Global Chocolate Confectionery Market is segmented By Category (Premium, Seasonal, Everyday), By Type (Milk Chocolate, Dark Chocolate, White Chocolate), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Chocolate Confectionery Market Size
The Global Chocolate Confectionery Market USD 127.2 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 205.8 billion by 2030. The market is growing at a CAGR of 6.2% during the forecast period 2024-2031. The growth in chocolate sales for the past few months presented a significant rise in the purchase of chocolate products before the lockdown as stringent measures were imposed across the globe. The consumers have hoarded chocolate snacks and other confectionery products to store them for the next few months.
The rising consumer preference for the increasing number of people suffering from health conditions such as diabetes and cardiovascular diseases will further enhance chocolate confectionery demand globally. The easy availability of a variety of chocolates at a nominal price, including milk, premium chocolates, and other fewer sugar derivatives, is further expected to boost the chocolate confectionery market growth during the forecast period.
Chocolate Confectionery Market Scope
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Metrics |
Details |
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CAGR |
6.2% |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (US$) |
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Segments Covered |
Category, Type, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
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Fastest Growing Region |
Asia Pacific |
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Largest Region |
North America |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Chocolate Confectionery Market Dynamics
Increasing Consumption of Chocolate with Festivals and Special Occasions is Expected to Drive the Market Growth
Considering the current market, in many countries across the globe, chocolates are mainly consumed and associated with seasonal festive occasions and thus witness soaring demand during these festivities. Chocolates have become a popular dessert for religious events and special occasions such as Christmas, Diwali, Thanksgiving, Easter, and many more. According to Statista, the generated revenue in this market is expected to increase in the coming years reaching a value of 1.33 trillion dollars in 2027. The rising demand for eating chocolate as a snack among children and adults globally coupled with the increasing production of premium and dark chocolate products further stimulates chocolate confectionery demand.
Growing Public Consciousness of Health Risks Associated with Chocolate Confectioneries to Restrain Market Growth
The increasing prevalence of lifestyle-related health conditions such as obesity and diabetes associated with excessive sugar consumption is having a significant impact on the chocolate industry. According to the National Diabetes Statistics Report, in 2021, approximately 537 million adults (20-79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Diabetic patients resist the consumption of chocolates to avoid and reduce sugar intake in their daily diet. Thus, the increasing number of people suffering from health conditions such as diabetes and cardiovascular diseases is expected to dampen the overall market growth during the forecast period.
Chocolate Confectionery Market Segment Analysis
The global chocolate confectionery market is segmented based on category, type, and region.
The Dark Chocolate Segment Accounted for the Highest Share of the Global Chocolate Confectionery Market
Dark chocolate is often associated with various health benefits. It contains a higher percentage of cocoa solids, which are rich in antioxidants, flavonoids, and minerals such as iron, magnesium, and zinc. These properties are believed to have positive effects on cardiovascular health, brain function, and mood enhancement. According to YouGov, a 2021 survey of several thousand Americans found that dark chocolate is preferred by about 34% of those living in the US. The perception of dark chocolate as a healthier option than milk or white chocolate has contributed to its growing popularity.
Source: DataM Intelligence Analysis (2023)
Global Chocolate Confectionery Market Geographical Share
North America is Holding the Largest Market Share in the Forecast Period
The North American chocolate confectionery market has been characterized by continuous product innovation and a diverse range of offerings. Manufacturers in the region introduce new flavors, formats, and packaging designs to cater to evolving consumer preferences and maintain consumer engagement. The constant introduction of new products and variety helps sustain consumer interest and contributes to the market share dominance of North America.
Source: DataM Intelligence Analysis (2023)
Chocolate Confectionery Market Companies
The major global players in the chocolate confectionery market are FerreroGroup, Nestlé S.A, Mars, Mondelēz International Inc, The Hershey, Belcholat Chocolate JSC, August Storck KG, Chocolaterie Guylian NV., Maestrani Schweizer Schokoladen AG, and Lindt & Sprüngli AG.
COVID-19 Impact on Chocolate Confectionery Market
COVID Impact
The global COVID-19 pandemic resulted in widespread disruptions across various industries, including the chocolate confectionery market. During the initial stages of the pandemic, lockdowns, travel restrictions, and social distancing measures led to temporary closures of retail outlets, impacting the sales of chocolate products. Additionally, disruptions in the supply chain, including cocoa sourcing and transportation, affected the production and availability of chocolate confectionery.
By Category
- Premium
- Seasonal
- Everyday
By Type
- Milk Chocolate
- Dark Chocolate
- White Chocolate
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- On May 25, 2023, Reliance Retail Ventures, a well-known Indian FMCG company successfully acquired Lotus Chocolate Company Ltd.
- In April 2023, as part of its expansion strategy into the FMCG segment, Reliance Retail, the top retailer in the nation, added the candy and beverage brands Toffeeman and Raskik to its portfolio through acquisition.
- In December 2022, following an agreement reached by the Ferrero Group and Wells Enterprise, Ferrero will take over Wells, its business, and its popular ice cream brands, which include Blue Bunny, Blue Ribbon Classics, Bomb Pop, and Halo Top. The acquisition is a part of both Ferrero's and Wells' plans for accelerated growth in the ice cream market.
Why Purchase the Report?
- To visualize the global chocolate confectionery market segmentation based on category and type and understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous chocolate confectionery market-level data points all for segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global chocolate confectionery market report would provide approximately 53 tables, 47 figures, and 200 pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
