Chocolate Market Size & Share Analysis Report, 2027

 

The Chocolate Market was estimated around USD 132 billion in 2019 and is expected to grow at a CAGR of 4.3% during the forecast period (2020-2027).

The factors driving the growth of Chocolate Market includes growing popularity of dark chocolates, rising prevalence of cardiovascular diseases around the world, increasing demand for specialty chocolate products and improvements in the living standards. In addition, rise in the launch of innovative products, easy availability of different variety of chocolate products at online stores and offline retail outlets, growing trend of gifting chocolate, busy lifestyles and increasing influence of western culture worldwide, are some of the actional factors supplementing the Chocolate Market Growth. Moreover, growing adoption of advanced technologies by manufacturers, increasing investments by leading companies on research and development, strategic mergers and acquisitions between key industry players, rapid urbanization, and rising population growth rates, are further pushing the Chocolate Market size.

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However, growth of the Chocolate Market is hindered attributed to disruptions in the global supply chain.

The prominent players operating in the market are Nestle SA, Arcor Group, The Kraft Heinz Company, Mars, Incorporated, Ferrero, Mondelez International, Ghirardelli Chocolate Company, Moonstruck Chocolate, Ezaki Glico Co Ltd., and The Hershey Company, among others.

Based on Type, the Dark Chocolate segment is predicted to expand at a significant CAGR over the forecast period

Dark chocolates are powerful source of antioxidants, improve blood flow and lower the blood pressure levels, protect skin from sun and may reduce the risk of heart related diseases, are some of the factors responsible for the segment’s growth.

Based on Product, the Moulded Chocolates segment is projected to capture the largest market share during the forecast period

As per the Chocolate Market Trends, growing demand for premium chocolates and rising trend of gifting chocolates on birthdays and festivals, are propelling Chocolate Market share.

Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR over the forecast period

According to the Chocolate Market Research, increasing availability of premium chocolates at distribution outlets, rise in the launch of innovative products, rapid urbanization, growing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

  • In 2020, Mondelez International acquired Give & Go, a North America in-stores bakery channel. This acquisition will help Give & Go., to expand its foothold in the snacks markets.
  • In 2019, Mars, Incorporated introduced its first vegan milk chocolate in United Kingdom. Through this product lunch, the company focus on capturing its target consumer of Galaxy brand by giving them a new variety.
  • In 2019, Ferrero introduced the Golden Gallery Signature, a premium assortment of finely designed chocolates. Through this product launch, company entered the category of assorted boxed chocolates

Market Segmentation

Segmentation by Type

  • Dark Chocolate
  • Milk & White Chocolate

Segmentation by Product

  • Softlines/ Selflines
  • Countlines
  • Moulded Chocolates
  • Others

Segmentation by Distribution Channel

  • Supermarkets/ Hypermarkets
  • Specialist Retailers
  • Convenience Stores
  • Online Channel
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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