Chocolate Market size to grow by USD 45.78 billion from 2022 to 2027 and records 4.97 % CAGR globally, Technavio

NEW YORK, Feb. 21, 2024 /PRNewswire/ -- The chocolate market is set to grow by USD 45.78 billion from 2022 to 2027 progressing at a CAGR of 4.97% during the forecast period. Here is an Exclusive report talking about scenarios with a historical period (2017-2021) and forecast period (2023-2027). Download a Free Sample Report in minutes!

The report offers an up-to-date analysis regarding the current global scenario, the latest trends and drivers, and the overall environment. The market is driven by Increasing premiumization of chocolates. The increasing premiumization of chocolates, as their quality and taste are also high. Companies like Mars, Barry Callebaut, and Mondelez International are enhancing their chocolate segments with premium options to stand out. The industry sees a surge in premium chocolate launches targeting consumers swayed by factors like price, packaging, ingredients, exclusivity, and origin.

One of the Major trends include

The growing demand for healthier chocolates is a major trend. The popularity of healthier chocolates like vegan, organic, and sugar-free options has surged. Driven by a preference for healthier lifestyles and awareness of chocolate's potential negative effects, companies are introducing new, healthier chocolates with reduced sugar and added nutrients to meet this demand.

• Unstable cocoa prices and declining per capita consumption are significant challenges restricting growth. 

This market is segmented by

The analysis includes product (milk chocolate, dark chocolate, and white chocolate) distribution channel (offline and online), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

• The growth by the milk chocolate segment will be significant during the forecast period. Milk chocolate, a popular variety, is made by blending cocoa solids with milk solids, sugar, and cream for a smooth, creamy taste. However, growing health awareness has slowed its demand due to concerns like obesity and heart disease. To counter this, companies are innovating with new flavors and products. This report presents a detailed picture by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View a Free Sample Report

Companies Mentioned

• Arcor Group
• AUGUST STORCK KG
• Barry Callebaut AG
• Chocoladefabriken Lindt and Sprungli AG
• Crown Confectionery Co. Ltd
• Delfi Ltd.
• Ezaki Glico Co. Ltd.
• Ferrero International S.A.
• Ghirardelli Chocolate Co.
• Gujarat Cooperative Milk Marketing Federation
• Lotte Corp
• Mars Inc.
• Meiji Holdings Co. Ltd.
• Mondelez International Inc.
• Moonstruck Chocolate Co.
• Nestle SA
• Orion Corp.
• The Australian Carob Co.
• The Hershey Co.
• Yildiz Holding AS

Company Offerings

• Arcor Group - The company offers confectionary and chocolates.
• AUGUST STORCK KG - The company offers chocolate products such as Bendicks Bittermints.
• Barry Callebaut AG - The company offers chocolate products such as Caramel Dore.

Technavio's SUBSCRIPTION platform

Consumer consciousness is driving demand for healthier options. Brands are responding with vegan, organic, gluten-free, and sugar-free chocolates, along with bean and single-origin varieties. Premium and specialty products cater to discerning tastes, capitalizing on the single-origin cocoa trend. Health experts emphasize the mood-boosting effects of serotonin and endorphins found in dark chocolate, supported by data from World Population Review. Studies link dark chocolate consumption to lower depression and cortisol levels, promoting preventive healthcare. Institutions like the Cleveland Clinic underline its benefits for blood circulation, blood pressure, brain function, and heart disease prevention. Rich in zinc, magnesium, phosphorus, copper, and iron, chocolate's premiumization continues to redefine indulgence with health in mind.

The industry is defined by its diverse innovation in flavors and product varieties, constantly enticing consumers with new tastes and experiences. From classic milk chocolate to exotic combinations like chili-infused dark chocolate, manufacturers continually push boundaries to captivate taste buds. This innovation drives growth in emerging sectors where consumers crave novel indulgences. With changing consumer preferences and increasing demand for premium and ethically sourced products, the industry remains dynamic and competitive. Companies strategize to capture share by introducing unique flavors, appealing packaging, and emphasizing sustainability. In this landscape, staying ahead requires agility, creativity, and a deep understanding of evolving consumer trends.

Related Reports

The Chocolate Confectionery Market size is projected to increase by USD 45.78 million and the market is estimated to grow at a CAGR of 4.97% between 2022 and 2027.

The Global Premium Chocolate Market size is estimated to grow at a CAGR of 8.79% between 2022 and 2027. The size is forecast to increase by USD 17.65 billion.

ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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