Chocolate Market Forecasts to 2028 – Global Analysis By Type (Milk, Dark and White), Product Form (Molded, Countlines and Softlines/Selflines), Pricing (Everyday Chocolate, Premium Chocolate and Seasonal Chocolate), Distribution, Application and By Geogra

Chocolate Market Forecasts to 2028 – Global Analysis By Type (Milk, Dark and White), Product Form (Molded, Countlines and Softlines/Selflines), Pricing (Everyday Chocolate, Premium Chocolate and Seasonal Chocolate), Distribution, Application and By Geography

According to Stratistics MRC, the Global Chocolate Market is accounted for $45.24 billion in 2022 and is expected to reach $67.81 billion by 2028 growing at a CAGR of 6.98% during the forecast period. Chocolate is a sweet food that has been around since ancient times. Its origins can be found in pre-Columbian societies where cocoa beans were utilized as money. People of all ages adore chocolate today and regularly consume it. Due to its health advantages, chocolate has seen an increase in demand in recent years. Serotonin is a neurotransmitter that helps to soothe the brain and promote overall wellbeing. Chocolate contains antioxidants, minerals, vitamins, and other healthy ingredients.

According to the State of Treating Report 2021 by the National Confectioners Association (NCA), chocolate rose by 4.2% during the pandemic period in 2020.

Market Dynamics:

Driver:

Consumer demand

Consumer demand is a significant driver of the chocolate market. People of all ages and backgrounds enjoy chocolate, and the demand for it has been increasing steadily over the years. The rising demand for chocolate is attributed to several factors, including its taste, texture, and the feelings of pleasure and comfort it can provide. As consumers become more health-conscious, there is a growing demand for high-quality, premium chocolate products that are made with natural and organic ingredients. Consumers are also seeking out chocolate products that are free from artificial additives, preservatives, and flavors. This trend towards healthier and more natural products has led to an increase in demand for dark chocolate, which is known to have higher levels of antioxidants and other beneficial nutrients, which will accelerate market growth over the course of the forecast period.

Restraint:

Health regulations and environmental regulations

Governments could implement regulations on the production and marketing of chocolate products to promote healthier options and reduce consumption. This could include limits on sugar content, calorie labeling requirements, and restrictions on advertising to children. Governments could impose environmental regulations on chocolate production, such as limits on water usage and emissions. This could help reduce the environmental impact of the industry, but it could also increase costs for producers and potentially lead to lower quality products, which are projected to impede the fog computing market's growth.

Opportunity:

Growing demand for healthier chocolates

Government initiatives and incentives are anticipated to fuel the expansion of the CHP sector, especially in OECD nations like the US, UK, Germany, Japan, and others. A new strategy for the development of CHP for energy efficiency was adopted by the US in 2012, and the then-US President also signed an executive order to encourage energy efficiency in businesses. For CHP installations, the US federal government and a number of state governments have offered incentives and tax breaks. The directive instructs the Environmental Protection Agency (EPA), the US Departments of Energy, Commerce, and Agriculture, and other federal agencies to coordinate their efforts to provide commercial and technical assistance to states in order to encourage investments in industrial energy efficiency.

Threat:

Unstable cocoa prices

Over the forecast period, the price of cocoa, the main ingredient in chocolate, has fluctuated widely. Marketers are unable to predict their annual production expenses due to the erratic price of cocoa, which increases the volatility of the cost of producing chocolate. The regional confectionery market is facing significant difficulties as a result of the volatility in cocoa prices because chocolates are one of the most popular confectionary products on the global market.

Covid-19 Impact:

The COVID-19 pandemic has had an impact on the European market because it has had the worst effects on the major economies in the area. However, the widespread vaccination campaign and other government actions led to the lifting of the lockdown and the restart of economic activities. Additionally, due to customers' busier lifestyles, the usage of nutrition bars with chocolate in them as a quick and wholesome snack has increased. As a result, during the forecast period, the aforementioned factors will propel the regional market.

