Chocolate Market Size - By Type, Packaging, Distribution Channel Analysis, Share, Growth Forecast, 2025 - 2034

Chocolate Market Size

The global chocolate market size held a size of USD 125 billion in 2024 and is projected to expand to over 3.3% CAGR from 2025 to 2034. According to the FAO, the demand for chocolate is rising owing to many reasons including rising global population, increasing disposable income in developing countries, consumers awareness of health benefits from high-quality chocolate, and popularity of premium, specialty chocolate products, with regions like North America and Asia Pacific contributing largely to this increased demand.
 

Several influences, changing preferences of consumers, new product launches, and new use opportunities for chocolate, all serve the purpose of growing demand in market. One of the main drivers of the market is the increasing global demand for chocolate covered candies, chocolate snacks, chocolate drinks, and other chocolate products. In addition, the markets are increasingly expanding due to the rising needs for premium specialty chocolates with high cocoa content, and multiple flavors. Cocoa production has increased from approximately 4.27 million tons (Mt) in 2008 to 5.76 Mt in 2020 which was grown on an area of 12.10 million ha.
 

 This is according to the Food and Agriculture Organization of the United Nations. As a result, cocoa production grew significantly over the past 10 years. The CAGR from 2008 to 2019 was 2.53 CAGR while from 2014 to 2019 it was 3.44 percent. Some of it is also due to a general change in consumers where they tend to indulge in healthier options such as dark chocolate, sugar free chocolate, or functional chocolates with vitamins, minerals, and protein added for the more health-conscious consumers.
 

There is an emerging appetite for chocolate in the Asia Pacific, Latin America and Middle East due to the new emerging economies receiving the benefits of higher urbanized, westernized diet and increased disposable income. There is also strong seasonal and festive demand since chocolates are widely exchanged as gifts for Christmas, Valentine’s Day and Easter. Moreover, the demand growth for the market is also supported by higher chocolate usage in confections, dairy and soft drink industries.
 

Chocolate Market Trends

The evolution of the market for chocolate has emerged because of the alterations in consumer's preferences along with increased focus on health and sustainability. One major change is the expansion of the market for premium and artisanal chocolates. This change can be seen with the increased demand for single origin, ethically procured and flavored bean to bar chocolates. Moreover, health-conscious individuals tend to prefer dark chocolate which is more beneficial than other types of chocolate. The increased consumption in this segment is driven by the growing interest in and consumption of novelty foods and gourmets.
 

Another notable change is the introduction of guilt free organic and even functional chocolates that are free from sugar. The growing concern of obesity and diabetes has created a market demand for value added plant protein and probiotic enriched chocolate which has also grown acceptance of vegan and dairy free chocolates. According to WHO, in 2022, 1 out of 8 people globally were living with obesity. Since 1990, global adult obesity has more than doubled. Also the total number of people suffering with diabetes are expected to reach 643 million till 2030 and 783 million till 2045.  To accommodate the rising phenomenon of veganism, numerous producers have begun offering specialized oat, almond, or coconut milk chocolate.
 

Today's world is paying greater attention towards sustainability and ethical sourcing practices which has also affected the chocolate industry. Consumers are becoming more aware regarding child labor, the surrounding environment, and fair-trade practices. As a result, large corporations are beginning to implement policies that are carbon neutral and adding monoculture cocoa farming to their supply chains.
 

The incorporation of chocolate into baked products, drinks, and snack foods has led to the emergence of ready-to-drink cocoa and chocolate protein bars, which are revolutionizing the market. The new products are appealing to new customers who prioritize ease of use and multipurpose functionality in chocolate products.
 

Chocolate Market Analysis

The milk chocolate segment held over USD 73.9 billion in 2024 and grew at a CAGR of over 3.2% in the forecasted period. Milk chocolate appeal covers a vast segment of chocolate consumers which supports milk chocolate's market share. Compared to dark chocolate, its moderate flavor and creamy texture make it suitable and preferred for many people across different ages and backgrounds. Developing economies with increasing urbanization and income levels bring greater opportunities for milk chocolate consumption.
 

At the same time, having everything from chocolate bars and confectionery to milkshakes and bakery items enables the milk chocolate segment to strengthen even further. Milk chocolate continues to be the leader in the category, especially with growing demand for inexpensive yet satisfying pleasures and, at the same time, offers room for premium as well as healthier, low-sugar options.
 

In 2024, the plastic segment was valued at USD 60.1 billion and is projected to have a CAGR of 2.8% from 2025 to 2034. The plastics packaging in the chocolate industry serves a significant role in the handling and merchandising of chocolate products, particularly for intermediate and industrial chocolate manufacturers. Since plastic packaging is strong, lightweight and impervious to most contaminants, it is the preferred form of packaging for moisture sensitive products. Plastic packaging is mostly used in single serve wrappers, as well as insulin trays for molded chocolates.

The supermarkets and hypermarket segment is expected to grow at a rate of 2.9% CAGR in the chocolate market, reaching USD 72.8 Billion by 2024. Supermarkets and hypermarkets form a substantial percentage of chocolate sales across the globe. These stores carries everything from expensive branded chocolate to cheap varieties that are quite popular among buyers. The extensive marketing of seasonal and novelty chocolates has greatly increased many consumers accessibility and, therefore, purchases. In emerging markets, the proliferation of organized retail and Hypermarkets is boosting the scope for chocolate consumption. As people demand more value for their money, there is a paradigm shift in the prospect of low-cost reproduction towards supermarkets, which has a positive impact on the market.
 

