NEW YORK, Oct. 30, 2023 /PRNewswire/ — The chocolate market size is forecast to increase by USD 45.78 million from 2022 to 2027. The market is estimated to progress at a CAGR of 4.97%, according to a recent market study by Technavio. The growth of the market will be driven by the Increasing premiumization of chocolates, new product launches, and increasing marketing activities. Technavio has extensively analyzed 15 major vendors, including Arcor Group, AUGUST STORCK KG, Barry Callebaut AG, Chocoladefabriken Lindt and Sprungli AG, Crown Confectionery Co. Ltd, Delfi Ltd., Ezaki Glico Co. Ltd., Ferrero International S.A., Ghirardelli Chocolate Co., Gujarat Cooperative Milk Marketing Federation, Lotte Corp, Mars Inc., Meiji Holdings Co. Ltd., Mondelez International Inc., Moonstruck Chocolate Co., Nestle SA, Orion Corp., The Australian Carob Co., The Hershey Co., and Yildiz Holding AS.Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

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Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Chocolate Market – Segmentation Assessment

The market is segmented by product (Milk chocolate, Dark chocolate, and White chocolate), Distribution Channel (Offline and Online), and geography (Europe, North America, APAC, South America, and Middle East and Africa).

• The market share growth by the milk chocolate segment is significant during the forecast period. There is a growing popularity and increasing preference for the milk chocolate segment among consumers. The manufacturing process of milk chocolate includes the mixing of cocoa solids with milk solids, sugar, and cream. But factors such as the growing health consciousness of people and increasing awareness of health problems caused by ailments such as obesity and heart disease are expected to negatively affect the market share growth of the milk chocolate segment. Therefore, several vendors in chocolate are innovating new healthier variants of milk chocolate to cater to the health-conscious consumer segment. Hence, such factors are expected to drive the market growth of this segment during the forecast period.

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Chocolate Market – Market Dynamics

Key Drivers

The growing demand for premium chocolates is expected to drive the chocolate market growth during the forecast period. Several prominent vendors in the market, such as Mars, Barry Callebaut, and Mondelez International, are expanding their product portfolio by introducing differentiation, premiumization, and personalization in their chocolate segments with new premium offerings. As a result, many players in the market are launching premium variants of their products to attract more consumers who buy products based on price, packaging, ingredients, exclusivity, and provenance. Furthermore, the increasing preference for organic, sugar-free, vegan, and gluten-free chocolates by health-conscious consumers is also significantly contributing to the increasing demand for premium chocolates. Hence, such factors are expected to positively impact the market growth, which, in turn, will drive the chocolate market growth during the forecast period.

Significant Trends

The increasing demand for healthier chocolates is a primary trend in the market during the forecast period. There has been a growing popularity for healthier chocolates among consumer segments, such as vegan, organic, and sugar-free chocolates over the years. One of the main reasons for this increasing demand is the high preference for healthy living and awareness of the health issues related to the consumption of chocolates. As a result, several vendors in the market are offering various healthy variants of their chocolate products, such as chocolates with low-sugar content and increased fortification of nutrients. Furthermore, there is an increasing preference for organic raw chocolates that contain vitamins, minerals, and antioxidants. Hence, such factors are expected to drive the chocolate market growth during the forecast period.

Major Challenges

Fluctuations in cocoa prices and declining per capita consumption is a significant challenge hindering the market growth during the forecast period. The main component for the manufacturing of chocolate is cocoa, and it is subjected to various price fluctuations. As a result, these fluctuations will significantly influence the cost of manufacturing chocolates which makes it challenging for marketers to estimate the manufacturing costs every year. Furthermore, the volatility in cocoa prices has become a significant challenge for the regional confectionery market as chocolates are one of the highest-selling items in the global confectionery market. The price of coca highly relies on several growing conditions from month to month, which are significantly influenced by diseases, aging crops, and political instability. Hence, such factors are expected to hinder the chocolate market growth during the forecast period.

What are the key data covered in this Chocolate Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the chocolate market between 2023 and 2027
• Precise estimation of the chocolate market size and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the chocolate market across Europe, North America, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of chocolate market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (USD billion)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (USD billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global chocolate market 2017 – 2021 
• Exhibit 18: Historic Market Size – Data Table on global chocolate market 2017 – 2021 (USD billion)

• 4.2 Product Segment Analysis 2017 – 2021 
• Exhibit 19: Historic Market Size – Product Segment 2017 – 2021 (USD billion)

• 4.3 Distribution Channel Segment Analysis 2017 – 2021 
• Exhibit 20: Historic Market Size – Distribution Channel Segment 2017 – 2021 (USD billion)

• 4.4 Geography Segment Analysis 2017 – 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (USD billion)

• 4.5 Country Segment Analysis 2017 – 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (USD billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments
• Exhibit 30: Chart on Product – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product – Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Milk chocolate – Market size and forecast 2022-2027 
• Exhibit 34: Chart on Milk chocolate – Market size and forecast 2022-2027 (USD billion)
• Exhibit 35: Data Table on Milk chocolate – Market size and forecast 2022-2027 (USD billion)
• Exhibit 36: Chart on Milk chocolate – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Milk chocolate – Year-over-year growth 2022-2027 (%)

