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Chocolate Market Analysis

  • Report ID: GMI7029
  • Published Date: Oct 2023
  • Report Format: PDF

Chocolate Market Analysis

 Chocolate Market Size, By Type, 2021 - 2032 (USD Billion)

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Based on type, the milk chocolate segment dominated around USD 68.7 billion revenue in 2022. Milk chocolate demand is fuelled mostly by its global popularity, sweet and creamy flavor, and adaptability in a wide range of dessert and confectionery products. Milk chocolate's delicious taste and soothing familiarity appeal to consumers of all ages, making it a global confectionary market staple.

Chocolate Market Revenue Share, By Cocoa Content , (2022)

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Based on cococa content, the low cocoa content segment accounted for 48.62% of the chocolate market share in 2022, ascribed to customer preferences for milder and sweeter chocolate choices. Low cocoa content products are frequently linked with a smoother, creamier flavor profile that appeals to a broad audience, including some who may find higher cocoa percentages too bitter or strong. This trend corresponds to the desire for delicious yet approachable chocolate experiences, which is driving the market's demand for chocolates with low cocoa content.

Based on distribution channels, the supermarkets and hypermarkets segment is anticipated to witness 2.9% CAGR through 2032. The convenience and extensive product variety offered by supermarkets and hypermarkets are primarily driving customer demand for chocolate. Furthermore, the regular availability of chocolates in supermarkets and hypermarkets, combined with promotional activity and competitive pricing, encourages impulse purchases, and assures a consistent demand for these indulgent treats.

Europe Chocolate Market Revenue, 2021 - 2032 (USD Billion)

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Europe chocolate market size held over USD 51.4 billion in 2022, owing to its ongoing popularity as a beloved treat and component in a wide variety of culinary and confectionery products. The affection for chocolate among European consumers is extremely rooted, with a strong predilection for artisanal and premium chocolates.

Authors: Kunal Ahuja, Himanshu Kabra

Frequently Asked Questions (FAQ) :

The market size of chocolate was worth USD 120.42 billion in 2023 and is set to reach USD 161.85 billion by the end of 2032, owing to its rising adaptability in numerous forms, including bars, truffles, and beverages made with cocoa.

Demand for milk chocolate segment held over USD 68.7 billion in revenue in 2022, driven by higher adoption in multiple dessert and confectionery products to offer sweet and creamy flavor.

The supermarkets and hypermarkets segment is anticipated to grow at 2.9% CAGR from 2023-2032, owing to benefits, such as convenience and extensive product variety.

Europe market size was valued at USD 51.4 billion in 2022, due to ongoing popularity as a beloved treat and important component in wide variety of culinary and confectionery products.

Chocolate Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 240
  • Countries covered: 22
  • Pages: 180
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