USD 81.65 Billion
Premium Chocolate Market Size, Share, Growth Analysis, By Product Type(Dark, Milk, and White), By Distribution Channel(Hypermarkets/Supermarkets, Specialty Stores, Online, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2248 |
Region:
Global |
Published Date: March, 2024
Pages:
198
|Tables:
64
|Figures:
75
Premium Chocolate Market Insights
Global Premium Chocolate Market size was valued at USD 81.65 Billion in 2022 and is poised to grow from USD 89.24 Billion in 2023 to USD 181.78 Billion in 2031, at a CAGR of 9.3% during the forecast period (2024-2031).
The primary drivers behind the expansion of premium product lines are manufacturers' ongoing innovations in their products, which push the boundaries of flavor to draw in customers. Additionally, top corporations are incorporating "comfort foods" like bacon, breakfast cereal, and cookie dough into their premium product lines. The addition of additional flavors to these items, such as a hint of gourmet salt & alcohol, is also promoting the expansion of the global market.
High-quality cocoa, sugar, and butter are added to the chocolate bars to increase their richness. Manufacturers are additionally making investments in luxurious packaging to give it a more upscale appearance and draw in more customers. Additionally, premium varieties often include additional ingredients like almonds, raspberry pieces, or alcohol, so their packaging suggests a more upscale atmosphere. Additionally, the global market is seeing an increase in sales due to rising concerns about eating healthier foods. Additionally, heightened seasonal demand around major holidays like Christmas and New Year's is fueling industry expansion.
Innovative flavors are being introduced by a variety of manufacturers, such as the new advanced chocolate bars that are made out of carefully selected ingredients, as combining crunchy hazelnuts pieces, smooth materials, and exquisite creamy fillings into distinct layers of textures give it a unique shape. As a result, these elements are fueling consumers' growing demand for luxury chocolate. Additionally, long-term industry sales are being boosted by growing customer interest in the medical advantages of dark chocolate of the highest quality and a desire for novel flavors. However, during the holiday seasons like Valentine's Day, Christmas, Easter, or Halloween, demand for premium ranges continues to be high. This is due to the fact that expensive goods consistently rank among the most popular gifts given at such events.
In addition to its numerous advantages, over intake of fine chocolates has some disadvantages. Overindulging in sugary foods like chocolate or other meals can eventually cause weight gain, obesity, diabetes, heart disease, and other chronic illnesses. The high price of luxury chocolates, which makes them more popular during festivals or special occasions, is another reason that is impeding market growth. Therefore, the foundation market for the purchase of premium ranges is solely the millennial generation. As a result, only a small segment of consumers can contribute to the industry's growth, which is preventing the market from growing.
The development of many new premium flavors by major businesses to improve their market position has increased demand for premium ranges. For market participants looking to gain the largest share, this presents growth prospects. Additionally, major businesses are concentrating on releasing irregular flavors and packaging, such as unique gift boxes for holidays like Valentine's Day. Long-term market growth is anticipated as a result of this. Additionally, during the anticipated time, premium items with cutting-edge fillings, such as cereals or grains, are creating potential opportunities for the industry.
US Premium Chocolate Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Dark
Fastest Growth
Dark
Growth Rate
9.3% CAGR
Global Premium Chocolate Market ($ Bn)
Country Share for Europe Region (%)
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Premium Chocolate Market Segmental Analysis
The global premium chocolate market is categorized on the basis of product, and region. Based on product, the market is segmented into dark, milk, and white. Based on distribution channel the market is segmented into Hypermarkets/Supermarkets, Specialty Stores, Online, and others. Based on region, the global Premium Chocolate Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product Type
The dark sector held a market share of almost 60%. Dark chocolate contains high levels of antioxidants, which can delay or prevent some ailments like cardiac disease and high cholesterol levels. Dark chocolate has a significant amount of fiber, as well as healthy amounts of magnesium, copper, iron, zinc, and other minerals. These chocolates are created with 70% or more dark cocoa, which customers in the market nowadays are very demanding. Following that, these minerals can boost immune function and support the maintenance of healthy bones and teeth, further accelerating the segment's expansion. Dark chocolate can also naturally elevate mood, boost heart health, and decrease blood pressure when ingested in moderation. They are a pleasant snack because they are known to contain a variety of minerals and antioxidants.
The milk segment is expected to grow with the second-fastest CAGR of 9.1% between 2023 and 2030. Milk chocolate contains trace levels of iron, zinc, potassium, vitamin A, & vitamin K, among other minerals. Consuming 100g of milk chocolate can lower your chance of suffering from a stroke or heart attack by more than 25%, according to research from the University of Aberdeen. Additionally, magnesium, an element that is essential for brain functioning and can improve alertness and focus, is thought to be found in milk products in the highest concentration in nature. These components will therefore be the main factors influencing segment sales over the course of the anticipated term.