• 6.4 Dark chocolate – Market size and forecast 2022-2027 
• Exhibit 38: Chart on Dark chocolate – Market size and forecast 2022-2027 (USD billion)
• Exhibit 39: Data Table on Dark chocolate – Market size and forecast 2022-2027 (USD billion)
• Exhibit 40: Chart on Dark chocolate – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Dark chocolate – Year-over-year growth 2022-2027 (%)

• 6.5 White chocolate – Market size and forecast 2022-2027 
• Exhibit 42: Chart on White chocolate – Market size and forecast 2022-2027 (USD billion)
• Exhibit 43: Data Table on White chocolate – Market size and forecast 2022-2027 (USD billion)
• Exhibit 44: Chart on White chocolate – Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on White chocolate – Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Product 
• Exhibit 46: Market opportunity by Product (USD billion)
• Exhibit 47: Data Table on Market opportunity by Product (USD billion)

7 Market Segmentation by Distribution Channel

• 7.1 Market segments
• Exhibit 48: Chart on Distribution Channel – Market share 2022-2027 (%)
• Exhibit 49: Data Table on Distribution Channel – Market share 2022-2027 (%)

• 7.2 Comparison by Distribution Channel 
• Exhibit 50: Chart on Comparison by Distribution Channel
• Exhibit 51: Data Table on Comparison by Distribution Channel

• 7.3 Offline – Market size and forecast 2022-2027 
• Exhibit 52: Chart on Offline – Market size and forecast 2022-2027 (USD billion)
• Exhibit 53: Data Table on Offline – Market size and forecast 2022-2027 (USD billion)
• Exhibit 54: Chart on Offline – Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Offline – Year-over-year growth 2022-2027 (%)

• 7.4 Online – Market size and forecast 2022-2027 
• Exhibit 56: Chart on Online – Market size and forecast 2022-2027 (USD billion)
• Exhibit 57: Data Table on Online – Market size and forecast 2022-2027 (USD billion)
• Exhibit 58: Chart on Online – Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Online – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Distribution Channel 
• Exhibit 60: Market opportunity by Distribution Channel (USD billion)
• Exhibit 61: Data Table on Market opportunity by Distribution Channel (USD billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 Europe – Market size and forecast 2022-2027 
• Exhibit 67: Chart on Europe – Market size and forecast 2022-2027 (USD billion)
• Exhibit 68: Data Table on Europe – Market size and forecast 2022-2027 (USD billion)
• Exhibit 69: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.4 North America – Market size and forecast 2022-2027 
• Exhibit 71: Chart on North America – Market size and forecast 2022-2027 (USD billion)
• Exhibit 72: Data Table on North America – Market size and forecast 2022-2027 (USD billion)
• Exhibit 73: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.5 APAC – Market size and forecast 2022-2027 
• Exhibit 75: Chart on APAC – Market size and forecast 2022-2027 (USD billion)
• Exhibit 76: Data Table on APAC – Market size and forecast 2022-2027 (USD billion)
• Exhibit 77: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027 
• Exhibit 79: Chart on South America – Market size and forecast 2022-2027 (USD billion)
• Exhibit 80: Data Table on South America – Market size and forecast 2022-2027 (USD billion)
• Exhibit 81: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 83: Chart on Middle East and Africa – Market size and forecast 2022-2027 (USD billion)
• Exhibit 84: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (USD billion)
• Exhibit 85: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027 
• Exhibit 87: Chart on US – Market size and forecast 2022-2027 (USD billion)
• Exhibit 88: Data Table on US – Market size and forecast 2022-2027 (USD billion)
• Exhibit 89: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 Germany – Market size and forecast 2022-2027 
• Exhibit 91: Chart on Germany – Market size and forecast 2022-2027 (USD billion)
• Exhibit 92: Data Table on Germany – Market size and forecast 2022-2027 (USD billion)
• Exhibit 93: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.10 China – Market size and forecast 2022-2027 
• Exhibit 95: Chart on China – Market size and forecast 2022-2027 (USD billion)
• Exhibit 96: Data Table on China – Market size and forecast 2022-2027 (USD billion)
• Exhibit 97: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.11 France – Market size and forecast 2022-2027 
• Exhibit 99: Chart on France – Market size and forecast 2022-2027 (USD billion)
• Exhibit 100: Data Table on France – Market size and forecast 2022-2027 (USD billion)
• Exhibit 101: Chart on France – Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on France – Year-over-year growth 2022-2027 (%)

• 9.12 UK – Market size and forecast 2022-2027 
• Exhibit 103: Chart on UK – Market size and forecast 2022-2027 (USD billion)
• Exhibit 104: Data Table on UK – Market size and forecast 2022-2027 (USD billion)
• Exhibit 105: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography (USD billion)
• Exhibit 108: Data Tables on Market opportunity by geography (USD billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 Arcor Group
• Exhibit 115: Arcor Group – Overview
• Exhibit 116: Arcor Group – Business segments
• Exhibit 117: Arcor Group – Key offerings
• Exhibit 118: Arcor Group – Segment focus

