DUBLIN--(BUSINESS WIRE)--The "Global Chocolate Market Report by Type (Dark & Milk/White), Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Online Retail Stores & Other Distribution Channel), Country and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
Global Chocolate Market was worth US$ 132.65 Billion in 2023. It is expected to grow at a CAGR of 4.48% from 2024 to 2032 and be valued at US$ 196.79 Billion by 2032.
Millions of people enjoy chocolate daily because of its distinct, rich, and sweet flavor. It has become a popular culinary product. A variety of health advantages may result from chocolate's antioxidant capacity. As with dark chocolate, the additional advantages increase with the cocoa content. It is imperative to verify the label, as dark chocolate could have lower fat and sugar content. Global demand for chocolate is rising as a result. Scientists from the University of Calgary, Alberta Health Services Canada, and UCL worked with these researchers.
Researchers discovered that those who reported consuming any dark chocolate within 24 hours were 70% less likely than those who reported consuming no chocolate at all to experience clinically significant depressed symptoms. Compared to those who did not, the 25% of chocolate eaters who devoured the most chocolate (of any type, not just dark) were also less likely to convey depression signs. The World Health Organization estimates that depression affects over 300 million people globally and is the leading cause of disability.
Rising demand for Specialty Chocolate
Many people are requesting healthier products, and flexitarianism, vegetarianism, and veganism have increased demand for specific components. According to Kerry's global product director for nutritional and functional proteins, a quarter of consumers worldwide find vegan-friendly confectionery enticing. Over the past four years, the percentage of gelatin-free sugar confectionery claims has increased to 9.3%. The increasing demand for specialized chocolate that satisfies a wide range of dietary requirements and health-conscious lifestyles drives the growth of the global chocolate market.
Innovate by using delicious ingredients and cutting-edge cooking techniques. For example, the Hershey Company introduced two new plant-based, dairy-free chocolate products in March 2023: Hershey's Plant-Based Extra Creamy with Almonds and Sea Salt and Reese's Plant-Based Peanut Butter Cups. Oats are used in the production of both goods instead of milk. In order "to generate additional moments of goodness" that will be "more accessible for chocolate aficionados looking for plant-based alternatives," the business created the delectable delights.
Increased seasonal demand for Chocolates
The holidays are the best time of year to sell chocolate. According to an Assocham report, demand for chocolate increases by 40% during India's festival season due to concerns about contaminated sweets and unusually high prices for dried fruit. Since most chocolate is sold during these few seasonal periods (including Valentine's Day, Easter, Halloween, and Christmas), many chocolate makers invest a lot of effort and resources in these events.
The worldwide chocolate industry's seasonality refers to more than satisfying consumer demand. It involves using flavors, packaging, and presentation to create a story. For example, Valrhona has prepared an assortment of 140g of Christmas chocolates for all ages, a classic advent calendar with 24 days of treats, and the ideal package of 15 chocolate bonbons for various delectable sensations for the 2023 Christmas and New Year celebrations. With 28 premium Valrhona palettes with classic tastes, this imaginative chocolate gift box is filled with delight.
The robust Food and Beverage market drives the expansion of the Chocolate Market
One of the top segments of the global chocolate market is the food and beverage sector. Chocolate is one of the most enticing foods in the world because of its organoleptic qualities, yet historically, people have mostly eaten it for its flavor and aroma. This tendency is fueled by changing lifestyles and an increase in disposable income.
The food industry's continuous innovation and increased distribution and marketing initiatives enhance chocolate's appeal and accessibility to a broader range of consumers. For instance, print and TV advertisements are used by Cadbury to advertise their Dairy Milk bars. They also engage younger audiences with emotionally charged digital advertisements such as "Tastes Like This Feels."
Europe Chocolate Market
The Europe chocolate market is known for its rich heritage, numerous flavors, and fantastic craftsmanship. According to Prodcom data, the European Union (except the UK) produced an anticipated 3.6 Million tonnes of final chocolate merchandise in 2020. Chocolate has an extended history deeply intertwined with the European way of life and holds a unique area in clients' hearts across the continent. European chocolatiers are celebrated for their traditional techniques and revolutionary approaches. They offer various indulgent treats - from conventional milk and dark chocolates to artisanal creations infused with precise ingredients.
Switzerland, Belgium, and France are well known for their top-notch chocolate services. They have set the standard for flavor and presentation. According to OEC World, in 2022, Switzerland exported US$ 913 million worth of chocolate, making it the region's tenth-largest chocolate exporter. The European chocolate market prospers despite demanding situations, changing client choices, and expanding health awareness. This is due to its dedication to quality innovation and a rich heritage spanning generations.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $132.65 Billion |
| Forecasted Market Value (USD) by 2032 | $196.76 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
Company Analysis: Overview, Recent Developments, Revenue Analysis
- Nestle S.A.
- Mondelez International, Inc.
- AMUL Industries Pvt Ltd.
- The Hershey Company
- Meiji Holdings Co. Ltd.
- Saputo Inc.
- Chocoladefabriken Lindt, and Sprungli AG
- Hotel Chocolat Group plc
Type - Global Chocolate Market breakup in 2 viewpoints:
- Dark Chocolate
- Milk/White Chocolate
Distribution Channel - Global Chocolate Market breakup in 4 viewpoints:
- Hypermarkets/Supermarkets
- Convenience Stores
- Online Retail Stores
- Other Distribution Channel
Country - Global Chocolate Market breakup of 25 Countries:
- North America
- United States
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/ptgxx2
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