Chocolate Market Future Prospects and Forecast To 2028
The global chocolate market size was estimated to be valued at USD 120.4 billion in 2021 and is poised to grow at a significant CAGR of 6.5% over 2022-2028. Chocolate is one of the most lucrative parts of the worldwide confectionary sector. Since the last decade, the chocolate industry is growing to be a multibillion-dollar industry that is predicted to continue to develop in the next years. Over the next few years, rising knowledge of the health benefits of eating chocolate on a regular basis will continue to be a major driver of the global chocolate market. While industrialised countries have established and thriving chocolate markets, a shift in consumer particular tastes and increased expenditure on chocolate and other confectionery items have been recognised as important drivers of industry expansion, particularly in developing countries. Increasing urbanisation and widespread availability of chocolate and its derivatives will continue to drive the global chocolate industry. Chocolate's antioxidant content, blood pressure-lowering capabilities, and ostensibly anti-aging benefits will continue to drive consumption of chocolate as well as chocolate products. Dark chocolate with a higher cocoa content is highly advised for preventing or slowing down ageing and some disorders, such as cardiovascular disease. Chocolate demand will continue to be driven by these and other comparable potential benefits of chocolate in the global market.
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One of the primary reasons driving the market's growth is significant increase in the f&b industry. Additionally, rising consumer demand for moulded chocolates, which typically feature solid-shaped or segmented bar/block variations infused with various extra flavours or loaded with almonds, raisins, and other fillings, is boosting market growth. Furthermore, growing public knowledge of the health benefits of dark chocolate consumption is propelling the industry forward. Dark chocolate is believed to promote blood circulation in the body, improve brain function, lower blood pressure, and reduce the risk of heart disease when consumed in moderation.
1) Type: Milk/White Chocolate and Dark Chocolate.
2) Distribution Channel: Supermarkets/ Hypermarkets, Specialist Retailers, Convenience Stores, Vending Machines, Online Channel, Variety Stores, and Others.
The presence of a significant number of renowned international chocolate brands, as well as increased chocolate consumption, will continue to propel North America, particularly the United States, to the top of the market. Europe, led by the United Kingdom and Germany, will be another important market. However, APAC, primarily India and China, is predicted to grow at the quickest rate between 2016 and 2024. This increase can be ascribed to the growing impact of the Western lifestyle, as well as increased understanding of chocolate's health advantages. Seasonal as well as festive sales are projected to be popular in rising Asian economies like India.
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Some of the major key players in the Chocolate Market are Nestle SA, Fererro Group, Hershey Foods Corporation, Mondelez International (Cadbury), Mars IncMeiji Co Ltd, Kraft Foods, Moonstruck Chocolatier Co., Ghirardelli Chocolate Co.
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