Market Research Future has published a cooked research report on the Global chocolate market, 2020–2028. The global chocolate market is projected to exhibit a CAGR of 4.79% during the forecast period of 2021 to 2028.
Market Research Future has recognized the following companies as the key players in the global chocolate market: Mondelez International, Inc. (US), Nestlé S.A. (Switzerland), Blommer Chocolate Company (US), Barry Callebaut (Switzerland), Puratos Group (Belgium), Lindt & Sprüngli AG (Switzerland), Ferrero Group (Luxembourg), Mars Incorporated (US), Ezaki Glico Co., Ltd. (Japan), Pladis Global (London), Orion Corp. (South Korea), Meiji Holding Co. Ltd. (Japan), General Mills Inc. (US), Guittard Chocolate Company (US), and The Hershey Company (US).
Market Highlights
The global chocolate market is projected to be valued at USD 1,96,523.34 million by 2028, recording a CAGR of 4.79% during the forecast period. The market growth is anticipated to be driven by the rising consumption of confectionery products across the globe. Increasing demand for premium chocolate products is anticipated to act as one of the significant drivers of the chocolate market during the forecast period. The popularity of chocolate as a gift item is likely to upsurge its demand during the forecast period. The rising incidence of obesity is expected to restrict the sales of chocolate during the forecast period. On the other hand, the fluctuating raw material price is also anticipated to create an obstacle to the manufactures of chocolate.
Segmental Analysis
The global chocolate market has been segmented based on product type, form, category, distribution channel, and region.
Based on product type the global chocolate market has been segmented into dark chocolate, milk chocolate, white chocolate, and cocoa powder. The milk chocolate segment accounted for the largest market share of 50.18% in 2020. Milk chocolate comprises milk powder, sugar, and a small percentage of cocoa solids and cocoa butter. The addition of milk powder while manufacturing milk chocolate lowers the cocoa and gives it a creamier and sweeter taste. Milk chocolate contains around 10–50% cocoa solids. Any chocolate containing more than 12% of milk or milk solids is considered to be milk chocolate.
Based on form, the global chocolate market has been segmented into chocolate bars, liquid chocolate, truffles chocolate, and others. The chocolate bars segment accounted for the largest market share of 48.84% in 2020. The chocolate bar is a bar-shaped wrapper that includes some or all of the following components such as cocoa butter, cocoa solids, milk, and sugar. The relative presence or absence of these components forms the subclasses of dark chocolate, white chocolate, and milk chocolate. In addition to these main ingredients, it may contain artificial flavorings like strawberry and vanilla and emulsifiers such as soy lecithin. In countries like England and US, candy bar also refers to as chocolate bars. It is a form of confectionery that is sized as a snack and usually packaged in a bar or log form for one person. Further, chocolate bars are packed with high protein and other important vitamins which is popular for nutritional supplementation processes among youths and gym-goers. Such trends are bolstering segment growth.
Based on category, the global chocolate market has been segmented into conventional, organic, lactose-free, gluten-free, reduced sugar, zero sugar, and multi-claim. The conventional sub-segment is further classified as dark, milk, and white. The organic sub-segment is further classified as dark, milk, and white. The conventional segment accounted for the largest market share of 52.83% in 2020. Conventional chocolate is derived from cocoa grown using conventional farming practices. Conventional growing of cocoa is opposite to organic growing, which means it is not free from synthetic chemicals such as pesticides, fertilizers, hormones, and antibiotics. Organically grown produce has lower detectable levels of pesticide residue compared to conventionally grown produce. Conventional foods can also be genetically modified or may contain genetically modified organisms. Thus, conventional chocolate is not in its purest form. However, conventional products are lower in price than organic products, making the chocolates manufactured from conventional cocoa cheaper. Due to this, the segment garnered a larger share in the global market in 2020. However, it is expected to grow at a slower rate during the forecast period due to the shifting consumer preferences towards organic food products and ingredients.
