According to the latest report by IMARC Group, titled “Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on chocolate industry trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global chocolate market reached a value of US$ 151.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 177.8 Billion by 2027, exhibiting a CAGR of 2.6% during 2022-2027.
Chocolate is a sweet food product that is extracted from cacao seeds of Theobroma cacao trees. It is extracted by roasting the fermented cacao beans and further grinding it to a paste, where the cocoa butter and cocoa liquor are segregated at high pressure. Typically sold as solid bars, it also forms an essential component in confectioneries and bakery products. Chocolate bars are manufactured by using cocoa liquor, milk, cocoa butter, and sugar and are often served with additional ingredients, such as dry fruits, nuts and caramel. Moderate chocolate consumption boosts serotonin levels that aid in calming the brain. It also releases endorphins in the body, thereby acting as an anti-depressant.
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The COVID-19 pandemic has significantly affected the chocolate market. During the onset of the pandemic, the lockdowns were responsible for the shutdowns of multiple supply chains and distribution destinations for chocolate companies, such as food service joints, restaurants and hotels, resulting in a largely reduced sales volume. While the prevalent restrictions caused loss in the cocoa farming, the augmenting consumption of chocolates due to the increased stress positively impacted the product sales during the latter half of the pandemic.
Global Chocolate Market Trends:
The market is primarily driven by the widespread product utilization across the food and beverages (F&B) industry. This can be attributed to the escalating demand for chocolate-based niche products, such as chocolate bars and chocolate-flavored food items. The flourishing e-commerce sector and the associated benefits, such as discounted prices, cashback offers, and cash-on-delivery services, are resulting in a significant increase in product sales. In line with this, the easy product availability through offline organized retail channels is also providing an impetus to the market growth. Besides this, innovative marketing strategies adopted by manufacturers, the rising consumption of gourmet food products, inflating income levels of the masses and rapid urbanization are some of the other factors that are further creating a positive outlook for the market.
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- 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
Breakup by Product Form:
Breakup by Application:
- Food Products
- Bakery Products
- Sugar Confectionery
Breakup by Pricing:
- Everyday Chocolate
- Premium Chocolate
- Seasonal Chocolate
Breakup by Distribution:
- Direct Sales (B2B)
- Convenience Stores
- Online Stores
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 (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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