USD 178.8 Billion
Chocolate Confectionery Market Size, Share, Growth Analysis, By Product Type(White/milk chocolate and dark chocolate.), By Distribution channel(Hypermarkets/supermarkets, convenience stores, online retail stores, and other distribution channels.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2357 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Chocolate Confectionery Market Insights
Chocolate Confectionery Market size was valued at USD 178.8 Billion in 2021 and is poised to grow from USD 190.24 Billion in 2022 to USD 312.49 Billion by 2030, at a CAGR of 6.4% during the forecast period (2023-2030).
The global chocolate confectionery market is a vibrant and expanding industry. It is fuelled by the growing consumer demand for chocolate-based treats and gifts worldwide. Factors supporting the
market's growth include rising disposable incomes, increasing urbanization, the emergence of premium and artisanal chocolates, health-
consciousness driving the popularity of dark chocolate, and the convenience of online retail platforms. These factors contribute to the market's upward trajectory. However, the industry also faces various challenges. Fluctuating cocoa prices due to weather conditions, political instability, and supply-demand dynamics pose a challenge for manufacturers. Sustainability concerns, such as deforestation and ethical sourcing of cocoa beans, demand greater transparency and responsible practices from chocolate companies. Rising production costs, including labor and packaging materials can impact profitability. Additionally, changing consumer preferences towards healthier options and the need to address sugar and
Calorie concerns require companies to adapt and innovate. Intense competition among global and regional players further adds to the challenges faced by the market. Navigating these challenges while meeting consumer expectations for quality, sustainability, and innovation is crucial for companies in the global chocolate confectionery market. Adaptation to market dynamics, investment in sustainable sourcing and production practices, product diversification, and effective branding and marketing strategies are key to maintaining growth and competitive advantage in this dynamic industry.
US Chocolate Confectionery Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Milk chocolate
Fastest Growth
Milk chocolate
Growth Rate
6.4% CAGR
Global Chocolate Confectionery Market ($ Bn)
Country Share for Europe Region (%)
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Chocolate Confectionery Market Segmental Analysis
The global chocolate confectionery market is segmented on the basis of product type, distribution channel, and region. By product type, the market is segmented into white/milk chocolate and dark chocolate. By distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, online retail stores, and other distribution channels. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Chocolate Confectionery Market Analysis By Product Type
The milk type emerged as the dominant segment in 2022. With an increasing consumer preference for milk-based products, numerous companies have introduced new offerings featuring clean labels, such as organic, vegan, and certified Kosher, to enhance their product range. Nevertheless, the dark type category is expected to experience the most substantial growth in the foreseeable future. Over recent years, dark chocolate has gained significant popularity among consumers, particularly in Asian countries, due to changing taste preferences and a rising awareness of its numerous health advantages.
Chocolate Confectionery Market Analysis By Distribution Channel
The global market was predominantly influenced by the distribution channels of supermarkets and hypermarkets, making a significant contribution. This trend is expected to continue throughout the projected period, as consumers show a strong preference for purchasing grocery items at these large retail outlets. Major supermarkets and hypermarkets, such as Walmart, Tesco, and Kroger, serve as primary platforms for the launch of new products by companies, given their extensive customer bases. However, the online distribution channel is projected to experience the highest growth rate during the forecast period. This surge can be attributed to a shift in consumer shopping behavior, with more customers opting to make purchases through online platforms. To meet this demand, companies have started offering their products through online channels. Many brands have successfully established a global presence by leveraging online platforms, which offer fewer entry barriers, and products can be conveniently shipped by online retailers or third-party distributors, such as Amazon.
Global Chocolate Confectionery Market By Product Type
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Chocolate Confectionery Market Regional Insights
The global chocolate confectionery market is categorized into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. Europe is anticipated to hold a dominant position in the market throughout the forecast period, primarily driven by the growing production of artisanal chocolates. Targeted promotional activities and continuous innovations in product flavors are expected to further strengthen the market in this region.
Asia Pacific is forecasted to experience rapid growth in the forthcoming years, attributed to the increasing population in the region and the rising disposable income of consumers. The introduction of new products by multinational brands is expected to contribute to the growth of the market in North America in the coming years.
Global Chocolate Confectionery Market By Region
- Largest
- Fastest
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Chocolate Confectionery Market Dynamics
Chocolate Confectionery Market Drivers
Rising Online Retails and Expansion of Supply Chains
- The growth of the chocolate confectionery market is being propelled by advancements in online retail. This is primarily due to the presence of various distribution channels such as convenience stores, specialty stores, supermarkets, drug stores, and hypermarkets. Both retailers and manufacturers are continuously working towards expanding their supply and distribution networks, resulting in improved availability of chocolate candies in the market.
Chocolate Confectionery Market Restraints
Challenges
- The growth potential of the chocolate confectionery market may face limitations due to various factors. These include the availability of substitute products, stringent government regulations related to quality standards, and disruptions in the supply chain caused by the ongoing pandemic. Additionally, the high costs associated with research and development activities and the volatility of raw material prices can contribute to a slowdown in the market's growth rate. Other factors that may hinder market expansion include rising obesity rates, elevated blood sugar levels among consumers, and an increase in global diabetes incidence.
