Chocolate Confectionery Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Chocolate Confectionery by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Chocolate Confectionery, The chocolate market size has grown steadily in recent years. It will grow from $135.11 billion in 2023 to $140.97 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to globalization and trade expansion, shift in consumer preferences, marketing and branding strategies, economic trends and affordability, cocoa price fluctuations..

The chocolate market size is expected to see steady growth in the next few years. It will grow to $168.73 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to innovative product offerings, rising demand for premium chocolates, evolving snacking culture, expansion of e-commerce channels, clean label and natural ingredients.. Major trends in the forecast period include health and wellness preferences, sustainability and ethical sourcing, innovation in flavors and varieties, premiumization and luxury segment growth, convenience and snacking culture..

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.

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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

Product innovations have emerged as a key trend gaining popularity in the chocolate confectionery market. Major companies operating in the chocolate confectionery market are focused on innovating new products to sustain their position in the market. For instance, in November 2022, Fabelle (a brand from ITC Limited), an India-based maker of luxury chocolate, launched Fabelle Finesse, the world’s finest chocolate. Chocolate as thin as seven microns may now be produced by Fabelle thanks to a ground-breaking technological advancement by ITC called the Cocoa Finesser. This method assists in bringing chocolate particle size down to a new benchmark level that is impossible to accomplish with just the traditional refining process.

The chocolate confectionery market report table of contents includes: