Global Chocolate Market Report by Type (Dark & Milk/White), Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Online Retail Stores & Other Distribution Channel), Country and Company Analysis 2024-2032

Global Chocolate Market Size

The global chocolate market had a value of US$ 132.65 Billion in 2023, and it is expected to expand at a CAGR of 4.48% from 2024 to 2032, reaching a worth of US$ 196.79 Billion by 2032.

Chocolate is made from cocoa beans, which are roasted, husked, and ground. Cocoa powder, used in baking and beverages, is made by grinding cocoa beans. Dark chocolate consists of cocoa butter, sugar, and 50-90% cocoa solids. On the other hand, milk chocolate consists of milk, butter, sugar, and 10-50% cocoa solids.

• Nearly two-thirds of the global population purchased chocolate confectionary in the past year, and our research dives into consumption trends. Over half of consumers claim to eat chocolate at least once a week, with 53% claiming to eat chocolate in block or tablet form and 54% claiming to eat chocolate-based confectionery such as bars or truffles.

Global Chocolate Market Survey

• Annual global chocolate consumption in 2022 was roughly 7.5 million tons.
• More than 98% of American consumers purchased chocolate, candy, gum, and mints in 2023.
• Switzerland, Germany, Ireland, and the United Kingdom have the highest annual chocolate consumption per person. Switzerland leads the list with 8.8 kg per person, Germany with 8.4 kg, and Ireland and the UK with around 8.3 kg and 8.2 kg, respectively.
• EU member countries exported 867,000 tons of chocolate and chocolate bars to countries outside the EU in 2023, a 2% increase from the previous year and a 35% increase from 2013.
• Germany was the leading country in exporting chocolate and chocolate bars to EU countries in 2023, with 220,000 tons exported. The Netherlands followed closely behind with 123,000 tons, while Poland came in third with 115,000 tons. Belgium exported 96,000 tons of chocolate and chocolate bars, while Italy exported 92,000 tons, completing the top five EU exporters of chocolate for that year.
• China imported three times more Russian chocolate in 2023, reaching 33 thousand tons worth US$ 55.4 Million.
• Chocolate consumption is high among younger, urban upper-class, and affluent cohorts in India. It is famous as a gift for various celebratory occasions.

Asia Pacific Chocolate Market

Asia Pacific chocolate market is growing significantly due to a large youth population. According to the United Nations World Population, more than 60% of the world's youth live in this region, meaning over 750 million young women and men aged 15 to 24 live here. This growing population is contributing to the increasing demand for chocolate. In addition, the trend of gifting chocolates during festivals and other occasions is also driving up demand. Furthermore, the consumption of chocolate to alleviate stress and induce happiness during mood swings also contributes to market growth. All these factors are expected to continue driving up demand for chocolates over the forecast period.

• Lindt Vegan Classic won the Best Vegan Chocolate award in the PETA Vegan Food Awards in July 2022. The prize was awarded based on vegan labeling, innovation, product range, and taste.
• Nestle Health Science completed the acquisition of Vital Proteins, a Chicago-based manufacturer of collagen-based foods, beverages, and supplements, in February 2022.
• Dec 2023, Mondelez India has announced an investment of ₹4,000 crores over four years in India to boost manufacturing capacity and improve cold-chain and warehouse facilities. 
• ITC Ltd. Fabelle Exquisite Chocolates launched the world's most expensive chocolate, the Fabelle Trinity - Truffles Extraordinaire, in October 2023. 
• Ferrero Rocher launched its 2023 Easter collection in March, featuring 11 limited edition chocolates made with sustainably sourced cocoa adhering to independent standards like Rainforest Alliance and Fairtrade.

Chocolate Market Company Analysis

Some of the major players in the global Chocolate industry are Nestlé S.A., Mondelez International, Inc., AMUL Industries Pvt Ltd., The Hershey Company, Meiji Holdings Co. Ltd., Saputo Inc., Chocoladefabriken Lindt, and Sprungli AG, and Hotel Chocolat Group plc.

Chocolate Market Company News

• In January 2024 - Mars acquired Hotel Chocolat, a premium chocolate brand in the UK, adding it to its portfolio.
• In September 2023 - Nestle, the Swiss food group, bought a majority stake in Brazilian premium chocolate maker Grupo CRM to expand into luxury confectionery.
• In October 2023 - Mondelēz International's Toblerone is now positioned as a premium chocolate brand with its "Never Square" campaign, inspired by luxury brands. It has introduced unique formats and gifting options, including Toblerone Truffles and Tiny Toblerone packs for mindful snacking.
• In July 2023 - Ferrara Candy Co. acquired Brazilian snacks company Dori Alimentos. The company sells a variety of chocolate and sugar confectionery brands, including Dori, Pettiz, and Jubes.
• In May 2023 - Reliance Retail Venture's FMCG unit, Reliance Consumer Products, acquired a controlling stake in Lotus Chocolate Company Ltd.
• In April 2023 - MBK Partners, a private equity firm, is set to acquire Pierre Marcolini, a Belgian chocolate brand often called the "Hermes of Chocolate." MBK purchased Godiva's business rights in South Korea, Japan, and Australia four years ago. They plan to bolster their premium chocolate offerings by adding Pierre Marcolini to their portfolio.
• In February 2023 - Mars Wrigley India introduced GALAXY FUSIONS, dark chocolate with 70% cocoa. This marks Mars Wrigley India's entry into the dark chocolate market in India and a significant expansion of local production of the brand GALAXY, which has been loved globally for over 60 years.

Type – Global Chocolate Market breakup in 2 viewpoints:

1.    Dark Chocolate
2.    Milk/White Chocolate

Distribution Channel – Global Chocolate Market breakup in 4 viewpoints:

1.    Hypermarkets/Supermarkets
2.    Convenience Stores
3.    Online Retail Stores
4.    Other Distribution Channel

Country – Global Chocolate Market breakup of 25 Countries:

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    United Kingdom
2.6    Belgium
2.7    Netherland
2.8    Turkey

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Thailand
3.6    Malaysia
3.7    Indonesia
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    UAE
5.3    South Africa

All the Key players have been covered from 3 Viewpoints:

•    Overview
•    Recent Development
•    Revenue Analysis

Company Analysis:

1.    Nestlé S.A.
2.    Mondelez International, Inc.
3.    AMUL Industries Pvt Ltd.
4.    The Hershey Company
5.    Meiji Holdings Co. Ltd.
6.    Saputo Inc.
7.    Chocoladefabriken Lindt, and Sprungli AG
8.    Hotel Chocolat Group plc

Report Details: