Global Chocolate Market, By Type (Milk Chocolate, Dark Chocolate, and White Chocolate), By Category (Molded, Countlines, Pouches & Bags, Boxed & Others), By Distribution Channel (Retail Stores, Specialty Retailers and Online Distributors), By Region (Nort
Description
Global Chocolate Market, By Type (Milk Chocolate, Dark Chocolate, and White Chocolate), By Category (Molded, Countlines, Pouches & Bags, Boxed & Others), By Distribution Channel (Retail Stores, Specialty Retailers and Online Distributors), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Global Chocolate Market to be Worth a Staggering USD 192 Billion by 2028
The global chocolate market is growing due to the increasing disposable income of the consumers, rising working population, coupled with changing consumer preferences boosting sales of seasonal and premium chocolates during festive seasons…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global chocolate market was worth USD 140.4 billion in the year 2021. The market is projected to grow at a CAGR of 4.70%, earning revenues of around USD 192.6 billion by the end of 2028. The global chocolate market is growing at a high rate owing to the increasing disposable income of the consumers, rising working population, and changing consumer preferences. Changing consumer preferences are augmenting sales of seasonal and premium chocolates during festive seasons instead of traditional sweets, which is emerging as another factor for the growth of the global chocolate market. However, fluctuations in the supply chain for raw materials act as a huge restraining factor for market growth.
Launch of New Products by Chocolate Brands is Creating Lucrative Growth Opportunities
The chocolate brands constantly launch new products to meet the changing consumption pattern and target consumers of different age groups. They also launch products during festivities and regional holidays as a marketing strategy to boost their sales. For instance, Nestle has recently announced the launch of new chocolate products including KitKat Bites, KitKat Chunky Lotus Biscoff, Aero Melts, etc., in the UK market that will be made available through convenience stores. Such launches act as a major driver for the global chocolate market.
Increasing Cocoa Production Worldwide is Driving Growth
With the expanding production of chocolate worldwide, the need for boosting cocoa production to meet the surging global demand is also increasing. Therefore, the leading cocoa-producing regions such as Africa, Europe, Asia, etc., are significantly investing in expanding their cocoa yield. According to the International Cocoa Organization, global cocoa production is estimated to increase by 10% in the next decade, with around 4,700,000 tonnes in 2022-2023.
Global Chocolate Market - By Distribution Channel
Based on the distribution channel, the global chocolate market is categorized into retail stores and specialty retailers, and online distributors. Convenience stores represent the largest segment followed by supermarkets and hypermarkets owing to the rising number of health-conscious consumers along with the availability of different types of chocolates and brands under one roof. However, the retail store segment is projected to witness the highest growth rate during the forecast period owing to the number of retail stores under single-person ownership in different types of economies.
Global Chocolate Market - Regional Insights
Geographically, the global chocolate market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the global chocolate market. Europe also covers substantial market share owing to the rising health-consciousness among consumers along with rising demand for sugar-free, low fat, and fat-free chocolates in this region. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. The increasing purchasing power of the consumer is acting as the major driving factor for the global chocolate market.
Impact of COVID-19 on Global Chocolate Market
The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the global chocolate market. Although the chocolate demand surged globally post the pandemic owing to the rising health consciousness, the restrictions directly affected the production side of the industry. The cocoa is largely produced in Africa and is imported to the rest of the world for further processing. However, with restrictions on the imports and exports activities, the supply chain of raw materials was hindered. Furthermore, the demand for premium chocolates that are largely dependent on other industries such as travel (airports and hotels), at specialty boutiques was also hindered, obstructing the overall chocolate market growth.
Competitive Landscape
The leading market players of the global chocolate market are Mondelez International, Nestlé SA, Ferrero SpA, Mars, Incorporated, Gujarat Cooperative Milk Marketing Federation Ltd., The Hershey Company, Meiji Co Ltd, Lindt & Sprüngli, Surya Food & Agro Ltd., ITC Limited, August Storck KG, Barry Callebaut, Ezaki Glico Co., Ltd., and Lotus Chocolate Company Limited, and other prominent players.
