Global chocolate confectionery market was valued at USD 150.4 billion in 2023, expected to reach USD 213.88 billion in 2031, with a CAGR of 4.5% for the forecast period between 2024 and 2031. The major drivers of the market include growing demand for health-conscious chocolate products and evolving customer preferences for more sustainable and innovative chocolate products. Premium and luxury chocolate products have gained momentum, with more consumers seeking high-quality indulgent products.
In March 2023, The Hershey Company introduced new Hershey's KISSES Milklicious chocolates packed with chocolate milk filling in the center of milk chocolate. The product is available in 9 oz share bags, with each candy wrapped in light-blue foils inside the pack.
Also, advancements in technology, such as innovative production methods and the introduction of new flavors, are driving the market further. Dark chocolate has been witnessing significant growth in the market due to its perceived health benefits.
Moreover, supermarkets and hypermarkets are the major distribution channels for chocolate confectioneries, as the packaging of the product greatly affects consumers' buying decisions. Most of the chocolate buying decisions are not planned and are rather impulsive, further solidifying the dominant position of supermarkets and hypermarkets as the major distribution channels.
Rising sustainability concerns are becoming prominent amongst companies focusing on ethical sourcing of products and transparency in labelling. Furthermore, individuals seeking healthy chocolate consumption options are driving innovation in the market with manufacturers introducing organic, vegan, and sugar-free chocolates. For instance, in December 2023, Oobli launched Oobli milk chocolate bars, with 1 gram of added sugar per serving. The product maintains its sweetness level by adding sweet protein to it in small amount and contains 70% less sugar as compared to traditional milk chocolate bars.
Mindful Indulgence Drive the Market Growth
One of the key drivers of the global chocolate confectionery market is mindful consumption. Contemporary consumers focus on the taste and texture of chocolate and on the health of others and the planet. This multifaceted approach emphasizes the importance of indulgent eating along with responsibility. The impact of consumers' buying decisions on the environment significantly impacts the demand and sales of chocolates in the market.
People feel more confident buying chocolates manufactured by companies ensuring fair trade and sustainable farming practices. The concept of mindful indulgence is pushing manufacturers to bring such products to the market that require no compromise on the health of people and the planet.
For instance, in February 2024, Meiji Holdings Co., Ltd. collaborated with California Cultured Inc., a cocoa cell culture startup, to provide innovative, eco-friendly cocoa products to consumers and commercial markets. The collaboration aims to establish technology for cocoa cell cultivation and build a sustainable cocoa value chain, eliminating the shortage issues in raw material procurement.
Dark Chocolates Gaining Momentum
Several factors are responsible for the growth in demand for dark chocolates in global chocolate confectionery market. Millennials and Gen Z drive the demand by prioritizing healthy and conscious eating. Dark chocolates with high cocoa content, typically 70% or more, appeal to this cohort group. In addition to its rich chocolate flavor, they are drawn towards its high antioxidant and nutritional content, which provides several health benefits. High concentrations of methylxanthines, such as theobromine and polyphenols, which are believed to enhance blood flow and heart health, as well as minerals including copper, iron, magnesium, and manganese, attract health-conscious consumers. Furthermore, demand for non-dairy chocolate confections has surged the demand for dark chocolate products.
In September 2023, Chocolaterie Guylian NV launched Dark Praliné Seashells, a new chocolate product with dark praline filling covered with a 72% pure Belgian chocolate layer. The company claims the product to be made from 100% naturally sourced ingredients, without palm oil and soy. Also, in July 2023, the company announced to cut down on its portfolio to focus on and expand its dark chocolate offerings.
Europe Holds the Largest Market Share
Geographically, Europe holds the dominant share in global chocolate confectionery market. In 2023, Europe accounted for 35% of global cacao processing and 45% of global chocolate consumption. Switzerland has the highest chocolate consumption per capita in the world in 2023, with the average Swiss person consuming over 20 pounds of chocolate annually. It encourages the manufacturers to produce new innovative chocolate variants to gain a larger market share. For instance, in April 2024, Chocoladefabriken Lindt Sprüngli AG launched its latest plant-based products, Lindt LINDOR Non-Dairy OatMilk Truffles and Lindt LINDOR Dark Chocolate OatMilk Truffles. The products target lactose-intolerant individuals seeking delicious non-dairy chocolate options.
Furthermore, with 56% of total imports worldwide, Europe is the world's biggest market for cocoa beans. In contrast, 26% of the world's imports of cocoa beans come from Asia, and roughly 17% come from North America and South America. Also, the region is the biggest exporter of chocolates globally. In 2023, EU members shipped 8,67,000 tons of chocolate and chocolate bars to non-EU nations (extra-EU). It represents a 35% increase from 2013 (6,43,000 tonnes) and a 2% increase from 2022 (852,000 tonnes).
Future Market Scenario (2024 – 2031F)
- Continued shift towards healthier chocolate options, such as dark and organic chocolate, sugar-free varieties, will reflect evolving consumer preferences for mindful indulgence.
- Growing emphasis on sustainability and ethical sourcing throughout the chocolate supply chain, is likely to influence consumer purchasing decisions and brand reputation.
- Demand for personalized chocolate products and customizable packaging options will allow brands to cater to individual preferences and enhance consumer loyalty.
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Report Scope
"Chocolate Confectionery Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global chocolate confectionery market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business model, competitive intelligence, etc.
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