Based on distribution channels, the global chocolate market has been segmented into food production, food service, and food retail. The food products sub-segment is classified as conventional and artisanal. The conventional sub-segment is divided into food products, beverages, lab testing, and others. The food products sub-segment is further bifurcated as bakery products, sugar confectionery, desserts, and others. The artisanal sub-segment is classified as pastry & bakery shops, confectionery, and ice cream shops. The foodservice segment is divided into casual dining restaurants, quick service restaurants, cafes, and others. The food retail segment is divided into supermarkets & hypermarkets, online, and others. The food production segment accounted for the largest market share of 38.64% in 2020. Food production is a technique used to turn blended cocoa butter, cocoa powder, cocoa liquor, and sugar into a finished product that is chocolate. It is a process of converting raw materials into food for direct consumption. It involves many processes such as raw material quality testing, crystallization, fermentation, blending, shredding, washing and pasteurization, and many more. Also, it is done to improve the product quality and enhanced the chocolates' tastes. Other benefits of food production include ease in preparation, preservation, and distribution, less susceptibility to spoilage than fresh food. Food production exists entirely within the world of business-to-business (B2B) eCommerce. Instead of selling directly to consumers, they exclusively offer their products and services to other businesses and entrepreneurs, and often for resale. Moreover, businesses specializing in B2B e-commerce can thrive comfortably, especially since a single transaction can be very profitable.
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Regional Analysis
On the basis of region, the global chocolate market has been categorized as North America, Europe, and the Rest of the World. As per MRFR analysis, Europe dominates the market share with the growing demand for healthy chocolates. Industry players are undergoing acquisitions to enhance their product portfolio. Europe accounted for the highest market share of 39.65% in 2020 and is expected to exhibit a CAGR of 3.91% during the forecast period. Europe is the world's largest manufacturer of chocolate. This region houses confectionery production plants of several multinational companies such as Nestle S.A., Mondelez International, Inc., Mars, Incorporated, Lindt & Sprüngli AG, and Ferrero SA. These large confectionery companies majorly drive the consumption of chocolate in the Europe region. Also, rising consumer demand for natural ingredients in the food application for flavoring boosts the sales of chocolate. The rise in popularity of specialty chocolate among Europeans is projected to fuel the demand of the European market during the forecast period. Moreover, innovation in new flavors and blends of different types of nuts in the chocolate is expected to create huge opportunities for the manufacturers operating in the chocolate market in the European region. Additionally, demand for organic products is significantly increasing among consumers, creating an opportunistic market for chocolate suppliers to grow and expand in this region. Germany is the major contributor to the market in this region as it is among Europe's largest chocolate manufacturing industries. North America has a market share of 27.98% in 2020 and is expected to exhibit a CAGR of 4.64% in the forecasted period. North America is a significant market for chocolate owing to the high consumption of chocolates among consumers and large confectionery manufacturers in the region. Chocolate has a wide range of applications, and with the rising demand for natural and health-benefiting ingredients, it is bound to increase. Chocolate is the most popular and preferred flavor in the North American region, which triggers its growth in the region. Its increasing application in bakery products, sweet & savory snacks, and beverages, among others, has influenced chocolate suppliers to focus on increasing their capacity. Growing demand for premium and seasonal chocolates is driving the demand for chocolate in the region. The increasing consumer inclination towards dark chocolate and dark chocolate-filled products owing to the rising health consciousness among consumers is likely to boost the demand for dark chocolate products. The rest of the World holds a market share of 32.37% in 2020 and exhibit a market share of 5.9% during the review period. The rest of the World includes Asia-Pacific, South America, and the Middle East & Africa. Asia-Pacific is the most attractive market for chocolate manufacturers, with rapid expansions and innovations taking the place of the application industries in the region's emerging economies. China is one of the leading markets in the region, accounting for the largest market share during the review period. However, India is projected to grow at an impressive growth rate during the review period. There is a strong demand for cocoa powder from countries such as China, India, Japan, and the Philippines, which supports the growth of the overall chocolate market in the region. Increasing the use of cocoa in snack food and beverages in Asia-Pacific boosts market growth. Indonesia is also among the key contributor to the growth of chocolate in this region.
Key Findings of the Study: