Chocolate Confectionery Market

Global Chocolate Confectionery Market Size (2024 to 2029)

As per our analysis report, the Chocolate Confectionery Market is expected to reach USD 219.48 Billion by 2029 from USD 162.46 Billion in 2024, growing at a compound annual growth rate (CAGR) of 6.2 % during the forecast timeline.

The rapid increase in the demand for premium and specialty chocolates in developed countries like the U.S., U.K., Germany, and France is anticipated to drive the chocolate confectionery market.

Across the globe, the demand for premium chocolates is expected to have a large market share in the chocolate confectionery market. The rise in the consumer’s disposable income and the rise in the trend of gifting tradition are driving segmental growth in the market.

Global Chocolate Confectionery Market Drivers:

There is an increase in demand for premium chocolates with the adoption of advanced technology is expected to drive the chocolate confectionery market. The consumer's preferences are changing with time. Nowadays there are preferring innovative and novel products has necessitated manufacturers to make innovative products and introduce them in the market. A new phase has started in the market with the usage of natural flavors and other new ingredients with the help of technology is benefiting the chocolate confectionery industry. With the increase in the disposable income of the population, consumers are willing to pay more for premium and crafted or customized chocolates. In developed countries, premiumization is the budding stage driving the demand for premium and luxury brand chocolates. There are high amounts of antioxidants and minerals in cocoa and is considered a healthy ingredient. The dark chocolate segment is flourishing with the logic of high cocoa content having less sugar content. Certain market players are creating new ingredients from natural ingredients that help in the lesser utilization of sugar in the manufacturing of chocolates. This helps in targeting health-conscious customers and also people suffering from diabetes.

The rapid increase in the demand for premium and specialty chocolates is anticipated to drive the chocolate confectionery market. The rise in demand for such products is observed more in developed countries like the U.S., U.K., Germany, and France and this trend is expected to grow in the coming years. There is another trend that is in the budding stage is the increase in the consumer interest to know about the origin of the ingredients that are used in the manufacturing of confectioneries. There is another driving factor for the market growth is the clean-label and organic products for maintaining overall health and wellness which have increased the demand for dark and sugar-free chocolates the high cocoa content. The demand has been rising for fair trade chocolates with the increase in awareness about labor welfare and sustainability in the coming years.

Global Chocolate Confectionery Market Restraints:

One of the major restraining factors for the growth of the chocolate confectionery market is the increasing awareness about the health risks associated with chocolate confectioneries. There is a rise in the number of people suffering from different health-related problems such as diabetes and cardiovascular diseases is anticipated to limit the overall growth of the market. This may impede the sales of the chocolate to confectioneries. Across the world, there is an increase in the prevalence of obesity and diabetes which are due to lifestyle-related health issues associated with high sugar consumption and show a significant impact on the chocolate industry. Diabetic patients are advised to reduce the consumption of chocolates to avoid and decrease the sugar intake in their daily food intake. The number of people suffering from diabetes is increasing across the world in recent times necessitates manufacturers to introduce new products to meet the requirements of the new segment group. This requires more investment in research and development activities.

Impact of COVID-19 on the Chocolate Confectionery Market:

The COVID-19 pandemic has had a significant impact on the chocolate confectionery market. Its effect is seen in the production and sale of chocolate items. During the initial days, the pandemic has created a panic situation across the world. The government of several nations started to impose a lockdown to reduce the spread of COVID-19. This resulted in the panic buying of the food items by consumers, contributing to the rise in the demand and growth of the market. The demand is seen for the next few months as people start to stay at home resulting in an increase in consumption rate. In certain regions, there is a doubling of sales compared to pre pre-pandemic period. However, the high demand was observed only for a few months as things started to become normal there was no surge in the demand. the demand for premium chocolates is low as premium and specialty chocolates are consumed seasonally and majorly used for gifting purposes during special occasions or festival celebrations. The pandemic has created more awareness about health among consumers and it is expected to create a pathway for enormous opportunities for chocolate manufacturers to develop healthy chocolates with high nutritious value such as dark and organic chocolates in the coming years.

REPORT COVERAGE: 

This research report on the global chocolate confectionery market has been segmented and sub-segmented based on product type, category, and region. 

Global Chocolate Confectionery Market– By Product Type:

• Dark Chocolate
• White Chocolate
• Milk Chocolate

The dark chocolate segment is expected to grow at a significant rate in the chocolate confectionery market owing to the shift in consumer preferences toward high-end chocolates. There is an increase in the per capita income of the population across the world led to an increase in the spending of consumers on premium and specialty chocolates. Dark chocolate is also considered as the premium category chocolate along with the health benefits and textural benefits offered by it. Dark chocolates are rich in antioxidants, help in balancing the bold pressure, and offer many other advantages to the consumers that are driving the consumers to purchase the product in the market. The milk chocolate segment is also expected to grow at a higher CAGR across the world. it is more popular among children and adolescents. On the other hand, milk chocolate has a huge opportunity to increase demand as it is preferred by consumers who avoid the bitterness of dark chocolates.

Global Chocolate Confectionery Market – By Category:

• Premium
• Seasonal
• Everyday

Across the globe, the demand for premium chocolates is expected to have a large market share in the chocolate confectionery market during the forecast period. The rise in the consumer’s disposable income and the rise in the trend of gifting tradition are driving segmental growth in the market. Consumers always look for novel chocolate flavors and new innovative products which create a huge opportunity for the market. During the special events, there is an increased demand for seasonal chocolates, and a rise in the affordability of the consumers aids in the growth of the premium segment. The growing demand for such chocolate products encourages the manufacturers to introduce small, consumer packs that are affordable and meet all types of requirements of the consumers in the market is expected to boost eh market growth.

Global Chocolate Confectionery Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America is the major Shareholder in the chocolate confectionery market owing to the demand for premium chocolate confectioneries. In this region, there is a huge demand for the clean-label and organic chocolate confectioneries in the market. Consumers in this region are in search of healthy products to stay healthy. With the increase in knowledge about the benefits of cocoa, the demand for dark chocolate is increasing in this region. The consumers are also focusing more on the origin of the chocolate and labor welfare is expected to contribute to the demand rise for the fair-traded cocoa and chocolate products. This helps in strengthening the North American region’s position in the chocolate confectionery sector.

Asia-Pacific region is expected to grow at a significant rate in the chocolate confectionery market owing to the increasing demand from consumers in emerging economies such as China and India. There has been an upward trend for chocolate confectioneries demand in recent years attributed to the rise in consumer disposable income on confectionery products. In developed countries like Japan and Australia, the market is driven by the knowledge about the perceived health benefits of cocoa.

Europe is anticipated to be the largest market for chocolate products and is growing at a higher CAGR during the forecast period. In Europe, certain nations are the largest producers and consumers of chocolates including Switzerland, Belgium, and the UK. When compared with the other regions in Europe these nations have a high per capita consumption of chocolates.

KEY MARKET PLAYERS:

Key Market players of Chocolate Confectionery Market are Barry Callebaut; Ferrero spA; Haribo GmbH & Co. KG; Mondelez International; The Hershey Company; Mars Inc.; Ezaki Glico Co., Ltd; Chocoladefabriken Lindt & Sprungli AG; Nestle S.A.; Olam International; Delfi Limited.

RECENT HAPPENINGS IN THE MARKET:

• In 2023, Ferrero a renowned Italian confectionery brand announced that in the United States, Kinder Chocolate will be available on Aug 2023 for the first time.

• In 2021, Europe Chocolate Company (ECC) a Belgian-based private company that specialized in manufacturing chocolate for B2B was acquired by Barry Callebaut.