Chocolate Market Share to Reach $241.88 Billion By 2032 at 5.6% CAGR: Polaris Market Research

The Global Chocolate Market is projected to reach a CAGR of 5.6% between 2023 and 2032. The research released estimates market trends, size, and forecasts for 2032. The global market was valued at USD 140.47 billion in 2022 and is expected to grow to USD 241.88 billion by 2032, at a CAGR of 5.6% during the forecast period.

𝙂𝙚𝙩 𝙖 𝙁𝙍𝙀𝙀 𝙎𝙖𝙢𝙥𝙡𝙚 𝘾𝙤𝙥𝙮 𝙤𝙛 𝙩𝙝𝙚 𝗖𝗵𝗼𝗰𝗼𝗹𝗮𝘁𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝙍𝙚𝙨𝙚𝙖𝙧𝙘𝙝 𝙍𝙚𝙥𝙤𝙧𝙩 𝙖𝙩 @https://www.polarismarketresearch.com/industry-analysis/global-chocolate-market/request-for-sample

𝗠𝗮𝗿𝗸𝗲𝘁 𝗢𝘃𝗲𝗿𝘃𝗶𝗲𝘄

Chocolate is a food product produced from the fruit of the cacao tree (Theobroma cacao). Chocolate that has been dried, fermented, roasted, and enhanced with sugar and cream tastes amazing; raw, unprocessed chocolate feels bitter and dry. There are several varieties of chocolate available, including milk, dark, and white chocolate. Additionally, there may be a number of health advantages to chocolate's antioxidant capacity. There are more advantages to increasing cocoa content, such as in dark chocolate. Check the label; dark chocolate may also have lower fat and sugar content.

Customer consciousness concerning the health benefits of consuming high-quality chocolate, is the primary key driver of the chocolate market. As consumers' demands for healthier and better-quality ingredients grow, industry participants continue to launch high-end chocolate products. Additionally, sugar-free and dark chocolates are in high demand as well, appealing to customers who prefer less sweetness. Chocolate made from vegetables, such as wasabi- and edamame-covered varieties, has become more and more popular.

𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀

In agreement with the analysis, the market has been further categorized as a distribution channel, product, and region. According to the product breakdown, the traditional category holds the largest revenue share. This is explained by the fact that cocoa is more widely available, more popular, and more ingrained than carob, the ingredient used to make fake chocolate.

Furthermore, according to a distribution channel analysis, the online channel had the most market share. Online distribution channels have been increasingly popular due to several variables, including the growing number of internet users, the variety of available brands, and the ease of making purchases from home.

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

𝗕𝘂𝘆 𝗡𝗼𝘄 𝗧𝗵𝗶𝘀 𝗣𝗿𝗲𝗺𝗶𝘂𝗺 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁𝘀 @ https://www.polarismarketresearch.com/buy/793/2

Some of the major players operating in the global market 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


𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻

North America holds a dominant market share and revenue share. Due to consumers' increasing reliance on low-calorie and high-nutrient products, the industry is anticipated to expand gradually over the projection period.
● Asia Pacific is anticipated to develop at the quickest rate throughout the projection period because of factors like rising per capita income, rising health-related spending, and increased awareness in nations like South Korea, China, and India.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 @https://www.polarismarketresearch.com/industry-analysis/global-chocolate-market

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.

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This release was published on openPR.