Analysis by Distribution Channel
The fastest CAGR of 10.3% is anticipated for the online channel between 2023 and 2030. During the coronavirus epidemic, when customers were at home and preferred to shop online, there was a significant increase in demand for the internet channel. Additionally, for the entire year, online retailers provide steep discounts on combo products, which helps to support online sales channels. After that, e-commerce platforms open up access to both large and small firms. The ability to save time and effort and have purchases delivered to their homes with just one click has also increased people's interest in making essential purchases online. Therefore, it is anticipated that in the upcoming years, sales of luxury chocolate through digital channels of distribution will continue to rise at the quickest rate.
The specialty store segment had a share of more than 45%, making it the largest segment. The industry's sales are rising as a result of the extensive availability of premium goods at specialized shops. Additionally, the proliferation of personalized goods and the need for personalized cards and gifts can both be credited with contributing to the development. Additionally, specialty shops have a huge range of products, from tablets/bars to big packs. Additionally, there are several price points for these devices. Additionally, since they can choose their products under one roof, shoppers find these outlets to be a convenient option. As a result, it is anticipated that the segment will continue to be the one that consumers favor during the forecast period.
Global Premium Chocolate Market By Product Type
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Premium Chocolate Market Regional Insights
Europe had the highest share with more than 21% earned in 2022. The market in this region is being driven by consumers' growing knowledge of the health advantages of quality dark chocolates, which include vital nutrients and vitamins. Additionally, customers in this area make more careful product choices due to their high health consciousness. As a result, the luxurious package of such products motivates people to buy them throughout the holiday season. Therefore, it is anticipated that the European market for luxury chocolates would continue to rule during the projection period.
Asia Pacific is predicted to have the fastest CAGR of 10.0% between 2023 and 2030. The population of the region is becoming more health-conscious, which is causing an expansion in the global Asia Pacific business. The rising disposable incomes of the middle-class population are another factor driving the market expansion in the Asia Pacific region. The sales of this region's industry are also being boosted by the growing urbanization & rising consumer expenditure on high-end products and lifestyles. Additionally, the sector has expanded over the past ten years in large part due to the growing understanding of the health benefits of various chocolate kinds and their increasing popularity in Asia Pacific countries. Asia Pacific is therefore anticipated to continue to have the highest CAGR during the projection period.
Global Premium Chocolate Market By Geography
- Largest
- Fastest
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Premium Chocolate Market Dynamics
Drivers
Growing Consumer Demand for Premium and Artisanal Products
- There is a rising consumer preference for high-quality, premium chocolates that offer unique flavors, superior craftsmanship, and sustainable sourcing. Consumers are willing to pay a premium for chocolates that provide an indulgent and luxurious experience.
Restraints
Price Sensitivity
- Premium chocolates are priced higher than regular chocolates due to factors such as high-quality ingredients, craftsmanship, and packaging. Price sensitivity among consumers can limit the growth of the premium chocolate market, as some may opt for more affordable alternatives.
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Premium Chocolate Market Competitive Landscape
The competitive landscape in the premium chocolate market is highly fragmented and consists of numerous global, regional, and local players. These key players represent a mix of multinational corporations, family-owned companies, and niche artisanal chocolatiers. They compete on factors such as product quality, innovation, brand recognition, pricing, distribution networks, and customer loyalty. The market is characterized by constant product launches, collaborations with renowned chefs, expansion into new markets, and efforts to align with sustainability and ethical practices.
Top Player’s Company Profiles
- Lindt & Sprüngli AG
- Ferrero International S.A.
- The Hershey Company
- Mars, Incorporated
- Mondelez International, Inc.
- Nestlé S.A.
- Godiva Chocolatier (Yildiz Holding)
- Barry Callebaut Group
- Chocoladefabriken Lindt & Sprüngli (USA) Inc.
- Neuhaus NV
- Valrhona SA
- Ghirardelli Chocolate Company
- Fazer Group
- Artisan Confections Company (A division of Mars, Incorporated)
- The Kraft Heinz Company
- Toblerone (Mondelez International, Inc.)
- Côte d'Or (Mondelēz International, Inc.)
