According to the latest report by IMARC Group, titled “Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on chocolate industry share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global chocolate market size reached US$ 156.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 181.8 Billion by 2028, exhibiting a growth rate (CAGR) of 2.4% during 2023-2028.
Chocolate represents a sweet and edible product that is prepared from the ground and roasted cocoa beans. It is rich in essential minerals, carbohydrates, and several alkaloids, such as theobromine, phenethylamine, flavonoids, and caffeine, which aid in lowering the risk of Parkinson’s and cardiovascular diseases. In line with this, chocolate enhances blood flow, helps in protecting cells from inflammation, boosts energy levels, improves the immune system, etc. It can also promote serotonin, which exhibits anti-depressant properties. Presently, chocolate is commonly available in numerous forms and shapes and is used in preparing beverages, confectionaries, bakery products, etc.
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Market Trends:
The rising number of restaurants, hotels, coffee centers, and bakeries and the emerging trend of food vlogging are primarily driving the chocolate market. Additionally, the escalating demand for online shopping, the easy product availability across offline and online organized retail channels, and the expanding e-commerce industry are further catalyzing the market growth. Besides this, the growing consumer inclination towards molded chocolates that are infused with several additional flavors and raisins, almonds, nuts, and other dry fruits is acting as another significant growth-inducing factor. Moreover, the widespread adoption of innovative packaging by leading manufacturers, the inflating disposable income levels of individuals, and the increasing investments in branding and marketing are positively influencing the global market. Apart from this, the development of chocolates that are made without preservatives, additives, and refined sugar is also propelling the market growth. Furthermore, the development of limited-time flavors and packaging by leading manufacturers is projected to fuel the chocolate market in the coming years.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Arcor
- Barry Callebaut
- Chocoladefabriken Lindt & Sprüngli AG
- Chocolaterie Guylian
- Ferrero International
- Mars Incorporated
- Meiji Co. Ltd.
- Mondelez International Inc. (Kraft Foods)
- Moonstruck Chocolate Company
- Nestlé S.A.
- The Hershey Company
Chocolate Market Segmentation:
Our report has categorized the market based on region, product type, product form, application, pricing and distribution.
Breakup by Product Type:
- White Chocolate
- Milk Chocolate
- Dark Chocolate
- Others
Breakup by Product Form:
- Molded
- Countlines
- Others
Breakup by Application:
- Food Products
- Bakery Products
- Sugar Confectionery
- Desserts
- Others
- Beverages
- Others
Breakup by Pricing:
- Everyday Chocolate
- Premium Chocolate
- Seasonal Chocolate
Breakup by Distribution:
- Direct Sales (B2B)
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Stores
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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