Press release
Chocolate Market Projected to Reach USD 255.58 Billion by 2034 | CAGR: 5.6%
The chocolate market is projected to increment from USD 148.14 billion in 2024 advancing to USD 255.58 billion by 2034, reflecting a compound annual growth rate of 5.6%.
What are the factors fueling the market?
There is a growing inclination for chocolates that are rendered with exclusive components such as organic cocoa, nuts, and superfoods as consumers are becoming more health aware. For instance, in March 2020, Endangered Species Chocolate (ESC) instigated a contemporary plant based oat milk chocolate bar line providing three flavors purely at Whole Foods Market.
The growing consciousness of the health advantages of dark chocolate intake is driving the market growth as consumers growingly organize wholesomeness in their dietary options. Dark chocolate, abundant in antioxidants, flavonoids, and necessary minerals, is connected to enhanced heart health, decreased stress, and improved cognitive function.
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What is Chocolate?
Chocolate is a food commodity rendered from the fruit of the cocoa tree. Raw, unprocessed chocolate that has been fermented, dried, and roasted and has an amount of sugar and cream tastes divine. People globally enjoy the dissolute flavor of chocolate on its own and in varied foods. The majority of the chocolate one consumes comes from West African countries, especially Ghana and Cote d'Ivoire.
Coca contains elevated levels of flavonoids, chemicals in plants that are acknowledged for their health advantages. Dark chocolate contains a high amount of flavonoids, which is the reason it has been linked with a reduced probability of heart disease recently. Some studies have detected that consistent chocolate intake is linked with lower blood pressure, reduced stress levels, and enhanced alertness.
Chocolate Market Developments
May 2024: The Hershey Company introduced innovative products like Reese's Medals and KIT KAT Pink Lemonade at the Sweets & Snacks Expo. The company also showcased advancements in augmented reality for merchandising, foodservice strategies to meet growing demand, and optimized checkout experiences aimed at enhancing sales and customer engagement.
June 2024: Nestlé Travel Retail unveiled the Nestlé Sustainably Sourced chocolate range, reinforcing its commitment to responsible cocoa sourcing through the Nestlé Cocoa Plan and Rainforest Alliance certification. This new range features personalized packaging and recyclable pouches, emphasizing sustainability, supporting cocoa-farming communities, and promoting transparency in production.
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Business Strategies Adopted by Leading Players
The market features an assortment of global giants and regional contenders aiming to acquire market share through product invention and green initiatives. Some of the companies which are currently dominating the chocolate market are:
• Arcor
• Barry Callebaut
• Chocoladefabriken Lindt & Sprüngli AG
• Ferrero
• Mars, Incorporated
• Meiji Holdings Co., Ltd.
• Mondelēz International, Inc.
• Nestlé
• The Australian Carob Co.
• The Hershey Company
Chocolate Market Table of Contents
Global Chocolate Market, by Product
5.1. Key Findings
5.2. Introduction
5.2.1. Global Chocolate Market, by Product, 2020-2034 (USD Billion)
5.3. Artificial
5.3.1. Global Chocolate Market, by Artificial, by Region, 2020-2034 (USD Billion)
5.4. Traditional
5.4.1. Global Chocolate Market, by Traditional, by Region, 2020-2034 (USD Billion)
5.4.2. Milk
5.4.2.1. Global Chocolate Market, by Milk, by Region, 2020-2034 (USD Billion)
5.4.3. Dark
5.4.3.1. Global Chocolate Market, by Dark, by Region, 2020-2034 (USD Billion)
5.4.4. White
5.4.4.1. Global Chocolate Market, by White, by Region, 2020-2034 (USD Billion)
Global Chocolate Market, by Distribution Channel
6.1. Key Findings
6.2. Introduction
6.2.1. Global Chocolate Market, by Distribution Channel, 2020-2034 (USD Billion)
6.3. Convenience Store
6.3.1. Global Chocolate Market, by Convenience Store, by Region, 2020-2034 (USD Billion)
6.4. Supermarket & Hypermarket
6.4.1. Global Chocolate Market, by Supermarket & Hypermarket, by Region, 2020-2034 (USD Billion)
6.5. Online
6.5.1. Global Chocolate Market, by Online, by Region, 2020-2034 (USD Billion)
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What are Major Market Segments?
The chocolate market segmentation is mainly based on product, distribution channel, and region. Based on product, the traditional segment held the largest revenue share. This is owing to extensive consumer inclination for classic chocolate flavors and commodities.
Based on the distribution channel, the online segment accounts for the highest market share. This is due to the growing acquisition of e-commerce platforms and the ease they provide. Online channels offer consumers a broad gamut of chocolate alternatives involving exclusive and niche brands that may not be present in niche stores.
Regional Scope
Chocolate Market, Product Outlook (Revenue - USD Billion, 2020-2034)
• Artificial
• Traditional
o Milk
o Dark
o White
Chocolate Market, Distribution Channel Outlook (Revenue - USD Billion, 2020-2034)
• Convenience Store
• Supermarket & Hypermarket
• Online
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