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Chocolate Market Report, Share, Consumer Insights, Business Statistics 2023-2028

Chocolate is a sweet treat that is made from roasted and ground cocoa beans and combined with sugar, milk, and other flavors to create the various forms of chocolate.
Published 14 August 2023

According to the latest report by IMARC Group, titled "Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on chocolate market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global chocolate market size reached US$ 156.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 181.8 Billion by 2028, exhibiting a growth rate (CAGR) of 2.4% during 2023-2028.

What is Chocolate?

Chocolate is a food product that is created by harvesting, fermenting, drying, roasting, and then grinding cacao beans into a paste known as chocolate liquor, which can be separated into cocoa solids and cocoa butter. It is characterized by its rich, sweet flavor and creamy texture, and is crafted into bars, truffles, coatings, and beverages, among other forms. It is solid at room temperature but has a melting point just below the human body temperature, which gives it that distinctive melt-in-the-mouth quality. Moreover, chocolate, specifically dark chocolate, is known to be high in antioxidants such as flavonoids and polyphenols. Additionally, the caffeine and theobromine found in chocolate can have a mild stimulatory effect.

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What are the growth prospects and trends in the chocolate industry?

The global market is majorly driven by the augmenting demand from the bakery and confectionery sectors of the food and beverage industry. In line with this, the growing interest in artisanal and premium versions rich in cacao content among the masses is fueling the market expansion. Moreover, inflating disposable income levels of the consumers leading to increasing willingness to pay a premium for high-quality, ethically sourced variants is creating a positive market outlook. In addition to this, the emergence of products with reduced sugar content or alternative sweeteners, due to the health-consciousness among the masses is impacting the market positively. Furthermore, rapid product utilization in the formulation of cosmetic and personal care products as well as pharmaceutical products are creating lucrative opportunities in the market. Some of the other factors contributing to the market include rising product premiumization, the increased focus on sustainability and fair trade, and the adoption of environmentally friendly manufacturing processes.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • Arcor
  • Barry Callebaut
  • Chocoladefabriken Lindt & Sprüngli AG
  • Chocolaterie Guylian
  • Ferrero International
  • Mars Incorporated
  • Meiji Co. Ltd.
  • Mondelez International Inc. (Kraft Foods)
  • Moonstruck Chocolate Company
  • Nestlé S.A.
  • The Hershey Company

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Chocolate Market Segmentation:

Our report has categorized the market based on region, product type, product form, application, pricing and distribution.

Breakup by Product Type:

  • White Chocolate
  • Milk Chocolate
  • Dark Chocolate
  • Others

Breakup by Product Form:

  • Molded
  • Countlines
  • Others

Breakup by Application:

  • Food Products
  • Bakery Products
  • Sugar Confectionery
  • Desserts
  • Others
  • Beverages
  • Others

Breakup by Pricing:

  • Everyday Chocolate
  • Premium Chocolate
  • Seasonal Chocolate

Breakup by Distribution:

  • Direct Sales (B2B)
  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Online Stores
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

Browse Related Reports of IMARC Group:

Milk Chocolate Market:

Dark Chocolate Market:

Caramel Chocolate Market:

North America Dark Chocolate Market:

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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