Chocolate Market Size, Share, Growth Analysis, By Type(Dark, Milk, White, Artificial Chocolate), By Distribution Channel(Online, Supermarkets, Convenience Stores), By Product(Softlines/Selflines, Countlines, Molded Chocolates, Other Product Types), By Application(Food, Beverages, Cosmetics, Pharmaceuticals), By Region - Industry Forecast 2024-2031

Europe dominated the global chocolate market with a market share of 35%. The increasing popularity of dark chocolate among consumers is a major factor fuelling the Chocolate market growth in the region. In the Europe region, Germany has the highest Chocolate market share in 2020 owing to increasing per capita consumption.

The chocolate market in the United Kingdom is one of the largest in Europe. The most popular appears to be plain chocolate. Premium chocolates, on the other hand, are gaining popularity, with consumers increasingly favoring premium dark chocolate. Furthermore, confectionery sales in the United Kingdom have increased, with an increase in demand for chocolate aimed at a specific group of consumers. To meet the growing demand, companies are also focusing on developing free-from and vegan chocolates. GodessiLimited, for example, sells premium chocolates in a variety of flavors, including walnut and cinnamon, orange and cinnamon, peppermint, and raspberry and almonds. The chocolates are gluten-free, dairy-free, soy-free, and vegan, and thus meet the consumers' special dietary needs.

The Middle East and Africa are expected to grow at the fastest CAGR of 6.7% from 2021 to 2028, owing to increased product availability in retail stores. Furthermore, favorable government initiatives, such as tax concession, chocolate producers are expected to increase product availability in the region. Furthermore, an increasing number of specialty retailers is expected to contribute to regional Chocolate market growth. For example, in February 2019, Pierre Marcolini opened the first store in a mall in the UAE in order to broaden his customer base.