Global Chocolate Confectionery Market - Industry Trends and Forecast to 2030

Global Chocolate Confectionery Market, By Type (Dark, Milk, White), Product (Chocolate Bars, Box Assortments, Seasonal Variants, Others), Category (Premium, Seasonal, Everyday) - Industry Trends and Forecast to 2030.

Chocolate Confectionery Market Analysis and Size

The chocolate confectionery market is an example of a non-age-restricted segment. For the vast majority of the world's population, age has never impeded indulging in chocolates to satisfy their taste buds. For over a decade, the market has been growing steadily, and innovations in flavours and textures contribute to the market's expansion. Furthermore, the growing number of consumers drawn to the outlandish trends of organic chocolate and no added sugar chocolates is fuelling such experiments, thereby contributing to the chocolate confectionery market.

Advancements in online retail are one of the primary factors driving the growth of the chocolate confectionery market. Large product distribution channels include convenience stores, specialty stores, supermarkets, drug stores, and hypermarkets. Retailers and manufacturers' ongoing attempts to expand their supply and distribution chains have aided in improving product availability in the chocolate candy sector. However, the chocolate confectionery market's growth rate will be slowed by the high cost of R&D activities and the unpredictability of raw material prices. Other market growth restraints include increased obesity rates, high blood sugar levels in patients, and an increase in the global diabetes incidence rate.

Data Bridge Market Research analyzes that the chocolate confectionery market which was USD 182.64 billion in 2022, would rocket up to USD 252.47 billion by 2030, and is expected to undergo a CAGR of 4.13%% during the forecast period of 2023 to 2030.  “Milk” dominates the type segment of the chocolate confectionery market due to its broad appeal, accessibility, and affordability, but dark chocolate's popularity is rising with health-conscious consumers.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.       

Report Scope and Market Segmentation

Market Definition

Chocolate confectionery refers to a diverse range of sweet treats made primarily from cocoa, sugar, and milk. End-use applications encompass a variety of indulgent products such as chocolate bars, truffles, pralines, and filled chocolates. Popular across all age groups, chocolate confectionery serves as a standalone treat, a gift item, or an ingredient in desserts. Its versatility extends to multiple occasions, including celebrations, snacks, and as a mood-enhancing delicacy. Widely enjoyed globally, the rich, velvety taste and smooth texture of chocolate confectionery make it a beloved choice for satisfying cravings and adding a touch of luxury to culinary creations.

Chocolate Confectionery Market Dynamics

Drivers

• Changing consumer preferences

The health-conscious trend has led to an increased demand for dark chocolate, known for its higher cocoa content and potential health benefits, such as antioxidants. Consumers are seeking chocolate with lower sugar content and are willing to pay a premium for organic and natural ingredients. Artisanal and craft chocolates, which offer unique flavors and limited production, have gained popularity as discerning consumers look for new taste experiences.

• Emerging markets growth

The growth of emerging markets, particularly in Asia, presents significant opportunities. Increasing disposable incomes and urbanization in countries like India and China have created a burgeoning middle class with a taste for premium and imported chocolates. Global chocolate companies are investing in these markets to tap into their vast consumer base.

• Innovation and product diversification

Chocolate manufacturers continually invest in research and development to innovate and diversify their product offerings. This includes the development of specialized chocolates for specific dietary requirements, such as sugar-free, dairy-free, and vegan options. Brands are also introducing chocolates with functional ingredients like probiotics, adaptogens, and superfoods to cater to health-conscious consumers. Sustainable practices, such as using ethically-sourced cocoa and environmentally-friendly packaging, are becoming a selling point for brands.

Restraints

• Rising raw material costs

Cocoa, a key ingredient in chocolate production, is susceptible to price fluctuations influenced by factors like weather conditions, crop diseases, and global supply and demand. The industry's commitment to sustainable sourcing and fair trade practices can also increase the cost of raw materials. Companies must navigate these challenges to maintain competitive pricing and profitability.

• Regulatory challenges

Chocolate manufacturers must navigate a complex web of regulations, including labeling requirements, health claims, and ingredient standards that vary by region. Compliance can be costly and time-consuming. Changes in regulations or sudden shifts in consumer sentiment can disrupt product formulations and marketing strategies, making it essential for companies to stay agile and adaptable.

