Chocolate Market Analysis – Market Trends, Growth, Statistics, and Forecast
Chocolate Market Size and Overview
The size of the global chocolate market will increase more than USD 37 billion between 2018-2023, accelerating at a CAGR of nearly 5% during the forecast period. This increase in market size will be attributed to an increasing demand for premium and seasonal chocolates during festive seasons. Consumers are increasingly preferring premium chocolates as gifts as they are more conscious about the brand and quality they consume. Additionally, consumers are encouraging chocolate companies to produce more organic, vegan, sugar-free, and gluten-free chocolate, which will be one of the key market trends in the coming years.
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This trend also applies to the premium chocolate market as increasing awareness about the negative health effects of synthetic products has consumers opting for organic chocolates. Regionally, the Americas accounted for a 40% market share of the premium chocolate market in 2017, largely driven by the United States. In 2014, the United States made up 43% of all retail sales of organic food products. Other chocolate market trends expected to impact the market over the next few years include companies introducing more limited edition chocolate, sustainable cocoa production, increased transparency in ingredient labeling, and more availability and variety of trendy chocolate flavors.
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The European chocolate market is expected to grow at a slightly faster pace than the global market and will witness steady growth through 2024. The growth of this market will be driven by increased preferences for dark chocolate. Dark chocolate offers benefits such as helping to improve cardiovascular health, blood flow, and cognitive functions. Some of the emerging chocolate trends for the European market include a growing influence of online retailing and rising popularity towards premiumization.
With the establishment of supermarkets, hypermarkets, drug stores, convenience stores, and specialty stores across the world, the sales of truffle chocolates has increased significantly. EMEA dominated the global truffle chocolate market with a market share of nearly 48% in 2017. Consumers in the region follow the tradition of gifting truffle chocolates on special occasions. Moreover, factors such as the increasing number of internet users and growth of the e-commerce industry across the world also fuel truffle chocolate market growth.
The demand for industrial chocolate is also increasing at a steady pace. The European region will be the key market for industrial chocolate and countries such as Germany, Belgium, and France will be the major consumers. The increasing demand for dark chocolate as an active ingredient in several end-user industries is driving industrial chocolate market growth in this region. With the increasing preference for dairy-free food products from consumers in this region, industrial chocolate manufacturers are also focusing on increasing their dairy-free product offerings in Europe.
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Chocolate Market Share and Segmentation
Within our chocolate industry research, we provide deep insights into the market landscape and its segments. Our chocolate segmentation research offerings include.
- White Chocolate Market
- Organic white chocolate market
- Inorganic white chocolate market
- Milk Chocolate Market
- Organic milk chocolate market
- Inorganic milk chocolate market
- Dark Chocolate Market
- Organic dark chocolate market
- Inorganic dark chocolate market
Technavio’s market research also provides a detailed analysis of the following segments:
- Everyday Chocolates Market
- Premium Chocolates Market
- Seasonal Chocolates Market
We at Technavio, with our comprehensive understanding of the chocolate market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of chocolate market reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our chocolate market research reports offer the following insights:
- Chocolate industry statistics
- Chocolate market trends
- Chocolate market size
- Chocolate market growth
- Chocolate market share
- Chocolate market vendor landscape
