Chocolate Market Size Worth $241.88 Billion By 2032 | CAGR: 5.6%

The global chocolate market size is expected to reach USD 241.88 billion by 2032, according to a new study by Polaris Market Research. The report “Chocolate Market Share, Size, Trends, Industry Analysis Report, By Product (Artificial, Traditional); By Distribution Channel; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The Key factors influencing the market include a rising demand for organic,  sugar-free, vegan, and gluten-free chocolates. As awareness grows regarding the adverse effects of synthetic products on health and the environment, health-conscious and informed consumers increasingly prefer organic products. Seasonal demand also significantly contributes to premium chocolate sales, with various companies introducing a diverse range of chocolate varieties during occasions like Easter and Christmas. Moreover, functional chocolates designed for health-conscious customers are gaining popularity among consumers.

A notable trend in the chocolate market is the growing demand for artisanal chocolates, with some companies establishing their own shops as a means of brand promotion. Emphasizing the unique flavors of cocoa beans, this trend reflects a shift toward prioritizing quality. Small-scale chocolatiers use fresh cocoa beans, intricately crafting them into chocolates. Companies collaborate with artisans and cocoa farmers, engaging in competition to select high-quality beans that undergo processes such as roasting, grinding, and polishing to create exquisite chocolate products.

The global market experienced a moderate impact from the COVID-19 pandemic, as governments worldwide implemented lockdowns to control the rapid spread of infection, resulting in temporary closures of numerous businesses and production facilities. This disruption significantly impacted the global supply and distribution chain, causing a decline in market growth. However, there was an increased demand for chocolates during the pandemic as individuals stocked up on packaged and processed foods. According to the State of Treating Report 2021 by the National Confectioners Association (NCA), chocolate consumption rose by 4.2% during the pandemic period in 2020.

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The growing consumer inclination toward fat-free and healthy food products has prompted chocolate manufacturers to incorporate healthy ingredients alongside traditional cocoa as the primary component. Products containing trans fat are witnessing a decline in market share, with low-calorie and low-fat alternatives gaining prominence due to the association of trans fat with cardiovascular diseases. Recognizing these trends, major chocolate companies are addressing consumers' increasing health and wellness concerns by enhancing the nutritional profile of their chocolate offerings.

Chocolate Market Report Highlights

• In 2022, the Traditional segment claimed the largest share of revenue. This dominance can be attributed to the higher popularity, extensive availability, and wider penetration of cocoa in comparison to carob, which serves as the raw material for artificial chocolate. Within the traditional segment, the milk chocolate category, in particular, emerged as the market leader, holding the largest share. Milk chocolate, renowned for its richness in flavonoids—antioxidants that eliminate free radicals from the bloodstream and improve blood flow—experienced a global surge in demand. This increased popularity is driven by the associated health benefits and a rise in consumer purchasing power.
• During the forecast period, the Online segment held the largest market share. The online channel has experienced heightened adoption in recent years, propelled by the expanding global internet penetration. Factors contributing to the surge in online distribution channels include the growing internet user base, the variety of available brands, and the convenience of making purchases from home. Furthermore, features provided by online retailers, such as cash on delivery, discounts, and cashback options, are anticipated to contribute to the continued growth of online distribution channels.
• In 2022, Europe emerged as the dominant market. The chocolate market in the region is expected to experience a significant Compound Annual Growth Rate (CAGR) during the forecast period. Europe holds the distinction of being the world's largest chocolate manufacturer, hosting confectionery production facilities for multinational giants such as Nestle S.A., Lindt & Sprüngli AG, Mondelez International, Inc., Mars, Incorporated, and Ferrero SA. These leading confectionery companies play a pivotal role in driving chocolate consumption in the European region. Furthermore, the rising consumer demand for natural ingredients in food applications for flavoring contributes to the upswing in chocolate sales.
• The global key market players include Arcor, Barry Callebaut, Chocoladefabriken Lindt & Sprüngli AG, Ferrero Group, Mars, Incorporated, Meiji Holdings Co., Ltd., Mondelēz International, Inc., Nestlé, The Australian Carob Co., The Hershey Company.

Polaris Market Research has segmented the Chocolate market report based on product, distribution channel, and region:

Chocolate, Product Outlook (Revenue - USD Billion, 2019 - 2032)

• Artificial
• Traditional

• Milk
• Dark
• White

Chocolate, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)

• Convenience Store
• Supermarket & Hypermarket
• Online

Chocolate, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Chocolate Market Report Scope