Expert Market Research’s new report titled “Global chocolate market Report and Forecast 2022-2027′, gives an in-depth analysis of the global chocolate market, assessing the market based on its segments such as categories, product types, processed types, grades, applications and regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators and analyzing the market based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
- Historical market size (2021): USD 106.6 billion
- Expected CAGR (2022-2027): 5.5%
- Forecasted market size (2027): 147 billion USD
The chocolate market is driven by the growing demand for chocolate in the food and beverage industry as a popular flavoring ingredient. For example, chocolate is used in making cookies and cakes, and can also be found in beverages, such as milkshakes. This can be attributed to the increasing popularity of chocolate flavor, across all age groups. Moreover, the wide variety of chocolates available in the market is also attracting new investment from consumers which is expected to have a positive impact on the growth of the market. The market is growing as consumers become more aware of the health benefits of dark chocolates, such as lower risk of cardiovascular disease, lower cholesterol and lower blood pressure. Dark chocolate also contains a lot of cocoa, which is good for preventing aging and diseases like cardiovascular disease. These factors are expected to drive the market growth over the forecast period.
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Industry definition and major segments
Chocolate refers to the product generated from roasted and ground cocoa nibs, which is sweetened for use in a variety of bakery and confectionery products. Chocolate is used as a flavoring agent and can also be consumed as a finished product on its own.
The chocolate market, on the basis of category, can be segmented into:
- Pure Chocolate
- Chocolate couverture
- regular chocolate
- Compound chocolate
Based on product types, the industry can be divided into:
- Dark chocolate
- Milk chocolate
- White chocolate
On the basis of processed types, the market can be categorized into:
- chocolate syrup
- Chocolate bar
On the basis of quality, the industry can be segmented into:
- Every day
- Seasonal chocolate
On the basis of application, the market can be divided into:
- Pastry shop
Regional chocolate markets include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The industry is driven by inflation in disposable incomes, growing Western influence and improving consumer living standards. Rising expenditure by major industry players in developing innovative chocolate variants and developing attractive packaging solutions is also expected to contribute to the growth of the market over the forecast period. Additionally, consumers are also investing in premium chocolates which are a popular gift choice, especially during Valentine’s Day across the globe. More consumers are expected to be attracted to the use of innovative packaging solutions, which is expected to drive the growth of the industry throughout the forecast period.
Main market players
Major players in the market are Nestlé SA, Mars, Incorporated, Ferrero Group, Barry Callebaut AG, Mondelez International, Hershey Co. and Kerry Group plc, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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* At Expert Market Research, we always strive to give you the latest information. The figures in the article are only indicative and may differ from the actual report.