Chocolate Market - Outlook By Size, Production, Consumption and Growth Till 2027

Global Chocolate Market was valued at US$ 99.60 Billion in 2016, according to Chocolate Market Report by Price Range (Economic Chocolate, Mid-Range Chocolate, Premium Chocolate), by Flavor (White Chocolate, Milk Chocolate, Dark Chocolate), by Product Types (Box Chocolate, Chocolate Countlines, Chocolate Straightlines, Molded Bars, Novelties, and Others), by Distribution Channels (Supermarket, Hypermarket, Convenience Store, Online Channel, Departmental Store, and Others), published by Coherent Market Insights. The Chocolate Market is expected to register a CAGR of 6.6% over the forecast period (2017 - 2025) to reach US$ 172.22 billion by 2025.
During the festive season, the chocolate demand reaches its peak backed by huge sales of numerous chocolate products. Moreover, the health benefits of chocolate, such as suppressing the blood-pressure, antioxidant enrichment, anti-aging, and relieving stress are the advantages contributing to the growth of chocolate market globally. According to Health and Human Services, there was 11% reduction in cholesterol of the patients after 15 days of consumption of dark chocolate. However, fluctuating raw material prices, supply instability, and political instability in the economies manufacturing cacao are the restraints for the growth of global chocolate market.
Browse 200 market data tables* and 90 figures* on ""Chocolate" - Global forecast to 2025.
Key Trends and Analysis of Chocolate Market:
• On the basis of flavor, milk chocolate segment dominates the global chocolate market, followed by dark chocolate. Milk chocolate market contributed to 39.65% share in 2016 and it is growing at a CAGR of 6.0% during the forecast period of 2017 - 2025. Dark chocolate is fastest growing segment growing with a CAGR of 8.3% during the forecast period. Dark chocolate are made from cocoa, which has major health benefits, such as blood flow rate improving and it can reduce the risk of cardiovascular diseases. Therefore, with increase in awareness about the benefits of dark chocolate market for the same is expected to increase over the forecast period.
• In the product type, molded bars segment is dominant. It was valued at US$ 35.34 billion in 2016 and it is growing with a CAGR of 6.7% during the forecast period of 2017 - 2025.
• On the basis of price range, economy range chocolate segment dominated the chocolate market, owing to its affordable price and high consumption rate during festival season.
Key Takeaways of the Market:
• Europe led the chocolate market and was valued at US$ 29.07 billion in 2016. Owing to the presence of large number of manufactures especially in U.K. and Germany. According to National Confectionary Association (NCA), Germany led one-fourth of the Western European in sales and consumption in 2016.
• Asia Pacific is the fastest growing region in the global chocolate market. It is valued at US$ 26.75 billion in 2016 and it is growing at a CAGR of 8.5%, owing mainly to the rise in disposable incomes of the consumers. Moreover, influence of western habits and culture have augmented the growth of multinational companies, such as Mars, Hershey's, Ferrero, and Ghirardelli in this region. The economies such as Japan, China, South Korea, and India are the major markets of these brands and contribute to the growth of chocolate market globally. Cadbury India, was associated with the highest sales over the past few decades, owing to the most attractive brand during the festive reason of this country.
• North America is projected to be the largest region in chocolate market. The growth is mainly attributed to the presence of international brands and high rate of consumption. The U.S. is the major player of chocolate market in this region. According to National Center for Biotechnology Information (NCBI), the U.S. population consumes one or more than one chocolate candy of the three days of food intake. Moreover, chocolate is consumed more in winters of about 30-90 grams/day.
• The Middle East and Africa are witnessed to have a significant growth in the chocolate market. The major regions such as the U.S. and Europe are expanding their business in Africa and the consumption rate of the premium chocolates, such as Ferrero and Lindt are increasing at a fast pace in the Middle East. According to the Gulf News, chocolate market is huge in UAE with an estimated business of US$ 54.4 million annually.
Some of the major players in the Chocolate market include Mars, Hershey, Nestlé, Barry Callebaut, Kraft Foods, Ferrero, Moonstruck Chocolatier Co., Ghirardelli Chocolate Co., and Mondelez International (Cadbury).