NEW YORK, Nov. 6, 2023 /PRNewswire/ — The chocolate market size is forecast to increase by USD 45.78 million from 2022 to 2027. The market is estimated to progress at a CAGR of 4.97%, according to a recent market study by Technavio. The increasing demand for healthier chocolates is a primary trend in the market during the forecast period. There has been a growing popularity for healthier chocolates among consumer segments, such as vegan, organic, and sugar-free chocolates over the years. One of the main reasons for this increasing demand is the high preference for healthy living and awareness of the health issues related to the consumption of chocolates. As a result, several vendors in the market are offering various healthy variants of their chocolate products, such as chocolates with low-sugar content and increased fortification of nutrients. Furthermore, there is an increasing preference for organic raw chocolates that contain vitamins, minerals, and antioxidants. Hence, such factors are expected to drive the chocolate market growth during the forecast period. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report
Technavio has extensively analyzed 15 major vendors, including 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., and Yildiz Holding AS.
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Key Benefits for Industry Players & Stakeholders –
- The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
- It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.
- The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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Chocolate Market – Segmentation Assessment
The market is segmented by product (Milk chocolate, Dark chocolate, and White chocolate), Distribution Channel (Offline and Online), and geography (Europe, North America, APAC, South America, and Middle East and Africa).
- The market share growth by the milk chocolate segment is significant during the forecast period. There is a growing popularity and increasing preference for the milk chocolate segment among consumers. The manufacturing process of milk chocolate includes the mixing of cocoa solids with milk solids, sugar, and cream. But factors such as the growing health consciousness of people and increasing awareness of health problems caused by ailments such as obesity and heart disease are expected to negatively affect the market share growth of the milk chocolate segment. Therefore, several vendors in chocolate are innovating new healthier variants of milk chocolate to cater to the health-conscious consumer segment. Hence, such factors are expected to drive the market growth of this segment during the forecast period.
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Chocolate Market – Market Dynamics
The growing demand for premium chocolates is expected to drive the chocolate market growth during the forecast period. Several prominent vendors in the market, such as Mars, Barry Callebaut, and Mondelez International, are expanding their product portfolio by introducing differentiation, premiumization, and personalization in their chocolate segments with new premium offerings. As a result, many players in the market are launching premium variants of their products to attract more consumers who buy products based on price, packaging, ingredients, exclusivity, and provenance. Furthermore, the increasing preference for organic, sugar-free, vegan, and gluten-free chocolates by health-conscious consumers is also significantly contributing to the increasing demand for premium chocolates. Hence, such factors are expected to positively impact the market growth, which, in turn, will drive the chocolate market growth during the forecast period.
Fluctuations in cocoa prices and declining per capita consumption is a significant challenge hindering the market growth during the forecast period. The main component for the manufacturing of chocolate is cocoa, and it is subjected to various price fluctuations. As a result, these fluctuations will significantly influence the cost of manufacturing chocolates which makes it challenging for marketers to estimate the manufacturing costs every year. Furthermore, the volatility in cocoa prices has become a significant challenge for the regional confectionery market as chocolates are one of the highest-selling items in the global confectionery market. The price of coca highly relies on several growing conditions from month to month, which are significantly influenced by diseases, aging crops, and political instability. Hence, such factors are expected to hinder the chocolate market growth during the forecast period.
What are the key data covered in this Chocolate Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the chocolate market between 2023 and 2027
- Precise estimation of the chocolate market size and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the chocolate market across Europe, North America, APAC, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of chocolate market vendors
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
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