he Chocolate Global Market Report 2023, provides comprehensive information on the chocolate market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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In accordance with the latest findings presented in The Business Research Company’s Global Chocolate Market Report for 2023, there are fascinating insights into the trajectory of the worldwide chocolate market. It is anticipated that this market will undergo a noteworthy transformation, expanding from a valuation of $129.04 billion in 2022 to an estimated $134.29 billion in 2023, driven by a solid compound annual growth rate (CAGR) of 4.1%.
However, amidst the backdrop of this promising growth, the shadow of the Russia-Ukraine war looms large over the global economic recovery post the COVID-19 pandemic, at least in the short term. This geopolitical turmoil has introduced formidable obstacles, notably through the imposition of economic sanctions on several nations, the consequential surge in commodity prices, and the significant disruptions experienced within global supply chains. These collective factors have culminated in inflationary pressures that have touched upon various goods and services, profoundly impacting diverse markets across the globe.
Looking ahead to the year 2027, the chocolate market maintains its growth trajectory, poised to achieve a substantial market size of $155.52 billion, characterized by a CAGR of 3.7%. This trajectory underscores the market’s resilience and adaptability in the face of intricate global economic dynamics. Stakeholders within the chocolate market should maintain a vigilant stance, consistently monitoring and effectively navigating the evolving economic challenges and opportunities presented within this dynamic and delectable sector.
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Product innovation stands as a prominent and increasingly popular trend within the dynamic landscape of the chocolate market. Notably, leading players in the chocolate industry have set their sights on innovative endeavors to fortify their market positioning. A case in point is the remarkable initiative undertaken by Ferrero SpA, a renowned Italian-based enterprise specializing in branded chocolate and confectionery products. In September 2021, they unveiled their latest creation, the Ferrero Rocher Tablets. This strategic move has significant implications for Ferrero, elevating its competitive stance within the premium chocolate sector, an arena marked by rapid growth.
The introduction of Ferrero Rocher Tablets offers a compelling proposition for enthusiasts of this iconic brand. It mirrors the expectations of Ferrero Rocher aficionados, retaining the brand’s distinctive chocolate form and delivering a multisensory flavor experience. This innovative product launch is undoubtedly a significant stride forward in the chocolate market, showcasing the industry’s commitment to continuous enhancement and adaptation to evolving consumer preferences. Such endeavors reinforce the chocolate market’s dynamic nature and its enduring appeal to a wide spectrum of chocolate connoisseurs.
The chocolate market is segmented:
1) Chocolate Market By Type: Milk Chocolate, Dark Chocolate, White Chocolate
2) Chocolate Market By Application: Food, Beverages
3) Chocolate Market By Distribution: Supermarkets/ Hypermarkets, Specialist Retailers, Convenience Stores, Online Channel, Other Distributions
Top Major Players
Europe was the largest region in the chocolate market in 2022.
The table of contents in TBRC’s chocolate market report includes:
1. Executive Summary
2. Chocolate Market Characteristics
3. Chocolate Market Trends And Strategies
4. Chocolate Market – Macro Economic Scenario
5. Chocolate Market Size And Growth
…..
26. Africa Chocolate Market
27. Chocolate Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Chocolate Market
29. Chocolate Market Future Outlook and Potential Analysis
30. Appendix
List Of Tables
Table 1: Global Historic Market Growth, 2017-2022, $ Billion
Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
Table 3: Global Chocolate Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 4: Global Chocolate Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 5: Global Chocolate Market, Segmentation By Distribution, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
………
Table 46: Barry Callebaut AG Financial Performance
Table 47: Mondelez International Inc. Financial Performance
Table 48: Nestlé S.A. Financial Performance
Table 49: The Hershey Company Financial Performance
Table 50: Ferrero Group Financial Performance
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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