Analysis of the Chocolate Market: Assessment of Market Size, Trends, Statistics, and Competitors
Global Chocolate Market by Product (Traditional and Artificial), by Application (Food Products, Cosmetics, Pharmaceuticals, and Others), by Frequency of Sales (Daily and Seasonal), by Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Stores, and Other Distribution Stores), and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Size, Share, COVID-19 Impact, Regional Analysis & Forecast Till 2030
Category - Food & Beverage
Report Code - OMR-FB-101
Format: PDF, PPT, and Excel
Chocolate Market Overview
Chocolate, a food derived from roasted and powdered cacao seed kernels, can be consumed on its own or as an additive to other dishes as a liquid, solid, or paste. Most Mesoamerican people, including the Maya and the Aztecs, manufactured chocolate drinks, and they've been drinking them since at least the Olmec culture (19th-11th century BCE). The market is being driven by consumers' increasing awareness of the health advantages of eating high-quality chocolate. The rising interest in dairy-free, soy-free, egg-free, and sugar-free chocolates is expected to boost sales in the next years. Many companies and factories had to temporarily close as governments worldwide instituted lockdowns in response to the fast spread of the sickness. However, the demand for chocolates rose when people stocked up on packaged and processed goods anticipating the epidemic. The NCA forecasts a 4.2% increase in chocolate sales during the epidemic year of 2020. This is according to their State of Treating Report 2021. Since alternatives to cocoa components like palm oil, soybean oil, shea, rapeseed oil, and others are readily available and relatively inexpensive, their popularity may harm the cocoa butter industry. It's safe to say that the COVID-19 epidemic has had a major impact on the food and drink processing sector. Some people's spending habits have changed for the worse as a result of the current economic climate. Farmers in tiny but significant cocoa-producing countries lost money due to COVID-19 limitations, even though their countries' supply initially outpaced demand.
Chocolate Market Growth Factors
Increasing Demand for Chocolate-Based Confectionary Will Widen Consumers’ Hunger for Chocolate Based Products
The rising demand for chocolate candies is the primary driver of the worldwide cocoa and chocolate industry. Rising consumer expenditure on heavy confectionery items, notably chocolate confectioneries, has contributed to a favorable trend in demand for chocolate confectioneries in emerging countries in recent years. The chocolate confectionery industry is expected to benefit from the increasing demand for molded and count-line chocolates in developed nations. In industrialized countries like the United States, France, Belgium, and Germany, the demand for premium or specialty chocolates has skyrocketed in recent years. The trajectory ought to be upward in the years to come. One major primary driver is the rising need amongst consumers for transparency about the provenance of all components used in chocolates. Several factors contribute to this phenomenon, including intolerance to lactose or a desire to avoid animal products. Products created from rare cocoa beans are also in high demand. Specialty chocolates are expected to expand thanks to these causes. The increasing preference for organic, vegan, sugar-free, and gluten-free chocolates is a major driving force in the industry. Most health-conscious and well-informed shoppers now choose to buy organic produce and other goods after learning about the harm caused by synthetic ones. In addition, the demand for high-end chocolates fluctuates with the seasons. Many firms release new chocolate kinds during holidays like Easter, Christmas, and others. Additionally, there has been a rise in the demand for "functional chocolates" with added health benefits. For instance, in March 2022, the "Functional Chocolate Company" introduced vegan dark chocolate infused with condition-specific nutraceuticals like vitamins, minerals, botanicals, and amino acids to help with a wide range of common health issues.
Widening Demand for Clean-Labelled Products to Augment Market Growth
Demand for dark and sugar-free chocolates has risen in tandem with the growing popularity of clean-label and organic products to preserve general health and well-being. The growing concern for workers' rights will likely increase the market for traded chocolate in the coming years. There has been a recent uptick in the number of chocolate shops popping up specifically to sell handmade chocolates as a means of advertising their respective brands. As the focus returns to quality, people are paying more attention to the distinct taste of cocoa beans. Small-batch chocolatiers employ fresh cocoa beans to create these goods, which are molded into chocolates. Artisans are employed by businesses to work with cocoa farmers to choose beans of the proper quality, which are subsequently roasted, ground, and polished to produce chocolate. There has been a significant increase in the demand for high-quality cocoa in places like Europe and North America. Gourmet chocolates utilize only the finest beans. Premium chocolates made with ordinary and low-fine beans are most common in nations like the United Kingdom, Brazil, the United States, China, India, the Netherlands, Germany, and Switzerland. The main forces behind this growth are the need for healthier options and the desire for unique commodities. The premium cocoa sector drives expansion because of sustainability certification and single-origin products. Consuming dark chocolate has been linked to decreased cholesterol, fewer cardiovascular risks, and protection against cognitive loss. The hormone endorphin, which helps protect against depression and other mental diseases, is linked to the use of this substance. Dark chocolate may improve athletic performance and increase oxygen availability during fitness training, according to several study findings.