The market is fragmented with the presence of several chocolate manufacturers and suppliers. However, multinational players such as Modelez, Nestle, Hershey’s, etc., dominate a major share in the market. The companies constantly launch new products with attractive packaging to lure customers and significantly invest in advertising and marketing to boost their sales. It also adopts competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., which are also prominent in this market.
Don’t miss the business opportunity of the global chocolate market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global chocolate market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global chocolate market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
About Us
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Global Chocolate Market to be Worth a Staggering USD 192 Billion by 2028
The global chocolate market is growing due to the increasing disposable income of the consumers, rising working population, coupled with changing consumer preferences boosting sales of seasonal and premium chocolates during festive seasons…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global chocolate market was worth USD 140.4 billion in the year 2021. The market is projected to grow at a CAGR of 4.70%, earning revenues of around USD 192.6 billion by the end of 2028. The global chocolate market is growing at a high rate owing to the increasing disposable income of the consumers, rising working population, and changing consumer preferences. Changing consumer preferences are augmenting sales of seasonal and premium chocolates during festive seasons instead of traditional sweets, which is emerging as another factor for the growth of the global chocolate market. However, fluctuations in the supply chain for raw materials act as a huge restraining factor for market growth.
Launch of New Products by Chocolate Brands is Creating Lucrative Growth Opportunities
The chocolate brands constantly launch new products to meet the changing consumption pattern and target consumers of different age groups. They also launch products during festivities and regional holidays as a marketing strategy to boost their sales. For instance, Nestle has recently announced the launch of new chocolate products including KitKat Bites, KitKat Chunky Lotus Biscoff, Aero Melts, etc., in the UK market that will be made available through convenience stores. Such launches act as a major driver for the global chocolate market.
Increasing Cocoa Production Worldwide is Driving Growth
With the expanding production of chocolate worldwide, the need for boosting cocoa production to meet the surging global demand is also increasing. Therefore, the leading cocoa-producing regions such as Africa, Europe, Asia, etc., are significantly investing in expanding their cocoa yield. According to the International Cocoa Organization, global cocoa production is estimated to increase by 10% in the next decade, with around 4,700,000 tonnes in 2022-2023.
Global Chocolate Market - By Distribution Channel
Based on the distribution channel, the global chocolate market is categorized into retail stores and specialty retailers, and online distributors. Convenience stores represent the largest segment followed by supermarkets and hypermarkets owing to the rising number of health-conscious consumers along with the availability of different types of chocolates and brands under one roof. However, the retail store segment is projected to witness the highest growth rate during the forecast period owing to the number of retail stores under single-person ownership in different types of economies.
Global Chocolate Market - Regional Insights
Geographically, the global chocolate market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the global chocolate market. Europe also covers substantial market share owing to the rising health-consciousness among consumers along with rising demand for sugar-free, low fat, and fat-free chocolates in this region. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. The increasing purchasing power of the consumer is acting as the major driving factor for the global chocolate market.
Impact of COVID-19 on Global Chocolate Market
The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the global chocolate market. Although the chocolate demand surged globally post the pandemic owing to the rising health consciousness, the restrictions directly affected the production side of the industry. The cocoa is largely produced in Africa and is imported to the rest of the world for further processing. However, with restrictions on the imports and exports activities, the supply chain of raw materials was hindered. Furthermore, the demand for premium chocolates that are largely dependent on other industries such as travel (airports and hotels), at specialty boutiques was also hindered, obstructing the overall chocolate market growth.
