The Chocolate Market size was valued at $147.8 billion in 2019 and is poised to grow at a CAGR of 5.31% during the forecast period 2020-2025. Chocolate is prepared using cacao seeds. They are roasted and formed in liquid, paste, or block shapes. The most common type of chocolate that is widely available in the market includes dark chocolate, milk chocolate, and white chocolate.
The procedure of making chocolate comprises numerous steps such as cacao cultivation, harvesting, fermentation, drying & shipping, and producing chocolates. With the growing population, increasing urbanization, and easy availability of the Chocolate products, the market is set to grow worldwide.
By Type – Segment Analysis
Based on type, the global chocolate market has Milk Chocolate, Dark Chocolate, White Chocolate, Unsweetened chocolate, and others. Milk chocolate segment holds the largest market share followed by dark chocolate in the global chocolate market. Milk chocolate has liquid milk, powdered milk, or condensed milk form added in it along with flavoring ingredient. Milk chocolate boosts memory, cuts the risk of heart strokes, hydrates and smoothens the skin. Dark chocolate comprises over 50% cocoa content, which helps in reducing the risk of cardiovascular diseases and improving blood flow. It also consists of a bioactive compound that promotes healthy and glowing skin. Owing to the above reasons, demand for Dark chocolate is increasing and it is poised to grow with the highest CAGR for the forecast period (2020-2025).
By Distribution Channel – Segment Analysis
Based on the distribution channel, the global chocolate market has Convenience Stores, Independent Retailers, Online Channels, supermarkets/ hypermarkets, Vending Machines, and others. The independent retail store was leading in terms of market share in 2019, owing to presence of high middle-income group. Convenience stores represent the largest segment followed by supermarkets and hypermarkets owing to the rising number of health-conscious consumers, expanding the working population, and increasing urbanization are boosting the country’s chocolate market. Apart from normal stores, e-commerce is the next promising sector for the growth of the chocolate market. The growing online sales of chocolates, and increasing demand for premium chocolates, is the key driver for the market.
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By Geography – Segment Analysis
The global Chocolate Market by geography had the dominant share in North America, in terms of revenue in 2019. North America chocolate market occupies a major share owing to the presence of world-renowned brands and higher chocolate consumption. The festivals such as Christmas, Good Friday, and others are set to fuel the demand for chocolates and increase the sale of chocolates.
The Asia-Pacific region is poised to grow at a higher CAGR over the forecast period (2020-2025). The increasing influence of western culture and food habits, followed by the rapid increase in population rate, are the significant factors that is set to drive the market growth in this region.
Drivers – Chocolate Market
Growing awareness of the health benefits of pure and dark chocolate
The pure and dark chocolate helps in preventing cardiac diseases, in addition to other benefits like improving blood flow and glowing the skin. These reasons make the young population, the chocolate lovers show great potential for varying kinds of chocolates in the global scenario which is set to drive the chocolate market in the forecast period 2020-2025.
Rising disposable income of the population in developing countries
The growing disposable income of consumers in developing countries of Asia Pacific is one of the primary reasons behind the mounting demand for chocolates. In countries such as South Korea, Japan, India, and China, the presence of a large population, with an increase in urbanization is set to increase the demand for the chocolate market.
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Challenges – Chocolate Market
Expensive raw materials and uncertain climatic condition
Fluctuating prices of raw materials, especially cocoa, the instability of its supply, and the political instability in cocoa-producing countries are likely to act as a challenge for the growth of the market over the forecast period 2020-2025. Factors such as changing customer’s preferences in flavor from time to time is also a challenge for the growth.
Chocolate Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Chocolate Market. Key companies of this market are Mars, Incorporated, Ferrero, Mondelez International, The Hershey Company, Nestle SA, Arcor Group, The Kraft Heinz Company, Ghirardelli Chocolate Company, Moonstruck Chocolate, Ezaki Glico Co Ltd., among others.
In 2020, Mondelez International announced an agreement to acquire Give & Go, a North America in-stores bakery channel. With this acquisition, Give & Go aims to expand its footprint into the snacks markets.
In 2019, Mars, Incorporated announced to launch its first vegan milk chocolate in the United Kingdom. With the product lunch, the company focus on capturing its target consumer of the Galaxy brand by giving them a new variety.
In 2019, Ferrero launched the Golden Gallery Signature, a premium assortment of finely designed chocolates. With this product launch, the company has now entered into the category of assorted boxed chocolates.
Geographically, North America dominated the global chocolate market in 2019, owing to the increasing consumer demand in the region.
In the Asia-Pacific region, India has seen changing consumer preference over seasonal and premium chocolates during festive seasons instead of traditional Indian sweets, which is set to augment chocolate demand in the forecast period 2020-2025.
The Appealing packaging and color enable the manufacturer to receive a fast, spontaneous response from consumers. Purple was ranked as the most prominent color accompanied by red and blue to promote the buying of chocolate goods.
Related Reports :
A. Cocoa & Chocolate Market
B. Chocolate Confectionery Market
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