What is the Historical Analysis of the Chocolate Confectionery Market Size?
The chocolate confectionery market has seen considerable growth due to a variety of factors.
• The size of the chocolate confectionery market has seen a significant increase in recent years. The market is projected to expand from $189.01 billion in 2024 to $198.56 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. Factors such as globalization, trade expansion, shifts in consumer tastes, marketing tactics, economic patterns, affordability, and changes in cocoa prices have contributed to the growth observed during the historical period.
What is the Forecasted Market Size and CAGR for the Chocolate Confectionery Market Size In The Coming Years?
The Chocolate Confectionery market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are that the chocolate confectionery market will experience constant growth in the coming years, expanding to $240.46 billion in 2029, with a compound annual growth rate (CAGR) of 4.9%.
This projected growth is due to a number of factors such as innovative product launches, a surge in demand for luxury chocolates, changing snack habits, extended e-commerce networks, and clean & natural ingredients' usage. Forecast period trends include a preference for health and wellness, sustainable and ethically sourced ingredients, innovation in flavors and variations, growth in premium and luxury segments, and the promotion of convenience and snacking culture.
What Key Factors and Trends Are Driving The Growth Chocolate Confectionery Market?
The proliferation of internet use for online purchases is poised to boost the expansion of the chocolate market. Internet penetration is gauged by the proportion of the population with internet access, represented by the number of internet users and transactions made online. The shift from traditional retail and mail-order sales to online platforms and the rising influence of social media channels have given the internet-driven market a personalized angle. Enhanced internet penetration for online purchases is a crucial element for the online chocolate sales market. For example, DataReportal, a provider of free data and information based in Singapore, reported that as of early 2023, there are 5.16 billion internet users worldwide, constituting 64.4% of the global population. Furthermore, the number of internet users continues to rise, with the connected global population growing by 100 million in the 12 months leading to January 2023. Also, according to Optinmonster, a US-based internet, e-commerce, and website hosting company, it is expected that by 2023, there will be 300 million online shoppers in the United States alone, translating to 91% of the nation's current population. To date, 69% of Americans have made purchases online, and 25% shop online at least monthly. Thus, the escalation of internet penetration for online purchases is a significant driving force behind the growth of the chocolate market.
What Are The Market Segments In The Chocolate Confectionery Market?
The chocolate confectionery market covered in this report is segmented –
1) By Type: Milk Chocolate, Dark Chocolate, White Chocolate
2) By Application: Food, Beverages
3) By Distribution: Super markets Or Hyper markets, Specialist Retailers, Convenience Stores, Online Channel, Other Distributions
Subsegments:
1) By Milk Chocolate: Standard Milk Chocolate, Milk Chocolate With Nuts, Milk Chocolate With Caramel, Milk Chocolate With Fruit
2) By Dark Chocolate: Semi-Sweet Dark Chocolate, Bittersweet Dark Chocolate, Extra Dark Chocolate, Dark Chocolate With Spices
3) By White Chocolate: Standard White Chocolate, White Chocolate With Fruit, White Chocolate With Nuts, White Chocolate With Herbs Or Spices
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What Trends Are Shaping The Chocolate Confectionery Market?
The emergence of product innovations is a notable trend in the chocolate industry. Major players in this market are putting emphasis on innovation with a goal to solidify their market stance. For example, Barry Callebaut Group, a top-tier chocolate manufacturer based in India, branched out to the North American market in April 2023 with their new Ruby chocolate baking chips. This Ruby chocolate, recognized by its uncommon pink hue and fruity flavor, was crafted by Barry Callebaut and has garnered worldwide acclaim. The launch of Ruby chocolate in the form of baking chips is anticipated to fortify Barry Callebaut's standing in the upscale chocolate market. This unique and ground-breaking product will cater to consumers and bakers alike, thereby bolstering its expansion in the burgeoning North American chocolate arena.
Who Are the Key Players In The Chocolate Confectionery Market?
Major companies operating in the chocolate confectionery market include:
• Barry Callebaut AG
• Mondelez International Inc.
• Nestlé S.A.
• The Hershey Company
• Ferrero Group
• Mars Incorporated
• Meiji Holdings Co. Ltd.
• Grupo Arcor
• Chocoladenfabriken Lindt & Sprüngli AG
• Ghirardelli Chocolate Co.
• Moonstruck Chocolatier Co.
• Chocolaterie Guylian
• Lake Champlain Chocolates
• The Australian Carob Co.
• Archer Daniels Midland Company
• AMCO GmbH
• Cargill Incorporated
• Cocoatrade Limited
• Ecom Cocoa International
• Gerkens Cacao GmbH
• ICAM S.p.A.
• Olam International Limited
• Puratos Group NV
• Alfred Ritter GmbH & Co. KG
• Sarotti AG
• Schachinger GmbH
• August Storck KG
• United Confectioners Group
• Valio Ltd.
• Venchi S.p.A.
• Villars Maître Chocolatier SA
• Wedel S.A.
What Are The Regional Insights Into The Chocolate Confectionery Market?
Europe was the largest region in the chocolate market in 2024. The regions covered in the chocolate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
