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

The Chocolate 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, 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.

Increasing internet penetration for online sales is expected to propel the growth of the chocolate market going forward. Internet penetration rate refers to the percentage of people who have access to the internet, as expressed by the number of internet users and the sales made through the internet. The internet has replaced retail and mail-order sales with online distribution and interaction channels, while social media platforms have provided the personal touch that the internet needed. An increase in internet penetration for online sales is key to the market for online chocolate sales. For instance, according to a report by DataReportal, a Singapore-based free data and information provider, 5.16 billion people globally use the internet at the beginning of 2023, representing 64.4% of the global population. Also, internet users continue to grow with connected global population rising by 100 million in 12 months to January 2023. In addition, in January 2022, according to Optinmonster, a US-based internet, e-commerce, and web hosting company, online shopping was expanding at such a rapid pace that the global online shopping market was expected to exceed $4 trillion by 2020. In the United States alone, 300 million online shoppers are expected by 2023. That is 91% of the current population of the country. So far, 69% of Americans have shopped online, with 25% shopping at least once a month. Therefore, an increase in internet penetration for online sales is driving the growth of the chocolate market.

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The chocolate market covered in this report is segmented –

1) By Type: Milk Chocolate, Dark Chocolate, White Chocolate

2) By Application: Food, Beverages

3) By Distrubution: Supermarkets/ Hypermarkets, Specialist Retailers, Convenience Stores, Online Channel, Other Distrubutions

Product innovations are a key trend gaining popularity in the chocolate market. Major companies in the chocolate market are focusing on product innovations to strengthen their position in the market. For instance, in September 2021, Ferrero SpA, an Italy-based company and manufacturer of branded chocolate and confectionery products, launched Ferrero Rocher tablets. Ferrero’s competitive position in the premium chocolate industry will be strengthened with the entry of Ferrero Rocher Tablets into the quickly growing premium chocolate tablet sector. Ferrero Rocher fans will recognize the distinctive chocolate form as being faithful to what they expect from the brand, as well as the multisensory flavor. The development of this new product innovation is another step forward in the chocolate market.

The chocolate market report table of contents includes: