Chocolate is made up of roasted and ground cacao seeds and is formed in liquid, paste, or block shapes. The most common type of chocolate which are widely available in the market includes dark chocolate, milk chocolate, and white chocolate. The procedure of making chocolate comprises of numerous steps such as cacao cultivation, harvesting, fermentation, drying & shipping, and producing chocolates.
Rising consumer awareness related to the health benefits of chocolate is the key driver of the global chocolate market. The easy availability of a wide variety of chocolates and the gaining popularity of dark chocolate is further driving the demand of the market in the coming years. The chocolate contains milk, protein, and other nutrients, which promotes good health and lowers the risk of heart diseases. Chocolate consists of antioxidants that help in reducing blood pressure, cholesterol, and improves blood circulation. In addition to this, the growing disposable income of consumers, especially in the developing economies and the shift in the consumer’s demand towards healthy products, will further boost the demand for dark chocolates. Various multinational giants, including Ferrero and Hershey’s, are mainly focusing on product innovation, including different delicious flavors, which will attract a large number of consumers in the market. The growing trend of chocolate gifts in the seasonal and festive occasions is having a positive impact on the market. The target consumers of chocolate are children and millennials, irrespective of economic situations. The leading players are launching various marketing strategies and innovative packaging solutions to capture more demand into the market.
Based on the Type, the market is segmented into dark chocolate, milk, and white chocolate. Among these, the dark chocolate segment is projected to grow at a higher CAGR over the forecast period. The dark chocolates are rich in nutrition, powerful source of antioxidants, and improves blood flow while reducing the chances of heart diseases. It also consists of a bioactive compound that promotes healthy and glowing skin. The rising consumer awareness regarding all these benefits provided by the dark chocolate is drastically surging the demand of the segment in the market.
Based on the Product, the market is segmented into softlines/selflines, countlines, moulded chocolates, and others. The moulded chocolate segment is anticipated to lead the market during the forecast period due to the rapid increase in the demand for premium chocolates, especially in the U.S. Moreover, the growing trend of gifting moulded chocolates on special occasions such as festivals, birthdays, and anniversaries will further propel the demand for this segment. The moulded chocolates consist of different milk, dark, and dry-fruit based chocolates and have attractive packaging.
Based on the region, the Asia-Pacific region is expected to grow at a higher CAGR over the forecast period. The increasing influence of western culture and food habits, followed by the rapid increase in population rate, are the significant factors that will drive the market growth in this region. Moreover, several leading players are expanding their footprints in the Asian countries to capture the growing demand of the market. The rising disposable income of the target audience and the large population of millennials in many Asian countries will further strengthen the market growth.
Various notable players operating in the market, include 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 their 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 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.
The global Chocolate market has been segmented on the basis of type, Product, distribution channel and region. Based on type, the market is segmented into dark chocolate and white & milk chocolate. Based on product, the market is segmented into softlines/selflines, countlines, moulded chocolates, and others. Based on distribution channel, the market is segmented into supermarkets/ hypermarkets, specialist retailers, convenience stores, online channel and others.
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