According to IMARC Group’s latest research report, titled “Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights into the chocolate market demand. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global chocolate market size reached US$ 156.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 181.8 Billion by 2028, exhibiting a growth rate (CAGR) of 2.4% during 2023-2028.
Chocolate Market Outlook:
Dark chocolate refers to a type of chocolate that contains a high percentage of cocoa solids. Some of the other ingredients used in its preparation include sugar, flavorings and emulsifiers. It has a richer and more intense flavor as compared to milk chocolates. It is an excellent source of flavonoids and antioxidants while also being a rich source of other essential nutrients, including iron, zinc, copper, phosphorus, manganese, selenium, magnesium and potassium. As a result, it is widely utilized as a key ingredient in the preparation of a vast array of food products, such as chocolate bars, candies, baked goods and beverages.
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Chocolate Market Trends:
The market is primarily driven by the growing consumption of packaged food items and baked goods across the globe. This can be attributed to the hectic lifestyles of the majority of consumers, changing dietary preferences and inflating per capita income levels, which, in turn, have led to increasing demand for convenience foods. Apart from this, the growing awareness among individuals regarding the health benefits and stress-relieving ability of dark chocolate has also facilitated its uptake on the global level. The consumption of the chocolate plays a crucial role in several neurodegenerative disorders, such as Alzheimer’s disease, as they aid in boosting the blood circulation to the brain.
They are also considered helpful in improving memory, enhancing the ability to focus and controlling anxiety levels. Furthermore, the significant expansion of the online retailing and e-commerce sector on the global level is creating a positive outlook for the market. The increasing sales of dark chocolate through online portals have aided the manufacturers to expand their consumer-base, thereby improving their profit margins. This, coupled with the introduction of flavored product variants, such as orange, cranberry and coffee, is providing an impetus to the market growth.
Key Market Segmentation:
Competitive Landscape:
- Arcor
- Barry Callebaut
- Chocoladefabriken Lindt & Sprüngli AG
- Chocolaterie Guylian
- Ferrero International
- Mars Incorporated
- Meiji Co. Ltd.
- Mondelez International Inc. (Kraft Foods)
- Moonstruck Chocolate Company
- Nestlé S.A.
- The Hershey Company
Product Type Insights:
- White Chocolate
- Milk Chocolate
- Dark Chocolate
- Others
Product Form Insights:
- Molded
- Countlines
- Others
Application Insights:
- Food Products
- Bakery Products
- Sugar Confectionery
- Desserts
- Others
- Beverages
- Others
Pricing Insights:
- Everyday Chocolate
- Premium Chocolate
- Seasonal Chocolate
Distribution Insights:
- Direct Sales (B2B)
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.