The global chocolate market is expected to witness a robust growth rate of more than 6% during the projected period. Theobroma cacao trees produce cocoa seeds, which are used to make chocolate. Harvested, fermented, dried, then processed to make a paste from cacao beans. The cocoa butter and chocolate liquor are then separated from the paste using high pressure.
Then, couverture, dark, milk, white, and baking chocolate as well as cocoa powder are created by further combining these two ingredients in different ratios. Numerous alkaloids, including phenethylamine, caffeine, theobromine, and flavonoids are abundant in chocolates, which are mostly utilized in the manufacture of baked goods and confectionery items including cakes, cookies, puddings, and brownies. One of the most popular culinary items consumed worldwide is chocolate.
Chocolates are often presented with a variety of flavors and are manufactured from cocoa seeds, cocoa liquor, cocoa butter, milk, and sugar. Chocolate is an easy-to-get luxury for consumers to treat themselves or to gift to their dear ones. The chocolate industry has undergone a major transformation, since its beginning, going from being a simple drink consumed by local people to a specialty product with a variety of flavors.
About 70% of the world’s cocoa beans come from four West African countries namely Ivory Coast, Ghana, Nigeria, and Cameroon. There is a required criterion for Chocolates, including the intensity, diversity, and purity as well along with the harvest techniques, processing, and high quality of premium chocolates. The overall experience, plus the last impression of chocolate becomes the deciding factor.
Numerous health benefits of dark chocolate and awareness are anticipated to support significant growth
Consuming dark chocolate can lower anxiety and ease the signs of clinical depression, among other health advantages. During the projected period, increasing consumer awareness of dark chocolate as a healthy product is anticipated to fuel the segment’s expansion. Additionally, moderate chocolate consumption is advised by numerous medical professionals around the world since it increases serotonin, which relaxes the brain and has antidepressant effects.
Dark chocolate consumption is also associated with reducing the risk of cardiovascular diseases owing to the presence of good fats and flavonoids that are considered to lower blood pressure and bad cholesterol level. Instead of relying on medication, consumers would prefer to incorporate ingredients that improve their health into their normal diet. Due to the calming and happy effects of chocolate, it is anticipated that sales would increase during the coming years.
Europe constitutes a huge market share in the global chocolate market
Chocolates are consumed all over the world with leading chocolate manufacturers based in North America and Europe. Europe is a prominent producer and the leading consumer of chocolate and chocolate products. The market in North America is likely to exhibit significant growth as chocolates with higher content of cocoa extracts are merging as a popular and preferable indulgence.
Also, there is a significant consumer-level awareness surrounding cocoa’s health benefits, which is driving the consumption of dark chocolate in the North America chocolate market. Strong growth is expected in the Asia Pacific against the backdrop of surging per capita chocolate consumption and increasing disposable income. The Middle East & Africa is set to register strong demand for premium chocolates, mainly supported by the rising tourist arrivals and improving lifestyle.
Market Structure and Competitive Landscape
The global chocolate market is fragmented in nature with various players operating in the market. Some of the prominent players that contribute significantly to the global chocolate are Nestle SA, Barry Callebaut, The Hershey Company, Lindt & Sprungli AG, The Australian Carob Co, Ferrero Group, Mars Incorporated, Meiji Holdings Co Ltd., Arcor, Cadbury (Mondelez International), August Storck KG, Ezaki Glico Co Ltd., Kraft Foods, Moonstruck Chocolatier Co., and Ghirardelli Chocolate Co. among others.
These players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, manufacturing expansion, and investments are some of the strategies followed by industry players. Some of the key developments in the global chocolate market include,
- In March 2022, Barry Callebaut announced the expansion of its factory in Campbellfield, Melbourne, Australia. The new factory expands the company’s geographical footprint in the Asia Pacific by creating safe, high-quality products.
- In January 2022, Blommer Chocolate Company, a subsidiary of Fuji Oil Co Ltd announced the opening of an R&D applications lab in downtown Chicago. The new space represents an expansion of R&D capabilities, with new and improved ways to support the business.
- In July 2019, chocolate and cocoa company – Barry Callebaut announced the investment in a new factory in Baramati, India, and an annual production capacity of more than 30,000 tons of chocolate. It is the biggest investment by Barry Callebaut in India and is expected to start its operation by the end of 2020.
- In June 2019, the Government of Ghana announced a partnership deal with China for the construction of a nearly US$100 million chocolate factory in the Sefwi-Wiaso district of the North-Western region of Ghana.
Key Market Segmentation
RationalStat has segmented the global chocolate based on product type, product form, application, pricing, sales channel, and region.
- By Product Type
- Cocoa Ingredients
- Cocoa Butter
- Cocoa Liquor
- Cocoa Powder
- White Chocolate
- Dark Chocolate
- Milk Chocolate
- Filled Chocolate
- Artificial Chocolate
- Vegan chocolate
- Cocoa Ingredients
- By Product Form
- By Application
- Food Products
- Bakery Products
- Sugar Confectionary
- Food Products
- By Pricing
- Everyday Chocolate
- Premium Chocolate
- Seasonal Chocolate
- By Sales Channel
- Retail Stores
- Supermarkets and Hypermarkets
- Convenience Stores
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide clients with the best possible real-time insights. We combine various industry experiences, data analytics, and experts’ viewpoints to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for global chocolate manufacturers and suppliers, cocoa processing companies, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global chocolate market is expected to grow at a CAGR of approximately 6% during the forecast period 2022-2028.
The global market for chocolate was estimated at US$ 140 Billion in 2021.
Vertical integration in the production side and increasing consumption of chocolates in developing economies.
Europe holds a prominent share of this market due to the high consumption of chocolates.
Major companies operating in Global Chocolate are Nestle SA, Barry Callebaut, The Hershey Company, Lindt & Sprungli AG, The Australian Carob Co, Ferrero Group, Mars Incorporated, Meiji Holdings Co Ltd, Arcor, Cadbury (Mondelez International), August Storck KG, Ezaki Glico Co Ltd, Kraft Foods, Moonstruck Chocolatier Co, and Ghirardelli Chocolate Co among Others.