Global Chocolate Market to be Worth a Staggering USD 192 Billion by 2028

Published | 25 April 2022

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.

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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.

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