Overview and Scope
Chocolate refers to a cacao seed preparation that has been roasted, husked, and ground, it is frequently sweetened and flavored, as with vanilla. It is used to manufacture beverages, flavor, or coat different confections and bakery goods. Dark chocolate lowers blood pressure, shields the skin from dehydration, supports the operations of the heart, and offers many other advantages.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
Europe was the largest region in the chocolate market in 2023. The regions covered in the chocolate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the chocolate market are adopting a strategic partnership approach, aiming to establish a collection of delicious sweets created from actual fruit. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in May 2023, The Hershey Company, a US-based chocolate and snack company, announced a partnership with Ocean Spray Cranberries, Inc. to produce a product line made of real fruit. The new snack collection includes milk chocolate-covered cranberry bites and dark chocolate-coated cherry-infused cranberry bites, which surprise the taste buds with sweet tastes. The cooperation with Hershey allows for surprising taste pairings in multi-serve lockable pouches in both 5oz and 8oz sizes for the entire family to munch on the move and is excellent to combine into trail mix and smother on top of ice cream. Ocean Spray Cranberries, Inc. is a US-based cooperative of farmers that cultivates cranberries.
The chocolate market report table of contents includes:
1. Executive Summary
2. Chocolate Market Characteristics
3. Chocolate Market Trends And Strategies
4. Chocolate Market – Macro Economic Scenario
5. Global Chocolate Market Size and Growth
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31. Global Chocolate Market Competitive Benchmarking
32. Global Chocolate Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Chocolate Market
34. Chocolate Market Future Outlook and Potential Analysis
35. Appendix
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