Press release
Chocolate Market Report: Current Trends and Long-Term Forecast 2024 - 2031 | Hershey, Nestlรฉ, Barry Callebaut, Kraft Foods
Chocolate
The chocolate market is estimated to be valued at USD 124.76 Bn in 2024 and is expected to reach USD 169.78 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.
Market Dynamics:
The rising demand for premium chocolates substantiated by growing brand consciousness and improving economic conditions is driving the growth of the chocolate market. Premium chocolates contain exotic ingredients and unique flavors that elevates the taste experience and appeal to young adults. Moreover, changing lifestyles and growing taste for unique flavor profiles have further fueled the demand for premium chocolates in the forecast period. The growth of the online retail channels has provided wider access and visibility of premium chocolate brands to consumers, thereby driving the chocolate market growth. Easing of Covid-19 restrictions have led to the resumption of normal operations of cafes, restaurants, and hotels which utilize chocolate as a key ingredient in confectioneries and desserts. This has further augmented the demand for chocolate in the forecast period.
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Chocolate Market Drivers
Increasing Demand for Premium and Speciality Chocolate
Over the past decade there has been a significant rise in demand for premium and speciality chocolate globally. Consumers are willing to pay higher prices for chocolate made from high quality ingredients like single origin cocoa beans, exotic fruits, nuts etc. They are also interested in chocolate made through artisanal processes instead of mass production. Companies are launching new luxury brands and unique flavours regularly to appeal to consumers looking for differentiated experiences. This trend towards premiumization has been a major growth driver for the global chocolate market.
Chocolate Market Opportunity
Growing Emerging Market Demand
Emerging economies in Asia Pacific, Latin America, Middle East and Africa present significant growth opportunities for chocolate producers. With growing per capita incomes and expanding middle class populations, demand for treats and indulgences is rising steadily in these regions. Since chocolate has widespread appeal as a snack and gifting item, markets like India, China, Brazil, Turkey etc are seeing sharp increases in chocolate sales annually. Global companies view these developing countries as important future growth drivers. Targeting emerging markets through relevant product formats, flavours, packaging and distribution strategies can unlock profitable opportunities.
Chocolate Market Trends
Innovation in Format, Flavour and Packaging
To appeal to evolving consumer tastes, companies are constantly innovating and experimenting with new product formats, flavours and packaging styles. Novel formats like chocolate spreads, dips, balls, bites are gaining popularity. Exotic and regional fruit/spice infused flavours are being explored to introduce interesting taste experiences. Minimalist and on-the-go packaging styles made of sustainable materials are also gaining traction. The emphasis is on providing convenience, exploration and new indulgences. Chocolate brands that creatively leverage innovation will be well positioned to engage contemporary consumers and drive future market trends.
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Top Companies Included in This Report:
โข Hershey
โข Nestlรฉ
โข Barry Callebaut
โข Kraft Foods
โข Ferrero
โข Moonstruck Chocolatier Co.
โข Ghirardelli Chocolate Co.
โข Mondelez International (Cadbury).
Key Regions/Countries Classified as Follows:
ยป North America (U.S., Canada, Mexico)
ยป Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
ยป Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
ยป South America (Brazil, Argentina, Rest of SA)
ยป Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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๐ Market Outlook: Get current and future market outlooks, including recent developments, growth opportunities, drivers, challenges, and regional constraints
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