- Ritter Sport
- Guylian Belgian Chocolate
- Frey AG
Recent Developments
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Fabelle Exquisite Chocolates, a prestigious brand under ITC Ltd., collaborated with the Australian Macadamia Society and renowned Australian TV presenter and master chef Andy Allen in December 2023 to launch a range of five innovative chocolate pralines. Each praline's unique flavor profile—Sweet, Salty, Bitter, Sour, and Spicy—testifies to how it redefines the joy of savoring chocolate. In addition to having unmatched flavour, this fantastic collection aims to introduce Australian macadamia nuts to Indian consumers. Pushing the borders of convention, these pralines highlight the many uses for macadamia nuts as an ingredient, offering countless combinations with other Indian dishes and drinks.The partnership seeks to enhance the chocolate-drinking experience and introduce Indian consumers to the remarkable and diverse world of Australian macadamia nuts.
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The mission-driven, socially aware chocolate company Endangered Species Chocolate will debut its newest collection of seasonal chocolate forms in May 2023 at The 2023 Sweets & Snacks Expo. Just in time for Valentine's Day 2024, this product introduction will be the brand's first seasonal giving offering and make its retail debut countrywide. The Valentine's Day debut will be followed by items for Spring, Halloween, and Winter in the seasonal line. Two varieties of the recently created chocolate shapes will be available: a 3.5 oz bag containing 48% milk chocolate and a 3.5 oz bag containing 60% dark chocolate. With 14 pieces each pouch, each inspired by the spirit of the season, customers can expect a wonderful and seasonal chocolate experience.
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Turtle Island Foods Holdings, Inc. was acquired, as announced in February 2023 by Morinaga Nutritional Foods, Inc., a subsidiary. Plant-based food goods are produced by Turtle Island Foods. Turtle Islands Foods will become a fully owned subsidiary of Morinaga Nutritional Foods, Inc. due to this transaction. This would present a chance to produce healthy chocolates for the market for premium chocolate.
Premium Chocolate Key Market Trends
- Rising Demand for Artisanal and Craft Chocolates: Consumers are increasingly drawn to artisanal and craft chocolates that offer unique flavors, high-quality ingredients, and a personalized touch. Artisan chocolatiers focus on small-batch production, attention to detail, and innovative flavor combinations to cater to the growing demand for premium and handcrafted chocolates.
- Growing Popularity of Single-Origin and Bean-to-Bar Chocolates: Single-origin chocolates, made from cacao beans sourced from specific regions or plantations, are gaining traction among chocolate enthusiasts. Bean-to-bar chocolates, where manufacturers control the entire chocolate-making process from sourcing the beans to production, are also on the rise. These chocolates highlight the distinct flavors and characteristics of different cacao varieties and origins.
- Health and Wellness Focus: Consumers are increasingly seeking premium chocolates that offer health benefits or align with their dietary preferences. Manufacturers are responding to this trend by introducing chocolates with organic, fair-trade, and ethically sourced ingredients. Additionally, there is a growing demand for chocolates with reduced sugar content, natural sweeteners, and functional ingredients such as superfoods or adaptogens.
- Premium Dark Chocolate as a Gourmet Indulgence: Dark chocolate has gained popularity as a gourmet indulgence due to its perceived health benefits and rich flavor profile. Consumers are willing to pay a premium for high-quality dark chocolates with high cacao percentages, distinct flavor notes, and superior texture. Manufacturers are focusing on producing premium dark chocolates with unique origins, blends, and flavor profiles to cater to this demand.
Premium Chocolate Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global premium chocolate market analysis, the primary drivers behind the expansion of premium product lines include manufacturers' ongoing innovations in their products, which push the boundaries of flavor to draw in customers. Consumers are increasingly seeking premium chocolates that offer health benefits or align with their dietary preferences. Manufacturers are responding to this trend by introducing chocolates with organic, fair-trade, and ethically sourced ingredients. Additionally, there is a growing demand for chocolates with reduced sugar content, natural sweeteners, and functional ingredients such as superfoods or adaptogens. Regionwise, Europe was dominating the market due to The market in this region is being driven by consumers' growing knowledge of the health advantages of quality dark chocolates, which include vital nutrients and vitamins. Therefore, it is anticipated that the European market for luxury chocolates would continue to rule during the projection period. However, Asia Pacific is projected to emerge as the fastest growing region during the forecast period due to The population of the region becoming more health-conscious, which is causing an expansion in the global Asia Pacific business. The rising disposable incomes of the middle-class population are another factor driving the market expansion in the Asia Pacific region.
| Report Metric | Details |
|---|---|
| Market size value in 2031 | USD 81.65 Billion |
| Growth Rate | 9.3% |
| Forecast period | 2024-2031 |
| Segments covered |
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| 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 |
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| 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 Premium Chocolate 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 Premium Chocolate 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 Premium Chocolate 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 Premium Chocolate 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 Premium Chocolate Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Premium Chocolate 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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