with an emphasis on appealing packaging and unique flavors and textures. The food and beverage industry, including confectionery and beverages, has seen a shift towards artificial chocolate alternatives like carob confectionery and caffeine-free options. This trend is driven by concerns over calcium deficiency and the potential health risks associated with excessive consumption of milk chocolate and products like Nutella and Ferrero Rocher. Bulk purchases and shelf space are crucial factors in the chocolate market. As consumers seek out healthier options, companies must adapt to meet these demands, offering a diverse range of chocolate products to cater to various dietary needs and preferences.

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Research Analysis

The chocolate market has experienced significant shifts in consumer preferences during the lockdowns. With a growing consciousness towards health benefits, there is a surge in demand for vegan, organic, gluten-free, and sugar-free chocolates. Premium and sustainable chocolates, made from high-quality cacao beans, cocoa liquor, and cocoa butter, are increasingly popular. Per capita consumption of chocolate has risen, with bulk purchases becoming common. The gifting culture remains strong, with flavors and textures playing a crucial role in selection. Cocoa seeds and cocoa liquor are essential ingredients, while milk and sugar are used in varying degrees based on consumer preferences. Mars, among other players, offers a range of milk, dark, and white chocolates catering to diverse tastes. Obesity concerns have led to the development of low-sugar and low-milk options. The NCA (National Confectioners Association) reports steady sales, with consumers seeking indulgence while adhering to their health and sustainability goals.

Market Research Overview

In the chocolate market, various brands offer a range of products, including dark, milk, and white chocolates. Consumers seek high-quality chocolate, benefits such as antioxidants, and unique flavors. Brands use innovative methods like vegan, organic, and fair trade certifications to cater to diverse consumer preferences. The market is competitive, with companies focusing on product differentiation, pricing strategies, and marketing efforts. Consumers also consider factors like taste, texture, and ethical considerations when making purchasing decisions. The chocolate industry continues to grow, driven by consumer demand and advancements in production techniques.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Milk Chocolate
• Dark Chocolate
• White Chocolate
• Distribution Channel
• Offline
• Online
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio