Press release
Global Chocolate Market Projected to Surpass $176.92 Billion by 2029 with 5% Annual Growth
Chocolate Market
The growth of the chocolate confectionery market in the future is predicted to be driven by a rise in chocolate consumption. This term refers to the aggregate amount of chocolate consumed by an individual or a community over a certain period. Chocolate is eaten by people of all age groups, and its rising consumption will facilitate chocolate confectioneries in manufacturing more chocolate and associated goods. For example, in March 2023, the National Confectioners Association (NCA), a US trade organization endorsing chocolate, candy, gum, and mint, released data showing that overall chocolate sales reached $18.2 billion in 2022, marking a 9.1% uptick from the prior year. Moreover, the total chocolate sales for 2022 tallied up to $23.9 billion. Hence, the mounting consumption of chocolate is a key driver for the expansion of the chocolate confectionery market in the foreseeable future.
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What is the future CAGR of the chocolate market, and how will it impact industry expansion?
In the recent past, the chocolate market has seen consistent growth. The market value is projected to escalate from $140.97 billion in 2024 to $147.09 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 4.3%. Factors like the cultural importance of chocolate, globalization and easy availability, effective advertising and branding, increase in disposable income, innovation in products and their variety, and the tradition of giving chocolates as gifts have contributed to the growth during the historic period.
In the coming years, the chocolate market size is projected to experience consistent expansion. It's predicted to reach $176.92 billion by 2029, with an Compound annual growth rate (CAGR) of 4.7%. This growth during the forecast period can be linked to factors such as premiumization and artisanal products, ethical and sustainable procurement practices, chocolate format innovations, functional constituents and claims, as well as worldwide economic trends. The forecast period is likely to see significant trends like the introduction of healthy and functional ingredients, innovative blends of flavours and infusions, customization and personalization, the use of digitalization in sales and marketing, and a shift towards dark chocolate and healthier substitutes.
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What are the most significant trends transforming the chocolate market today?
The emergence of product innovations is a significant trend within the chocolate confectionery industry. To maintain their market presence, major players in the chocolate confectionery market are concentrating on introducing novel products. For example, in November 2022, Fabelle (a brand under ITC Limited), a luxury chocolate manufacturer from India, introduced Fabelle Finesse, hailed as the world's finest chocolate. Thanks to a revolutionary technology developed by ITC known as the Cocoa Finesser, Fabelle is now capable of producing chocolate as thin as seven microns. This technique aids in reducing the size of chocolate particles beyond what the conventional refining process alone can achieve.
Which key market segments comprise the chocolate market and drive its revenue growth?
The chocolate market covered in this report is segmented -
1) By Type: Milk Chocolate, Dark Chocolate, White chocolate
2) By Category: Premium, Seasonal, Everyday
3) By Distribution Channel: Super markets And Hyper markets, Convenience Stores, Pharmaceutical And Drug Stores, Specialty Stores, Duty-Free Stores, E-commerce, Other Distribution Channels
Subsegments:
1) By Milk Chocolate: Standard Milk Chocolate, Milk Chocolate With Additives
2) By Dark Chocolate: Bittersweet Dark Chocolate, Semi-Sweet Dark Chocolate, Unsweetened Dark Chocolate
3) By White Chocolate: Standard White Chocolate, White Chocolate With Additives
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What regions are at the forefront of chocolate market expansion?
Europe was the largest region in the chocolate confectionery market in 2024. The regions covered in the chocolate confectionery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the chocolate market?
Major companies operating in the chocolate market include Barry Callebaut, The Hershey Company, Nestle SA, Mars Incorporated, Lotte Corporation, Mondelez International Inc., Chocoladefabriken Lindt & Sprüngli AG, Ferrero SpA, Lake Champlain Chocolates, Cémoi Group, Olam International Limited, Koninklijke DSM N.V., Kerry Group PLC, Delfi Limited, Tate & Lyle PLC, Meiji Holdings Co. Ltd., Ezaki Glico Co. Ltd., Crown Confectionery Co. Ltd., Haribo GmbH & Co. KG, Arcor Group, Moonstruck Chocolate Company, Blommer Chocolate Company, Patric Chocolate LLC, Perugina S.p.A., TCHO Ventures Inc., Theo Chocolate Inc., Thorntons Limited, Alter Eco Americas PBC, Endangered Species Chocolate LLC, Divine Chocolate Limited, Green & Black's Limited, Guylian NV
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What Is Covered In The Chocolate Global Market Report?
• Market Size Forecast: Examine the chocolate market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the chocolate market for a structured understanding.
• Key Players Overview: Analyze major players in the chocolate market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the chocolate market.
• Segment Contributions: Evaluate how different segments drive overall growth in the chocolate market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the chocolate market.
• Industry Challenges: Identify potential risks and obstacles affecting the chocolate market.
• Competitive Landscape: Review strategic developments in the chocolate market, including expansions, agreements, and new product launches.
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