Competitive Landscape
The leading market players of the global chocolate market are Mondelez International, Nestlé SA, Ferrero SpA, Mars, Incorporated, Gujarat Cooperative Milk Marketing Federation Ltd., The Hershey Company, Meiji Co Ltd, Lindt & Sprüngli, Surya Food & Agro Ltd., ITC Limited, August Storck KG, Barry Callebaut, Ezaki Glico Co., Ltd., and Lotus Chocolate Company Limited, and other prominent players.
The market is fragmented with the presence of several chocolate manufacturers and suppliers. However, multinational players such as Modelez, Nestle, Hershey’s, etc., dominate a major share in the market. The companies constantly launch new products with attractive packaging to lure customers and significantly invest in advertising and marketing to boost their sales. It also adopts competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., which are also prominent in this market.
Don’t miss the business opportunity of the global chocolate market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global chocolate market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global chocolate market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
About Us
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Table of Contents
199 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Research Methodology
- 2.1. Qualitative Research
- 2.1.1. Primary & Secondary Research
- 2.2. Quantitative Research
- 2.3. Market Breakdown & Data Triangulation
- 2.3.1. Secondary Research
- 2.3.2. Primary Research
- 2.4. Breakdown of Primary Research Respondents, By Region
- 2.5. Assumption & Limitation
- 3. Executive Summary
- 4. Global Chocolate Market Insights
- 4.1. Industry Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Growth Drivers
- 4.2.2. Restraints
- 4.2.3. Opportunities
- 4.2.4. Challenges
- 4.3. Technological Landscape/Recent Development
- 4.4. Regulatory Framework
- 4.5. Porter’s Five Forces Analysis
- 4.5.1. Bargaining Power of Suppliers
- 4.5.2. Bargaining Power of Buyers
- 4.5.3. Threat of New Entrants
- 4.5.4. Threat of Substitutes
- 4.5.5. Intensity of Rivalry
- 5. Global Chocolate Market Overview
- 5.1. Market Size & Forecast by Value, 2018-2028
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Type
- 5.2.1.1. Milk Chocolate
- 5.2.1.2. Dark Chocolate
- 5.2.1.3. White Chocolate
- 5.2.2. By Category
- 5.2.2.1. Molded
- 5.2.2.2. Countlines
- 5.2.2.3. Pouches & Bags
- 5.2.2.4. Boxed
- 5.2.2.5. Others
- 5.2.3. By Distribution Channel
- 5.2.3.1. Retail Stores
- 5.2.3.2. Specialty Retailers
- 5.2.3.3. Online Distributors
- 5.2.4. By Region
- 5.2.4.1. North America
- 5.2.4.2. Europe
- 5.2.4.3. The Asia Pacific
- 5.2.4.4. Latin America
- 5.2.4.5. The Middle East and Africa
- 6. North America Chocolate Market
- 6.1. Market Size & Forecast by Value, 2018-2028
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Category
- 6.2.3. By Distribution Channel
- 6.2.4. By Country
- 6.2.4.1. United States
- 6.2.4.2. Canada
- 7. Europe Chocolate Market
- 7.1. Market Size & Forecast by Value, 2018-2028
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Category
- 7.2.3. By Distribution Channel
- 7.2.4. By Country
- 7.2.4.1. Germany
- 7.2.4.2. United Kingdom
- 7.2.4.3. Italy
- 7.2.4.4. France
- 7.2.4.5. Spain
- 7.2.4.6. Rest of Europe
- 8. The Asia Pacific Chocolate Market
- 8.1. Market Size & Forecast by Value, 2018-2028
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Category
- 8.2.3. By Distribution Channel
- 8.2.4. By Country
- 8.2.4.1. China
- 8.2.4.2. India
- 8.2.4.3. Japan
- 8.2.4.4. South Korea
- 8.2.4.5. Rest of Asia Pacific
- 9. Latin America Chocolate Market
- 9.1. Market Size & Forecast by Value, 2018-2028
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Type
- 9.2.2. By Category
- 9.2.3. By Distribution Channel
- 9.2.4. By Country
- 9.2.4.1. Brazil
- 9.2.4.2. Mexico
- 9.2.4.3. Rest of Latin America
- 10. The Middle East & Africa Chocolate Market
- 10.1. Market Size & Forecast by Value, 2018-2028
- 10.1.1. By Value (USD Million)
- 10.2. Market Share & Forecast
- 10.2.1. By Type
- 10.2.2. By Category
- 10.2.3. By Distribution Channel
- 10.2.4. By Country
- 10.2.4.1. Saudi Arabia
- 10.2.4.2. UAE
- 10.2.4.3. South Africa
- 10.2.4.4. Rest of Middle East & Africa
- 11. Competitive Landscape
- 11.1.
