Dark Chocolate Market size is set to grow by USD 36.03 billion from 2024-2028, Health benefits of dark chocolate boost the market, Technavio

NEW YORK, July 1, 2024 /PRNewswire/ -- The global dark chocolate market size is estimated to grow by USD 36.03 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.45% during the forecast period. Health benefits of dark chocolate is driving market growth, with a trend towards increasing consumption of gourmet, artisanal, vegan, and gluten-free dark chocolate. However, volatility in raw material prices poses a challenge. Key market players include Alfred Ritter GmbH and Co. KG, Barry Callebaut AG, Chocoladefabriken Lindt and Sprungli AG, Delfi Ltd., Ferrero International S.A., Fuji Oil Holdings Inc., Ghirardelli Chocolate Co., Gujarat Cooperative Milk Marketing Federation Ltd., Mars Inc., Meiji Holdings Co. Ltd., Mondelez International Inc., Nestle SA, Neuhaus NV, ROSHEN Corp., SCHMITTEN, T Con Food Products, The CAMPCO Ltd., The Hershey Co., Vosges Haut Chocolat Ltd., and Yildiz Holding AS.

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Market Driver

The dark chocolate market is experiencing a notable trend towards the consumption of premium varieties, including vegan, gluten-free, gourmet, and artisanal options. This shift is driven by changing consumer preferences towards healthier and ethically sourced products, as well as a growing appreciation for high-quality indulgences. In the US, for instance, the number of vegans has risen to approximately 3.5%, leading to increased demand for vegan dark chocolate from vendors like THEO CHOCOLATE, Nibmor, and ALTER ECO. The gluten-free food market's growth, fueled by health consciousness and celiac disease awareness, is also boosting sales of gluten-free dark chocolate. The preference for gourmet and artisanal products, characterized by their high quality and traditional production methods, is further fueling market growth. Overall, these trends are expected to continue driving the growth of the global dark chocolate market. 

The dark chocolate market is experiencing significant growth due to increasing consumer preference for healthier sweet treats. Milk and white chocolates are being overshadowed by dark chocolate, which is rich in antioxidants and has a bitter, robust flavor. The demand for dark chocolate is driven by its benefits, such as improving heart health and providing energy. Cocoa beans are the primary raw material for dark chocolate production. Sustainability and ethical sourcing are key concerns for brands, as consumers seek to ensure that their chocolate is produced in an environmentally and socially responsible manner. The market is competitive, with players focusing on innovation, such as flavored and vegan dark chocolates, to differentiate themselves. The future looks bright for the dark chocolate market, with continued growth expected. 

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Market Challenges

• The dark chocolate market relies heavily on the commodity market for raw materials like cocoa, sugar, dairy products, nuts, and maize sweeteners. Cocoa, the primary ingredient, experiences price fluctuations due to supply disruptions, primarily in Africa, the world's largest producer. Factors such as civil unrest, labor issues, weather conditions, and diseases impact the supply of cocoa beans. Additionally, efforts to eliminate child labor will increase production costs, potentially limiting market growth and raising prices for raw materials.
• The dark chocolate market faces several challenges in production and sourcing. The primary challenge is ensuring consistent quality of cocoa beans, which can affect the taste and texture of the final product. Departments store and distribute dark chocolate, while pharmaceutical companies use it for its health benefits. Markets require large quantities of this product, but the natural and complex nature of cocoa beans makes production challenging. Milk and other ingredients are added to make chocolate more palatable, but these can also impact the final product's taste and texture. Producers must balance the need for consistency with the desire to offer unique and varied flavors to consumers. Additionally, the cost of cocoa beans can be volatile, making pricing a significant challenge for businesses in the dark chocolate market.

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Segment Overview 

This dark chocolate market report extensively covers market segmentation by

1. Type 
• 1.1 Conventional
• 1.2 Organic
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 Conventional- The global dark chocolate market caters to diverse consumer preferences with various formats. Dark chocolate bars, available in different cocoa percentages, offer smooth textures and rich cocoa flavors. Bars and blocks are used in baking and confectionery, while pieces or chunks are convenient for snacking or recipes. Infused flavors, such as fruits, nuts, spices, and herbs, add complexity and enhance taste profiles, catering to a wide range of preferences and driving market growth.

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Research Analysis

The dark chocolate market encompasses the production and distribution of this luxurious treat, derived primarily from cacao beans. Dark chocolate's rich, complex flavor is attributed to its high cocoa solids content, often accompanied by bitter undertones from milk solids reduction. Natural sugars, such as cane or coconut sugar, are added for sweetness. Vanilla extract and soy lecithin serve as emulsifiers and flavorings. Health benefits of dark chocolate are significant, including cardiovascular disease prevention due to improved blood flow. Its antioxidant properties contribute to skin health. The chocolate industry caters to various consumer preferences, including gluten-free and premium dark chocolates. Digital channels and dietary patterns influence the market, driving demand for healthy products. Fine flavor cocoa, milk chocolate, and dried fruits are common ingredients in gourmet chocolate creations.

Market Research Overview

The Dark Chocolate market is a significant segment of the global chocolate industry, recognized for its distinctive taste and health benefits. This market caters to consumers seeking a rich, indulgent treat while prioritizing their health. Dark chocolate contains a higher percentage of cocoa solids than milk chocolate, resulting in a more intense flavor and various health advantages. These advantages include improved heart health, reduced risk of stroke, and enhanced brain function. The market for dark chocolate is driven by increasing consumer awareness of its health benefits and the growing preference for premium chocolate products. Additionally, the market is influenced by factors such as changing consumer demographics, rising disposable income, and innovative product development. The demand for dark chocolate continues to grow, fueled by its versatility as an ingredient in various food and beverage applications and its popularity as a standalone treat.

Table of Contents:

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

• Type
• Conventional
• Organic
• 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.

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SOURCE Technavio