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Chocolate Confectionery Market Competitive Landscape
The market is highly competitive, with numerous players vying for market share. These companies are focused on innovation, product differentiation, and expanding their distribution networks to gain a competitive edge. Key strategies employed by market players include new product launches, strategic partnerships, mergers and acquisitions, and geographical expansions. In terms of distribution channels, supermarkets and hypermarkets have played a significant role in the market, attracting a large consumer base due to their wide product offerings and convenience. The online distribution channel has also witnessed significant growth, driven by shifting consumer preferences and the convenience of online shopping. Product quality and taste are crucial factors in gaining a competitive advantage in the chocolate confectionery market. Companies strive to offer a diverse range of products, including dark chocolate, milk chocolate, and flavored varieties, to cater to different consumer preferences. Moreover, clean labeling, organic ingredients, and certifications such as vegan and kosher have become important factors for companies to attract health-conscious consumers.
Additionally, marketing and advertising campaigns play a vital role in enhancing brand visibility and creating consumer awareness. Companies invest in promotional activities, celebrity endorsements, and social media marketing to reach a wider audience and establish a strong brand presence.
Chocolate Confectionery Market Top Player’s Company Profile
- Ferrero Group (Italy)
- The Hershey Company (US)
- Lindt & Sprungli AG (Switzerland)
- Meiji Holdings Co., Ltd. (Japan)
- Chocoladefabriken Lindt & Sprüngli AG (Switzerland)
- Lotte Confectionery Co., Ltd. (South Korea)
- Yildiz Holding (Turkey)
- Orion Confectionery Co., Ltd. (South Korea)
- Ezaki Glico Co., Ltd. (Japan)
- Ferrara Candy Company (US)
- August Storck KG (Germany)
- Pladis (United Kingdom)
- Morinaga & Co., Ltd. (Japan)
- Perfetti Van Melle Group (Italy/Netherlands)
- Ritter Sport (Germany)
- Barry Callebaut AG (Switzerland)
- Godiva Chocolatier (Belgium/US)
Chocolate Confectionery Market Recent Developments
- In May 2022, Lindt & Sprungli launched its latest creation, the Lindt Classic Recipe Oat Milk bars. These innovative bars incorporate oat milk to provide customers with the same delightful creaminess and smoothness found in the company's vegan Lindt Classic Recipe milk chocolate.
- In February 2022, Hershey's brand introduced SHE, a new product unveiling that aimed to emphasize the importance of women. This launch involved making a simple yet impactful modification to its iconic milk chocolate, symbolizing the company's recognition and celebration of women.
- In January 2022, Nestle introduced Aero Melts buttons and Kit Kat Bites, a fresh range of confectionery products, during the spring season. This release was a strategic move by the company to fully capitalize on the Easter season, known as a highly profitable period for companies in the confectionery industry.
Chocolate Confectionery Key Market Trends
- Increasing Demand for Organic and Clean Label Snacks: The rising trend among consumers is healthier snacking, focusing on convenience, taste, and health benefits. Giant companies are adopting this strategy to meet the increasing demand for healthy snacks. Organic chocolate is gaining popularity as it is free from added chemicals that can pose health risks. Consumers prefer vegan, organic, gluten-free, and sugar-free chocolates, reflecting their health-consciousness. To cater to changing consumer demands, major confectionery companies are introducing innovative flavored chocolates with convenient packaging for portion control. The growing export market for organic chocolates further drives the demand for organic-based confectionery globally. Companies are expanding their product range by incorporating functional ingredients, tropical fruits, flavor fillings, and nut-based and exotic flavors in organic chocolates.
- High share in Confectionery Business: The Asia-Pacific region is anticipated to experience significant growth in the confectionery market due to factors such as rising urbanization, convenient access, and availability of functional confectionery food and beverages. In countries like India and Japan, there is a strong demand for low-calorie products, including sugar-free confectioneries and low-carb options, as the Asian cuisine emphasizes health and nutrition. This demand from the Asia-Pacific region is expected to be a driving force for the overall modest growth of the global confectionery market throughout the forecast period.
Chocolate Confectionery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global chocolate confectionery market analysis, consumer preferences have shifted towards healthier snacking options, leading to increased demand for organic, vegan, and low-sugar chocolates. Convenience and taste remain key considerations for consumers, prompting companies to innovate in packaging and portion control. The rise of online retail has also played a significant role in expanding the market reach of chocolate confectionery products. Additionally, the Asia-Pacific region, with its growing urbanization and demand for functional confectionery, is expected to contribute to the market's modest growth. Overall, the market is highly competitive, with major players focusing on product differentiation, distribution networks, and marketing strategies to maintain their market share.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 178.8 Billion |
| Market size value in 2031 | USD 312.49 Billion |
| Growth Rate | 6.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Chocolate Confectionery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Chocolate Confectionery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Chocolate Confectionery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Chocolate Confectionery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Chocolate Confectionery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Chocolate Confectionery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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