The Supermarkets/hypermarkets segment is expected to be the largest during the forecast period

The Supermarkets/Hypermarkets segment is projected to witness the largest share as compared to other segments over the forecast period. This development can be attributed to the unique and interesting products that are offered in these places, as well as internal marketing campaigns for branded premium chocolates in supermarkets and hypermarkets, which increased chocolate sales. Due to the millennial generation's dependency on online shopping, online sales are growing. Online retailers are concentrating on attracting customers with online offers, which has increased online sales, thereby boosting market growth.

The Softlines/Selflines segment is expected to have the highest CAGR during the forecast period

Softlines/ Selflines type has a highest CAGR in the chocolate market followed by countlines. The definition of “countline in confectionery industry jargon for items sold by number rather than by weight. Countlines consider a single individual center, commonly in a configuration that permits one-handed eating. Apart from that, molded chocolates have acquired appeal for gifting purposes. The rising popularity of high-end chocolates and appealing packaging has increased demand for the molded market. Both celebrations and gift-giving involve these chocolates. This segment's growth is anticipated to be accelerated by the expansion of the craft chocolate industry and specialty retailers.

Region with largest share:

Europe is one of the largest chocolate manufacturers in the world. Consumers prefer premium chocolates in most of the countries in the region. Europe's chocolate manufacturing industry is heavily dependent on cocoa beans, and as such, there is a high demand for fine flavour cocoa in the region. The major markets contributing to the growth of the European chocolate market include countries such as the UK, Germany, Italy, Belgium, Switzerland, and Russia. These countries have a strong tradition of chocolate making and consumption. Additionally, the presence of many chocolate manufacturers headquartered in Europe, such as Ferrero, also helps to drive growth in the market.

Region with highest CAGR:

The CAGR for the Middle East and Africa is predicted to be 6.7% the region with the highest growth. This expansion is due to the region's retail stores having more products available. Additionally, the region ought to have easier access to goods as a result of encouraging government initiatives like tax breaks for chocolate makers and grinders. Additionally, growing consumer awareness, product innovation, middle-class consumers' increased disposable incomes, and the expansion of producers' distribution channels to reach a wider market are some of the key elements anticipated to raise the region's chocolate sales.

Key players in the market:

Some of the key players in Chocolate Market include Amul, Arcor Group, AUGUST STORCK KG, Barry Callebaut AG, BD Associates Ghana Ltd., Cadbury, Cargill, Chocoladefabriken Lindt and Sprungli AG, Cocoa Processing Co. Ltd., Crown Confectionery Co. Ltd, Delfi Ltd., ECOM Agroindustrial Corporation Ltd., Ezaki Glico Co. Ltd., Ferrero International S.A., Fuji Oil Company Ltd., Ghirardelli Chocolate Co., Gujarat Cooperative Milk Marketing Federation, Kraft Foods, Lindt & Sprüngli Ag., Lotte Corp, Mars, Incorporated, Meiji Holdings Co., Ltd., Mondelēz International, Inc., Moonstruck Chocolatier Co., Nestlé, Olam International, Orion Corp., The Australian Carob Co., The Hershey Company, Touton S. A. and Yildiz Holding AS.

Key Developments:

In February 2022, Hershey’s created a chocolate bar to celebrate All Women and Girls. This limited edition was named Celebrate SHE bars. The brand highlighted 'SHE' at the center of the milk chocolate bar.
In February 2022, Lindt Japan released new Sakura and Cream Lindor chocolate balls for sale in Japan. These chocolates are made with white chocolate

In October 2021, Godiva Japan Co., Limited announced that it launched three new chocolate drinks which are used Whole Fruit Chocolate, made with 100% cacao fruit, for a limited time (October 13th to November 9th, 2021) and quantities.

Types Covered:
• Milk
• Dark
• White

Product Forms Covered:
• Molded
• Countlines
• Softlines/Selflines

Pricings Covered:
• Everyday Chocolate
• Premium Chocolate
• Seasonal Chocolate

Distribution Channels Covered:
• Direct Sales (B2B)
• Supermarkets/Hypermarkets
• Convenience Stores
• Online Stores
• Other Distribution Channels

Applications Covered:
• Food Products
• Bakery Products
• Sugar Confectionery
• Desserts
• Beverages
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements