Chocolate Market Size - By Type (Milk Chocolate, Dark Chocolate, White Chocolate, Artificial Chocolate), Cocoa Content (Low Cocoa Content, Medium Cocoa Content, High Cocoa Content), Distribution Channels, Regional Outlook & Global Forecast, 2024 – 2032

Chocolate Market Size

Chocolate Market size was valued at USD 120.42 billion in 2023 and is estimated to expand at 3.3% CAGR from 2024 to 2032. People of all ages love chocolate because of its special blend of rich flavor and sweetness as well as its ability to increase endorphin production.
 

Additionally, chocolate's appeal has grown across a variety of events, from everyday enjoyment to gifts and festivities, owing to its adaptability in numerous forms, including bars, truffles, and beverages made with cocoa. Chocolate is a go-to choose for customers seeking moments of delight and emotional gratification, contributing to the global market's continuous demand.
 

The expansion of the chocolate market is significantly constrained by the fluctuating price of cocoa beans. The cost of producing chocolate is directly impacted by the price volatility of cocoa, which is a key ingredient in making chocolate and is frequently affected by variables including disease outbreaks, weather, and geopolitical difficulties in places where cocoa is grown. These price fluctuations may cause supply chains to become unstable, production costs to rise, and as a result, higher consumer prices.

COVID-19 Impact

The COVID-19 pandemic had a mixed impact on the chocolate industry. Initially, there was a surge in demand for chocolate as consumers sought comfort foods during lockdowns. However, supply chain disruptions, factory closures, and economic uncertainties affected the industry. Many artisanal and small-scale chocolatiers faced challenges, while larger companies with strong e-commerce presence fared better. As the pandemic continued, health-conscious consumers shifted towards healthier snacks, impacting traditional chocolate sales.
 

Chocolate Market Trends

As customers seek higher-quality and distinctive flavor experiences, the chocolate industry is seeing a growing trend toward premium and artisanal chocolate products. Furthermore, there is a growing desire for healthier chocolate options, such as dark chocolate with a greater cocoa content, driven by health-conscious customers seeking less sugar and more nutritional advantages.
 

Chocolate Market Analysis

Based on type, the milk chocolate segment dominated around USD 68.7 billion revenue in 2022. Milk chocolate demand is fuelled mostly by its global popularity, sweet and creamy flavor, and adaptability in a wide range of dessert and confectionery products. Milk chocolate's delicious taste and soothing familiarity appeal to consumers of all ages, making it a global confectionary market staple.
 

Based on cococa content, the low cocoa content segment accounted for 48.62% of the chocolate market share in 2022, ascribed to customer preferences for milder and sweeter chocolate choices. Low cocoa content products are frequently linked with a smoother, creamier flavor profile that appeals to a broad audience, including some who may find higher cocoa percentages too bitter or strong. This trend corresponds to the desire for delicious yet approachable chocolate experiences, which is driving the market's demand for chocolates with low cocoa content.
 

Based on distribution channels, the supermarkets and hypermarkets segment is anticipated to witness 2.9% CAGR through 2032. The convenience and extensive product variety offered by supermarkets and hypermarkets are primarily driving customer demand for chocolate. Furthermore, the regular availability of chocolates in supermarkets and hypermarkets, combined with promotional activity and competitive pricing, encourages impulse purchases, and assures a consistent demand for these indulgent treats.
 

Europe chocolate market size held over USD 51.4 billion in 2022, owing to its ongoing popularity as a beloved treat and component in a wide variety of culinary and confectionery products. The affection for chocolate among European consumers is extremely rooted, with a strong predilection for artisanal and premium chocolates.
 

Chocolate Market Share

Major companies operating in the chocolate industry include:

• Mars, Inc.
• Mondelez International
• Nestlé S.A.
• Ferrero Group
• Hershey Company
• Lindt & Sprüngli AG
• Ghirardelli Chocolate Company

Mars, Inc. is a chocolate manufacturer known for popular brands such as Dove, Snickers, M&M's, and Twix. Mars chocolates are well-known throughout the world for their delicious taste and high quality. The company is dedicated to obtaining cocoa beans from trustworthy suppliers and employs sustainable practices in the production of its chocolate.
 

Chocolate Industry News

• In January 2020, Hershey India Private Ltd, the subsidiary of the American confectionery company, launched the chocolate bars under its Hershey's brand.
   

The market research report of chocolate includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion & Kilo tons from 2018 to 2032, for the following segments:

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Market, By Type

• Milk Chocolate
• Dark Chocolate
• White Chocolate
• Artificial Chocolate

Market, By Cocoa Content

• Low Cocoa Content
• Medium Cocoa Content
• High Cocoa Content

Market, By Distribution Channels

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Chocolate Stores
• Online Retail (e-commerce)
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • UAE
  • South Africa
  • Saudi Arabia