The global chocolate market size was valued at USD 119.40 billion in 2020 and is expected to grow at a CAGR of 4.6% during the forecast period. The demand for the product has increased over the years owing to its wide range of health benefits.
Know more about this report: request for sample pages
Consumption of dark type leads to reduced cholesterol levels, lower risks of cardiovascular problems, and prevention of cognitive decline. The product is associated with the release of endorphins, which assist in the prevention of depression and other mental disorders. Some research studies also suggest dark chocolate enhances athletic performance and boosts oxygen availability during fitness training.
There has been stable consumption of chocolates across the globe during the pandemic. However, the craft-type sector and small businesses had to struggle and suffer the loss of revenue due to operational issues, disruption of the supply chain, access to markets, restrictions on movement, and lockdowns.
In-home consumption of the product increased during the pandemic, with consumers stocking up during the initial phase of lockdown. Consumers are also turning to cook and baking activities as it is associated with emotion management, stress reduction, and enhanced social bonding, increasing the consumption of the product.
Increased awareness regarding nutrition, growing consumption of healthier food products, and utilization of high-quality ingredients have increased the product demand. However, closure of restaurants and bakeries, cancellation of industry events, halting of manufacturing activities, and limited availability of raw material and labor have hampered the growth of the craft type sector during the pandemic.
Increasing disposable income, changing the lifestyle of consumers, and rising awareness regarding health benefits associated with dark type contribute to the growth of the global market. The introduction of campaigns related to chocolate boosting endorphins in the body to uplift mood and reduce stress has increased the sale of chocolate-based products.
Association of the product with celebrations, gifts, and festivals has also increased its demand over the years. Leading players invest in marketing campaigns and attractive packaging to leverage the impulse buying behavior of consumers. Strengthening of the food services sector and incorporation of the product in traditional desserts further boost the market growth.
Increased consumption of baked goods and pastries, rising adoption of western lifestyle & eating habits, and growing demand from emerging economies are factors expected to offer growth opportunities during the forecast period.
E-commerce platforms have gained popularity for the sale of the product, especially during the pandemic. Online platforms offer a plethora of options to consumers on a single portal, offering convenience and saving time & effort.
Rigorous online marketing supplemented with attractive offers and discounts offered by companies has increased the popularity of e-commerce in recent years. Smaller businesses have turned to online sales during the pandemic to reach consumers. Several platforms have been created to connect with the consumers and interact with them through workshops, cooking sessions, live tastings, and e-commerce.
The market is primarily segmented on the basis of type, product, distribution channel, and region.
By Distribution Channel
Know more about this report: request for sample pages
On the basis of type, the market is segmented into milk, dark, and white. The milk segment accounted for a significant share in the global market in 2020. The major factors driving the growth of this market include increasing disposable income and growing demand for cocoa-based confectionery. However, the popularity of dark type has also increased among consumers due to increasing awareness regarding its health benefits and the launch of premium dark type products by market players.
On the basis of product, the market is segmented into countlines, molded, soft lines/selflines, and others. The demand for the molded segment has increased due to the growing consumption of premium chocolates and attractive packaging. These chocolates are used for gifting as well as celebrations. The growth in the craft chocolate sector and specialty stores is expected to boost the growth of this segment.
The distribution channel segment has been divided into supermarkets and hypermarkets, specialty stores, convenience stores, online platforms, and others. The supermarkets and hypermarkets segment accounted for a major share in 2020.
These stores bridge the gap between manufacturers and customers by offering a diverse range of products in one location. These stores are mostly found in highly populated regions and urban areas. Consumers are increasingly purchasing chocolates from these stores due to higher discounts, a wide range of products under one roof, and promotional offers designed to attract customers.
Europe dominated the global chocolate market in 2020. The high disposable income of consumers and growth in consumption of cocoa-based confectionery drives the growth of the market in this region. There has been increasing awareness regarding the benefits of dark chocolate and the growing consumption of craft and artisan types in the region.
Europe has experienced increased demand for premium and low-calorie products. Market players in the region launch specially flavored products during festivals such as Christmas and Easter, further supporting the market growth in the region.
The leading players in the chocolate market include Mondalez International, Hershey Co., Chocoladefabriken Lindt & Sprüngli AG, Nestle SA, Grupo Arcor, Mars Incorporated, Van Houten Chocolates, Barry Callebaut AG, Y?ld?z Holding, Meiji Holdings Co., Ltd., The Kraft Heinz Company, Ferrero Group, Brookside Chocolates, Moonstruck Chocolate, and Ghirardelli Chocolate Company.
To expand their customer base and strengthen their market presence, these players are expanding their presence across various regions and entering new markets in developing regions. The companies are also introducing new innovative products in the market to cater to the growing consumer demands.
Market size value in 2020
USD 119.40 billion
Revenue forecast in 2028
USD 159.49 billion
4.6% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD billion and CAGR from 2021 to 2028
By Type, By Product, By Distribution Channel, By Region
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Mondalez International, Hershey Co., Chocoladefabriken Lindt & Sprüngli AG, Nestle SA, Grupo Arcor, Mars Incorporated, Van Houten Chocolates, Barry Callebaut AG, Y?ld?z Holding, Meiji Holdings Co., Ltd., The Kraft Heinz Company, Ferrero Group, Brookside Chocolates, Moonstruck Chocolate, and Ghirardelli Chocolate Company