Chocolate Industry Segmentation
Product
• Traditional
o Dark Chocolate
o Milk Chocolate
o White Chocolate
• Artificial
Application
• Food Products
o Bakery
o Confectionary
o Dairy
o Others
• Cosmetics
• Pharmaceuticals
• Others
Frequency of Sales
• Daily
o Inexpensive
o Premium
• Seasonal
Distribution Channel
• Supermarkets/Hypermarkets
• Convenience Stores
• Online Stores
• Other Distribution Stores
Chocolate Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
Product Insights
Traditional Chocolate to Occupy Maximum Revenue Due to A Wide Array of Health Benefits
By product, the market can be split between traditional and artificial.
Over the forecast period, the market will be dominated by the segment of traditional chocolates. The basic ingredient for fake chocolate, carob, isn't nearly as well-known or as widely distributed as cocoa, and that's because of those factors. The conventional market was dominated by milk chocolate. It's rich in flavonoids, powerful antioxidants that flush out harmful free radicals and boost circulation. As a result of these benefits and expanding consumer purchasing power, milk chocolate's popularity has skyrocketed worldwide.
Artificial chocolates will grow with the fastest-growing CAGR during the forecast period. Caffeine-sensitive people will love carob candies because they contain no caffeine. Caffeine Informer reports that over 10% of people worldwide are caffeine intolerant. In addition, carob has nearly three times as much calcium as cocoa. Because of this, women and adults with calcium deficiencies are at increased risk.
Application Insights
Food Products to Widen their Growth Trajectory Owing to Increased Utilization within the Foodservice Industry
The market can be differentiated between food products, cosmetics, pharmaceuticals, and others based on application.
Food products are anticipated to dominate the global market during the forecast period. The global demand for food items is booming, creating several opportunities for the food manufacturing sector. Chocolate is still a popular addition to many freshly introduced drinks, baked goods, and sweets. In the food and drink industry, it has also been a staple for many years. The gourmet and specialty chocolate market is expanding, and the worldwide food service business is helping to fuel this trend. Big players in the food service industry have a penchant for innovative products that may serve several purposes.
The cosmetics market is expected to expand at a particularly rapid clip throughout the anticipated time frame. Because of its many uses in cosmetics, demand for cocoa butter is expected to increase as the natural skin care trend grows. Because cocoa beans are so rich in polyphenols and flavonoid antioxidants, they are employed in the pharmaceutical sector for their physical qualities.
Regional Insights
Europe to Account for the Largest Revenue Output as Demand for Artisan Chocolate Will Rise
The global market can be divided into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa based on geographical segmentation.
Due to rising health concerns over cheaper chocolates in the region and a rise in the popularity of fine cocoa, European consumers place a higher focus on chocolate quality. As a result, European customers are prepared to pay a premium for high-quality chocolate. The shift in focus among European consumers toward premium chocolate varieties (such as those with a single origin, those manufactured with organic ingredients, those prepared by hand, and those made by skilled artisans) is a key element propelling the chocolate industry in Europe. Dark chocolates are extremely popular due to their low sugar content and concentrated cocoa's deep and bitter flavor.
The CAGR for the Middle East and Africa is expected to be the highest. The expansion of retail outlets in the area is largely responsible for this improvement. Tax breaks for chocolate manufacturers and grinders are only one example of the government's efforts to increase regional product availability. Increasing interest in gourmet chocolate made in small batches is also helping the area prosper. Moreover, chocolate sales in the region are anticipated to rise due to several causes, including increased consumer awareness, product innovation, discretionary incomes among middle-class customers, and channel expansion by producers to reach a broader consumer base.
As a key importer of cocoa to supply local confectionery manufacturing industries, the North American market is expected to show substantial development. Canada's government estimates that the United States spent over USD 5.2 billion importing cocoa and cocoa preparations such as blocks, liquids, paste, granules, and powders in 2016. In addition, chocolates produced in factories with a larger percentage of cocoa extracts are becoming increasingly fashionable.
Chocolate Industry Analysis
The major companies in the chocolate industry are continually considering new product releases and expanding their current customer base. To bolster their position in the market, these producers are devoting significant resources to increasing their accessibility to end users.
The leading corporations invest much in R&D to keep up with consumers' ever-shifting product preferences. In addition, businesses in this sector often form strategic alliances, combine, form joint ventures, and expand into new regions to stay ahead of the competition.
Chocolate Market Recent Developments
• In March 2022, the Campbellfield, Melbourne, Australia, plant of Barry Callebaut has announced an expansion. The new facility will produce high-quality goods across a wider range of Asian markets. Australia's food industry, from multinational corporations to small businesses, may benefit from this facility.