- List of Key Players and Their Offerings
- 11.2. Market Share Analysis, 2021
- 11.3. Competitive Benchmarking, By Operating Parameters
- 11.4. Key Strategic Development (Merger, Acquisition, Partnership)
- 12. Impact of COVID-19 on Global Chocolate Market Industry
- 13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
- 13.1. Nestle
- 13.2. Barry Callebaut
- 13.3. The Hershey Company
- 13.4. Lindt & Sprungli AG
- 13.5. The Australian Carob Co.
- 13.6. Ferrero Group
- 13.7. Mars, Incorporated
- 13.8. Meiji Holdings Co., Ltd.
- 13.9. Arcor
- 13.10. Mondelez International
- 13.11. Other Prominent Players
- 14. Key Strategic Recommendations
- *Financial information in case of non-listed companies will be provided as per availability
- **The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
- List of Figures
- Figure 1 Global Chocolate Segmentation
- Figure 2 Global Chocolate Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2021
- Figure 4 Global Chocolate Market Size, By Value (USD Million), 2018-2028
- Figure 5 Global Chocolate Market Share, By Type, By Value, 2018-2028
- Figure 6 Global Chocolate Market Share, By Category, By Value, 2018-2028
- Figure 7 Global Chocolate Market Share, By Distribution Channel, By Value, 2018-2028
- Figure 8 Global Chocolate Market Share, By Region, By Value, 2018-2028
- Figure 9 North America Chocolate Market Size, By Value (USD Million), 2018-2028
- Figure 10 North America Chocolate Market Share, By Type, By Value, 2018-2028
- Figure 11 North America Chocolate Market Share, By Category, By Value, 2018-2028
- Figure 12 North America Chocolate Market Share, By Distribution Channel, By Value, 2018-2028
- Figure 13 North America Chocolate Market Share, By Country, By Value, 2018-2028
- Figure 14 Europe Chocolate Market Size, By Value (USD Million), 2018-2028
- Figure 15 Europe Chocolate Market Share, By Type, By Value, 2018-2028
- Figure 16 Europe Chocolate Market Share, By Category, By Value, 2018-2028
- Figure 17 Europe Chocolate Market Share, By Distribution Channel, By Value, 2018-2028
- Figure 18 Europe Chocolate Market Share, By Country, By Value, 2018-2028
- Figure 19 The Asia-Pacific Chocolate Market Size, By Value (USD Million), 2018-2028
- Figure 20 The Asia-Pacific Chocolate Market Share, By Type, By Value, 2018-2028
- Figure 21 The Asia-Pacific Chocolate Market Share, By Category, By Value, 2018-2028
- Figure 22 The Asia-Pacific Chocolate Market Share, By Distribution Channel, By Value, 2018-2028
- Figure 23 The Asia-Pacific Chocolate Market Share, By Country, By Value, 2018-2028
- Figure 24 Latin America Chocolate Market Size, By Value (USD Million), 2018-2028
- Figure 25 Latin America Chocolate Market Share, By Type, By Value, 2018-2028
- Figure 26 Latin America Chocolate Market Share, By Category, By Value, 2018-2028
- Figure 27 Latin America Chocolate Market Share, By Distribution Channel, By Value, 2018-2028
- Figure 28 Latin America Chocolate Market Share, By Country, By Value, 2018-2028
- Figure 29 The Middle East & Africa Chocolate Market Size, By Value (USD Million), 2018-2028
- Figure 30 The Middle East & Africa Chocolate Market Share, By Type, By Value, 2018-2028
