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Chocolate Market Size

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

Chocolate Market Size

Chocolate Market size was valued at USD 120.42 billion in 2023 and is estimated to expand at 3.3% CAGR from 2024 to 2032. People of all ages love chocolate because of its special blend of rich flavor and sweetness as well as its ability to increase endorphin production.

 

Chocolate Market

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Additionally, chocolate's appeal has grown across a variety of events, from everyday enjoyment to gifts and festivities, owing to its adaptability in numerous forms, including bars, truffles, and beverages made with cocoa. Chocolate is a go-to choose for customers seeking moments of delight and emotional gratification, contributing to the global market's continuous demand.

 

The expansion of the chocolate market is significantly constrained by the fluctuating price of cocoa beans. The cost of producing chocolate is directly impacted by the price volatility of cocoa, which is a key ingredient in making chocolate and is frequently affected by variables including disease outbreaks, weather, and geopolitical difficulties in places where cocoa is grown. These price fluctuations may cause supply chains to become unstable, production costs to rise, and as a result, higher consumer prices.

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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