Overview and Scope
Chocolate confectionery includes ready-to-eat foods containing chocolate, cocoa, or non – fat cocoa solids, along with foods with a coating that is either covered in chocolate or has a chocolate flavors.
Sizing and Forecast
The chocolate confectionery market size has grown strongly in recent years. It will grow from $181.04 billion in 2023 to $190.8 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to cultural significance of chocolate, globalization and accessibility, advertising and branding, rising disposable income, product innovation and variety, gift-giving tradition.
The chocolate confectionery market size is expected to see steady growth in the next few years. It will grow to $228.01 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to premiumization and artisanal offerings, sustainable and ethical sourcing, innovations in chocolate formats, functional ingredients and claims, global economic trends. Major trends in the forecast period include introduction of functional and healthy ingredients, innovative flavor combinations and infusions, customization and personalization, digitalization in marketing and sales, shift towards dark chocolate and healthier alternatives.
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Segmentation & Regional Insights
The chocolate confectionery market covered in this report is segmented –
1) By Type: Milk Chocolate, Dark Chocolate, White chocolate
2) By Category: Premium, Seasonal, Everyday
3) By Distribution Channel: Supermarkets And Hypermarkets, Convenience Stores, Pharmaceutical and drug stores, Specialty stores, Duty-free stores, E-commerce, Other Distribution Channels
Europe was the largest region in the chocolate confectionery market in 2023. The regions covered in the chocolate confectionery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increased chocolate consumption is expected to propel the growth of the chocolate confectionery market going forward. Chocolate consumption refers to the total amount of chocolate that an individual or population consumes over a given time frame. People of all ages consume chocolate, and its increasing consumption will help chocolate confectioneries produce more chocolate and related products. For instance, in March 2023, according to statistics shared by the National Confectioners Association (NCA), a US-based trade organization that promotes chocolate, candy, gum, and mint, In 2022, overall chocolate sales were $18.2 billion, a 9.1% increase over the previous year. Furthermore, total chocolate sales in 2022 were $23.9 billion. Therefore, increased chocolate consumption is driving the growth of the chocolate confectionery market going forward.
Key Industry Players
Major companies operating in the chocolate confectionery market are focusing on launching products, such as the premium chocolate bars, to gain a competitive edge in the market. Premium chocolate bars are high-quality chocolate bars crafted with exceptional ingredients, offering a luxurious and indulgent sensory experience. For instance, in September 2022, Ferrero International SA, an Italy-based manufacturer of chocolates, launched Rocher Premium Chocolate Bars. Rocher Premium Chocolate Bars are chocolate bars chocolate designed to bring a new dimension of delicious sensation of textures and flavors to the premium chocolate bar category. It is made with ingredients, such as crunchy hazelnut pieces, fine chocolate, and exquisite creamy fillings. It is available in four flavors such as original milk hazelnut, 55% dark hazelnut, white hazelnut, and hazelnut and almond.
The chocolate confectionery market report table of contents includes:
- Executive Summary
- Chocolate Confectionery Market Characteristics
- Chocolate Confectionery Market Trends And Strategies
- Chocolate Confectionery Market – Macro Economic Scenario
- Global Chocolate Confectionery Market Size and Growth
- Chocolate Confectionery Market Segmentation
- Chocolate Confectionery Market Regional And Country Analysis
…………………
- Key Mergers And Acquisitions In The Chocolate Confectionery Market
- Chocolate Confectionery Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Chocolate Confectionery Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Chocolate Confectionery Market, Segmentation By Category, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Chocolate Confectionery Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……….
Table 74: Barry Callebaut Financial Performance
Table 75: The Hershey Company Financial Performance
Table 76: Nestle SA Financial Performance
Table 77: Mars Incorporated Financial Performance
Table 78: Lotte Corporation Financial Performance
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