• In February 2022, Hershey's made a special candy bar in honor of women and girls throughout. The "Celebrate SHE" bars were a limited release in honor of women. The "SHE" was front and center on the milk chocolate bar, which was promoted by the brand.
• In January 2022, Fuji Oil Co., Ltd.'s Blommer Chocolate Company has opened a research and development applications lab in the heart of Chicago. Increased capacity for research and development means better services for customers in the new digs.
Global Chocolate Market Prominent Players
• Barry Callebaut, AG (Switzerland)
• Cocoa Processing Co. Ltd (Ghana)
• The Hershey Company (U.S.)
• BD Associates Ghana Ltd (Ghana)
• The Hershey Company (Luxembourg)
• Chocoladefabriken Lindt & Sprüngli AG (Switzerland)
• Cargill Inc. (Japan)
• Olam International (Japan)
• Niche Cocoa Industry Ltd (Ghana)
• Touton SA (France)
• ECOM Agroindustrial Corporation Ltd (Switzerland)
• Nestlé (Switzerland)
Frequently Asked Questions (FAQs)
At what rate will the Chocolate Market Expand?
Objective Market Research anticipates that the global chocolate market will widen at a CAGR of 3.9% during the forecast period.
What are the factors driving the global Chocolate market?
The global chocolate market will grow due to contributing factors such as increasing demand for chocolate-based confectionery will widen consumers’ hunger for chocolate-based products combined with a demand for clean-labeled products.
Which segment accounted for the largest Chocolate market share by application?
The food products segment will dominate the global market as the global food service industry contributes to the growth of the gourmet and specialty chocolate market. The largest companies in the food service business tend to choose novel goods with several applications.
What region holds the major share in the global market scape?
Europe will dominate the largest market share during the forecast period as rising health concerns over cheaper chocolates in the region and the popularity of fine cocoa will rise.
Which are the dominating players in the market during the forecast period?
Some prominent players in the global chocolate market are Barry Callebaut, AG (Switzerland), Cocoa Processing Co. Ltd (Ghana), The Hershey Company (U.S.), BD Associates Ghana Ltd (Ghana), The Hershey Company (Luxembourg), and Chocoladefabriken Lindt & Sprüngli AG (Switzerland), among others.
*Our reports are available on a region/wise and chapter/wise basis as well. For any additional personalization contact our sales representative directly at sales@objectivemarketresearch.com