- Figure 31 The Middle East & Africa Chocolate Market Share, By Category, By Value, 2018-2028
- Figure 32 The Middle East & Africa Chocolate Market Share, By Distribution Channel, By Value, 2018-2028
- Figure 33 The Middle East & Africa Chocolate Market Share, By Country, By Value, 2018-2028
- List of Tables
- Table 1 Global Chocolate Market Size, By Type, By Value, 2018-2028
- Table 2 Global Chocolate Market Size, By Category, By Value, 2018-2028
- Table 3 Global Chocolate Market Size, By Distribution Channel, By Value, 2018-2028
- Table 4 Global Chocolate Market Size, By Region, By Value, 2018-2028
- Table 5 North America Chocolate Market Size, By Type, By Value, 2018-2028
- Table 6 North America Chocolate Market Size, By Category, By Value, 2018-2028
- Table 7 North America Chocolate Market Size, By Distribution Channel, By Value, 2018-2028
- Table 8 North America Chocolate Market Size, By Country, By Value, 2018-2028
- Table 9 Europe Chocolate Market Size, By Type, By Value, 2018-2028
- Table 10 Europe Chocolate Market Size, By Category, By Value, 2018-2028
- Table 11 Europe Chocolate Market Size, By Distribution Channel, By Value, 2018-2028
- Table 12 Europe Chocolate Market Size, By Country, By Value, 2018-2028
- Table 13 The Asia-Pacific Chocolate Market Size, By Type, By Value, 2018-2028
- Table 14 The Asia-Pacific Chocolate Market Size, By Category, By Value, 2018-2028
- Table 15 The Asia-Pacific Chocolate Market Size, By Distribution Channel, By Value, 2018-2028
- Table 16 The Asia-Pacific Chocolate Market Size, By Country, By Value, 2018-2028
- Table 17 Latin America Chocolate Market Size, By Type, By Value, 2018-2028
- Table 18 Latin America Chocolate Market Size, By Category, By Value, 2018-2028
- Table 19 Latin America Chocolate Market Size, By Distribution Channel, By Value, 2018-2028
- Table 20 Latin America Chocolate Market Size, By Country, By Value, 2018-2028
- Table 21 The Middle East & Africa Chocolate Market Size, By Type, By Value, 2018-2028
- Table 22 The Middle East & Africa Chocolate Market Size, By Category, By Value, 2018-2028
- Table 23 The Middle East & Africa Chocolate Market Size, By Distribution Channel, By Value, 2018-2028
- Table 24 The Middle East & Africa Chocolate Market Size, By Country, By Value, 2018-2028
- Table 25 Nestle. Company Overview
- Table 26 Nestle. Financial Overview
- Table 27 Barry Callebaut Company Overview
- Table 28 Barry Callebaut Financial Overview
- Table 29 The Hershey Company Overview
- Table 30 The Hershey Financial Overview
- Table 31 Lindt & Sprungli AG Company Overview
- Table 32 Lindt & Sprungli AG Financial Overview
- Table 33 The Australian Carob Co Company Overview
- Table 34 The Australian Carob Co Financial Overview
- Table 35 Ferrero Group Company Overview
- Table 36 Ferrero Group Financial Overview
- Table 37 Mars, Incorporated Company Overview
- Table 38 Mars, Incorporated Financial Overview
- Table 39 Meiji Holdings Co., Ltd. Company Overview
- Table 40 Meiji Holdings Co., Ltd. Financial Overview
- Table 41 Arcor Company Overview
- Table 42 Arcor Financial Overview
- Table 43 Mondelez Inte Company Overview
- Table 44 Mondelez Inte Financial Overview
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