• 12.4 AUGUST STORCK KG
• Exhibit 119: AUGUST STORCK KG – Overview
• Exhibit 120: AUGUST STORCK KG – Product / Service
• Exhibit 121: AUGUST STORCK KG – Key offerings

• 12.5 Barry Callebaut AG
• Exhibit 122: Barry Callebaut AG – Overview
• Exhibit 123: Barry Callebaut AG – Business segments
• Exhibit 124: Barry Callebaut AG – Key news
• Exhibit 125: Barry Callebaut AG – Key offerings
• Exhibit 126: Barry Callebaut AG – Segment focus

• 12.6 Chocoladefabriken Lindt and Sprungli AG 
• Exhibit 127: Chocoladefabriken Lindt and Sprungli AG – Overview
• Exhibit 128: Chocoladefabriken Lindt and Sprungli AG – Business segments
• Exhibit 129: Chocoladefabriken Lindt and Sprungli AG – Key news
• Exhibit 130: Chocoladefabriken Lindt and Sprungli AG – Key offerings
• Exhibit 131: Chocoladefabriken Lindt and Sprungli AG – Segment focus

• 12.7 Delfi Ltd.
• Exhibit 132: Delfi Ltd. – Overview
• Exhibit 133: Delfi Ltd. – Business segments
• Exhibit 134: Delfi Ltd. – Key offerings
• Exhibit 135: Delfi Ltd. – Segment focus

• 12.8 Ezaki Glico Co. Ltd.
• Exhibit 136: Ezaki Glico Co. Ltd. – Overview
• Exhibit 137: Ezaki Glico Co. Ltd. – Business segments
• Exhibit 138: Ezaki Glico Co. Ltd. – Key offerings
• Exhibit 139: Ezaki Glico Co. Ltd. – Segment focus

• 12.9 Ferrero International S.A. 
• Exhibit 140: Ferrero International S.A. – Overview
• Exhibit 141: Ferrero International S.A. – Product / Service
• Exhibit 142: Ferrero International S.A. – Key offerings

• 12.10 Ghirardelli Chocolate Co. 
• Exhibit 143: Ghirardelli Chocolate Co. – Overview
• Exhibit 144: Ghirardelli Chocolate Co. – Product / Service
• Exhibit 145: Ghirardelli Chocolate Co. – Key offerings

• 12.11 Mars Inc.
• Exhibit 146: Mars Inc. – Overview
• Exhibit 147: Mars Inc. – Product / Service
• Exhibit 148: Mars Inc. – Key offerings

• 12.12 Meiji Holdings Co. Ltd. 
• Exhibit 149: Meiji Holdings Co. Ltd. – Overview
• Exhibit 150: Meiji Holdings Co. Ltd. – Business segments
• Exhibit 151: Meiji Holdings Co. Ltd. – Key news
• Exhibit 152: Meiji Holdings Co. Ltd. – Key offerings
• Exhibit 153: Meiji Holdings Co. Ltd. – Segment focus

• 12.13 Mondelez International Inc. 
• Exhibit 154: Mondelez International Inc. – Overview
• Exhibit 155: Mondelez International Inc. – Business segments
• Exhibit 156: Mondelez International Inc. – Key news
• Exhibit 157: Mondelez International Inc. – Key offerings
• Exhibit 158: Mondelez International Inc. – Segment focus

• 12.14 Nestle SA
• Exhibit 159: Nestle SA – Overview
• Exhibit 160: Nestle SA – Business segments
• Exhibit 161: Nestle SA – Key news
• Exhibit 162: Nestle SA – Key offerings
• Exhibit 163: Nestle SA – Segment focus

• 12.15 The Australian Carob Co. 
• Exhibit 164: The Australian Carob Co. – Overview
• Exhibit 165: The Australian Carob Co. – Product / Service
• Exhibit 166: The Australian Carob Co. – Key offerings

• 12.16 The Hershey Co.
• Exhibit 167: The Hershey Co. – Overview
• Exhibit 168: The Hershey Co. – Business segments
• Exhibit 169: The Hershey Co. – Key news
• Exhibit 170: The Hershey Co. – Key offerings
• Exhibit 171: The Hershey Co. – Segment focus

• 12.17 Yildiz Holding AS
• Exhibit 172: Yildiz Holding AS – Overview
• Exhibit 173: Yildiz Holding AS – Product / Service
• Exhibit 174: Yildiz Holding AS – Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 175: Inclusions checklist
• Exhibit 176: Exclusions checklist

• 13.3 Currency conversion rates for USUSD 
• Exhibit 177: Currency conversion rates for USUSD

• 13.4 Research methodology
• Exhibit 178: Research methodology
• Exhibit 179: Validation techniques employed for market sizing
• Exhibit 180: Information sources

• 13.5 List of abbreviations 
• Exhibit 181: List of abbreviations

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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