Opportunities

• Health-conscious products

With increasing awareness of the health risks associated with excessive sugar consumption, there is a growing opportunity for chocolate makers to create and market healthier alternatives. Chocolates with reduced sugar content, no artificial additives, and claims of being heart-healthy are well-received. The demand for these products is driven by consumers looking for indulgence without compromising their well-being.

• E-commerce and online retail

The rise of e-commerce, especially after the COVID-19 pandemic, offers a significant opportunity for chocolate companies to reach a wider audience. Direct-to-consumer sales through online platforms allow for personalized marketing, easy access to niche markets, and the potential for higher profit margins compared to traditional retail. Companies can leverage data analytics and targeted advertising to attract and retain customers.

Challenges

• Sustainability and ethical sourcing

Meeting the growing demand for ethically-sourced and sustainable chocolates poses multifaceted challenges. Companies need to invest in transparent supply chain management, work with local communities, and ensure fair compensation for farmers. Balancing environmental concerns, such as deforestation and biodiversity loss in cocoa-producing regions, requires commitment and investment in sustainable farming practices.

• Competition and branding

The chocolate confectionery market is saturated with both established giants and smaller, niche players. Building brand recognition and consumer trust is a persistent challenge, especially for new entrants. Effective marketing, product differentiation, and a commitment to quality are key to carving out a distinct identity and gaining a competitive edge in this crowded marketplace.

This chocolate confectionery market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the chocolate confectionery market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Development

• In February 2022, The Hershey Company's launch of a limited-edition "Celebrate SHE" chocolate bar in commemoration of women's history month. This unique initiative spotlights the pivotal roles played by women and girls in our lives, with the word "SHE" prominently featured on the iconic chocolate bar. The campaign reflects the current trend of socially responsible marketing and the increasing importance of inclusivity in branding. In addition, Hershey's collaboration with Girls on the Run, a nonprofit dedicated to empowering girls, exemplifies a commitment to social impact, with a $150,000 donation. This highlights both the company's dedication to women and the growing focus on corporate social responsibility in the chocolate confectionery industry. In a broader context, this development exemplifies the industry's increasing emphasis on celebrating diversity and supporting social causes, aligning with evolving consumer preferences for ethical and purpose-driven consumption

Global Chocolate Confectionery Market Scope

The chocolate confectionery market is segmented on the basis of type, product, and category. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Dark
• Milk
• White

Product

• Chocolate Bars
• Box Assortments
• Seasonal Variants
• Others

Category

• Premium
• Seasonal
• Everyday

Chocolate Confectionery Market Regional Analysis/Insights

The chocolate confectionery market is analysed and market size insights and trends are provided by country, type, product, and category are referenced above.

The countries covered in the chocolate confectionery market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America in South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, and the rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, and the rest of Asia-Pacific in Asia-Pacific, and U.A.E., Saudi Arabia, Egypt, South Africa, Israel, and the rest of the Middle East and Africa in Middle East and Africa.

Asia-Pacific is expected to dominate the chocolate confectionery market due to the region's tremendous popularity and substantial consumption of chocolate, and rising consumption of waffles and pitas prepared with chocolate spread in this region during the forecast period.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Chocolate Confectionery Market Share Analysis

The chocolate confectionery market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' focus related to the chocolate confectionery market.

Some of the major players operating in the chocolate confectionery market are:

• Barry Callebaut (Switzerland)
• Olam International (Singapore)
• The Hershey Company (U.S.)
• Nestle SA (U.S.)
• Ingredion Incorporated (U.S.)
• Mars, Incorporated (U.S.)
• DSM (Netherlands)
• Kerry Group plc (Ireland)
• Tate & Lyle PLC (U.K.)
• Lake Champlain Chocolates (U.S)
• Lotte Corporation (South Korea)
• Mondelez International (U.S)
• Chocoladefabriken Lindt & Sprüngli AG (Switzerland)
• CROWN (South Korea)
• Delfi Limited (Singapore)
• EZAKI GLICO CO.,LTD (Japan)