Table of Content
1. Introduction
1.1 Market Definition
1.2 Objective of the Study
1.3 Market Scope
1.4 Years Considered in the Study
1.4.1 Historic Year: 2019-2021
1.4.2 Base Year: 2022
1.4.3 Forecast Period: 2023-2030
1.5 Currency Used in the Study
1.6 Boundaries for the Study
1.7 Collaborators/Stakeholders/Benefactors
2. Research Methodology
2.1 Research Outline
2.2 Data Collection Methods
2.3 Data Sources
2.3.1 Secondary Sources
2.3.1.1 Paid Sources
2.3.1.2 Unpaid Sources
2.3.2 Primary Sources
2.4 Market Estimation Methodology
2.4.1 Top-Down Approach
2.4.2 Bottom-Up Approach
2.5 Data Triangulation
2.6 Assumptions of the Study
2.7 Limitations of the Study
3. Executive Summary
3.1 Market Outlook
3.2 Analysts Perspective
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers
4.1.1.1. Increasing Demand for Chocolate by Products
4.1.1.2. Widening Sales of Artisan Chocolates
4.1.2. Restrain
4.1.2.1. Higher Initial Costs
4.1.3. Opportunities
4.1.3.1. Widening Sales of Organic Chocolate Products
4.1.4. Impact of Market Dynamics
4.2. Impact of COVID-19 pandemic
4.3. Value Chain Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Buyers
4.4.2. Bargaining Power of Suppliers
4.4.3. Threat of Substitution
4.4.4. Threat of New Entrants
4.4.5. Competitive Rivalry
5. Global Chocolate Market Analysis & Forecast, by Product from 2019-2030 (in USD million) (in tons)
5.1. Traditional
5.1.1. Dark Chocolate
5.1.2. Milk Chocolate
5.1.3. White Chocolate
5.2. Artificial
6. Global Chocolate Market Analysis & Forecast, by Application from 2019-2030 (in USD million) (in tons)
6.1. Food Products
6.1.1. Bakery
6.1.2. Confectionary
6.1.3. Dairy
6.1.4. Others
6.2. Cosmetics
6.3. Pharmaceuticals
6.4. Others
7. Global Chocolate Market Analysis & Forecast, by Frequency of Sales from 2019-2030 (in USD million) (in tons)
7.1. Daily
7.1.1. Inexpensive
7.1.2. Premium
7.2. Seasonal
8. Global Chocolate Market Analysis & Forecast, by Distribution Channel from 2019-2030 (in USD million) (in tons)
8.1. Supermarkets/Hypermarkets
8.2. Convenience Stores
8.3. Online Stores
8.4. Other Distribution Stores
9. Global Chocolate Market Analysis & Forecast, by Region from 2019-2030 (in USD million) (in tons)
9.1. North America
9.1.1. North America Chocolate Market Analysis & Forecast, By Country
9.1.1.1. U.S.
9.1.1.2. Canada
9.1.1.3. Mexico
9.1.2. North America Chocolate Market Analysis & Forecast, By Product
9.1.3. North America Chocolate Market Analysis & Forecast, By Application
9.1.4. North America Chocolate Market Analysis & Forecast, By Frequency of Sales
9.1.5. North America Chocolate Market Analysis & Forecast, By Distribution Channel
9.2. Europe
9.2.1. Europe Chocolate Market Analysis & Forecast, By Country
9.2.1.1. Germany
9.2.1.2. UK
9.2.1.3. France
9.2.1.4. Spain
9.2.1.5. Italy
9.2.1.6. Rest of Europe (RoE)
9.2.2. Europe Chocolate Market Analysis & Forecast, By Product
9.2.3. Europe Chocolate Market Analysis & Forecast, By Application
9.2.4. Europe Chocolate Market Analysis & Forecast, By Frequency of Sales
9.2.5. Europe Chocolate Market Analysis & Forecast, By Distribution Channel
9.3. Asia-Pacific (APAC)
9.3.1. Asia-Pacific Chocolate Market Analysis & Forecast, By Country
9.3.1.1. Japan
9.3.1.2. China
9.3.1.3. India
9.3.1.4. South Korea
9.3.1.5. Rest of the APAC
9.3.2. Asia-Pacific Chocolate Market Analysis & Forecast, By Product
9.3.3. Asia-Pacific Chocolate Market Analysis & Forecast, By Application
9.3.4. Asia-Pacific Chocolate Market Analysis & Forecast, By Frequency of Sales
9.3.5. Asia-Pacific Chocolate Market Analysis & Forecast, By Distribution Channel
9.4. Latin America
9.4.1. Latin America Chocolate Market Analysis & Forecast, By Country/Region
9.4.1.1. Argentina
9.4.1.2. Brazil
9.4.1.3. Rest of Latin America
9.4.2. Latin America Chocolate Market Analysis & Forecast, By Product
9.4.3. Latin America Chocolate Market Analysis & Forecast, By Application
9.4.4. Latin America Chocolate Market Analysis & Forecast, By Frequency of Sales
9.4.5. Latin America Chocolate Market Analysis & Forecast, By Distribution Channel
9.5. Middle East & Africa
9.5.1. Middle East & Africa Chocolate Market Analysis & Forecast, By Country/Region
9.5.1.1. South Africa
9.5.1.2. UAE
9.5.1.3. Saudi Arabia
9.5.1.4. Rest of Middle East & Africa
9.5.2. Middle East & Africa Chocolate Market Analysis & Forecast, By Product
9.5.3. Middle East & Africa Chocolate Market Analysis & Forecast, By Application
9.5.4. Middle East & Africa Chocolate Market Analysis & Forecast, By Frequency of Sales
9.5.5. Middle East & Africa Chocolate Market Analysis & Forecast, By Distribution Channel
10. Competitive Landscape
10.1. Market Share Analysis (2022)
10.2. Market Positioning of Top Players (2022)
10.3. Key Developments & Growth Strategies (2020-2022)
10.3.1. Product Launches
10.3.2. Merges, Collaborations & Agreements
10.3.3. Expansion
10.4. SWOT Analysis
11. Company Profiles (Business Overview, Products Offered, Financial Details*, Recent Developments)
11.1. Barry Callebaut, AG (Switzerland)
11.1.1. Company Snapshot
11.1.2. Business Overview
11.1.3. Financial Data
11.1.4. Key Products Offered
11.1.5. Recent Developments
11.2. Cocoa Processing Co. Ltd (Ghana)
11.3. The Hershey Company (U.S.)
11.4. BD Associates Ghana Ltd (Ghana)
11.5. The Hershey Company (Luxembourg)
11.6. Chocoladefabriken Lindt & Sprüngli AG (Switzerland)
11.7. Cargill Inc. (Japan)
11.8. Olam International (Japan)
11.9. Niche Cocoa Industry Ltd (Ghana)
11.10. Touton SA (France)
11.11. ECOM Agroindustrial Corporation Ltd (Switzerland)
11.12. Nestlé (Switzerland)
11.13. Others
12. Appendix
12.1. Currency Exchange Rate to USD
12.2. Abbreviations
* Financial details captured might be subjected to information available and not be given for privately-held companies or for companies that do not report it in the public domain