Germany dominated chocolate market in Europe with USD 23.6 billion in sales in 2024, which also sustains a 3.4% CAGR between 2025-2034. With high per capita chocolate expenditure and an established market for premium and traditional chocolates, Germany remains one of the biggest markets for chocolate in Europe. The more sophisticated German consumers have led a market growth that is appealing to both, chocolate nerds as well as to the more mainstream cocoa lovers.
 

While local brands such as Milka and Ritter Sport enjoy overwhelming market share, international brands also endear themselves to shoppers. Chocolate is purchased all year round, but sales volume picks up significantly during the Christmas and Easter season. Chocolate is also seasonally driven Christmas and Easter have a comparably stronger driver that boosts sales.
 

Chocolate Market Share

Top 3 companies in the market are Mars, Mondelez, Ferrero Group. To sustain their market share, key actors within the chocolate industry have undergone innovation, market expansion, and more recently, diversification towards high value-added chocolate products. Strong brands, powerful distribution channels, and many new products allow Arcor SAIC, Barry Callebaut AG, Chocoladefabriken Lindt & Sprungli AG, The Ferrero Group, and Mars Incorporated to operate on a large scale. These firms compete across the entire market, from low-priced mass market chocolates to expensive artisan chocolate.
 

As per statistics Mars Wrigley Confectionary, Mondelez International, Ferrero Group, Hershey Co and Nestle are the top 5 companies in the market. Their respective revenue in 2023 was USD 22 Billion, USD 14.4 Billion, USD 13.8 Billion, USD 10.3 Billion and USD 8.45 Billion.
 

In 2023 the most important chocolate and cocoa manufacturer was Mars Wrigley Confectionery, with net sales of 22 billion U.S. dollars. The competitors, that were in the top three, were Ferrero Group and Mondel?z which both made well over ten billion U.S. dollars in sales.


Mars Wrigley is a corporation that is American-owned, and it had its inception in the year 1893 with Juicy Fruit and Spearmintgum as the two types of chewing gums it started off with. Now, the two mentioned above are still in circulation. From its inception, the company has grown to include chocolates and various confectionary products, rice and pet food. Some of the chocolate snacks that are widely known around the globe are M&Ms, Snickers, Twix and Dove chocolates.


To assess the reason for the increase in cocoa prices, the quantity of produced snacks is considered. Since 1980, production around the globe has increased significantly and in the 2021/22 years the tonnage value for the production of cocoa stands at 4.8 million tons, this is an increase from roughly 1.7 million tons in 1980-81. During the past fifteen years, the fluctuating essence of cocoa production has brought the prices to a range of 2.03-3.14 U.S. dollars per kilogram.
 

Chocolate Market Companies

Major players operating in the chocolate industry are:

• Arcor SAIC
• Barry Callebaut AG
• Chocoladefabriken Lindt & Sprüngli AG
• Ferrero Group
• Mars, Incorporated
• Meiji Holdings Co., Ltd.
• Mondel?z International, Inc.
• Nestle SA
• The Australian Carob Co.
• The Hershey Company
   

To gain competitive advantage many mergers and acquisitions are also taking place. In November 2023, Mars bought the UK based chocolate manufacturer Hotel Chocolat for about USD 650 million. Hotel Chocolat is meant to add a new branding initiative in Mars’ portfolio, positioning it further in the premium and luxury chocolate segment. Hotel Chocolat’s quality chocolates and DTC model offer Mars an entry into new growing direct-to-consumer premium chocolate segments. This purchase reflects Mars’ strategy shift towards niche artisanal confectionery, considering the growing consumer urge towards superior ethical chocolates.
 

Ferrero International S.A. acquired Fannie May Confections Brands, Inc. and the Harry London chocolate brands from 1-800-FLOWERS.com, Inc. The acquisition captures the complete scope of Fannie May operations plus the manufacturing plant in Ohio, as well as the two warehousing and distribution centers in the State of Ohio and Illinois. Fannie May will continue doing business as a separate company within the Ferrero Group, with assistance from Ferrero U.S.A., Inc. if necessary. At the same time, Ferrero U.S.A. will continue to operate from the corporate headquarters in Parsippany, New Jersey and an assembly and packaging plant in Somerset New Jersey.
 

Chocolate Industry News

• In October 2023, Mondel?z International rebranded the Toblerone chocolate as a premium offering with its "Never Square" campaign, drawing inspiration from luxury brands to emphasize the unique, high-quality nature of the product. As part of this repositioning, Toblerone introduced new formats, including Truffles with a smooth truffle center and a distinctive diamond shape. The brand also expanded its Tiny Toblerone packs to U.S. retailers, making the chocolate more accessible. These smaller, shareable sizes align with the brand's goal to offer a range of portion sizes and cater to mindful snacking preferences.
   
• In September 2021, The Barry Callebaut Group, the world leader of premium chocolate and cocoa products, has managed to acquire Belgium Europe Chocolate Company, a private B2B specializing in chocolate decorations and tailor-made chocolate products. This acquisition helps foster Barry Callebaut’s presence in Europe while also increasing their bespoke chocolate offerings to cater to the high demand from food manufacturers and artisans. Integration of Europe Chocolate Company will start immediately. This enables Barry Callebaut to expand their products and serve industrial and gourmet customers more efficiently.
   

This chocolate market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) & volume (Kilo Tons) from 2021 to 2034, for the following segments:

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Market, By Type

• Milk chocolate
• Dark chocolate
• White chocolate
• Others

Market, By Packaging

• Plastic
• Cartons
• Others

Market, By Distribution Channel

• Supermarkets and Hypermarkets
• Convenience stores
• Specialty chocolate stores
• Online retail (e-commerce)
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia 
• Latin America
  • Brazil
  • Mexico 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa