The chocolate confectionery market is projected to increase from USD 156.2 billion in 2024 to USD 303.9 billion by 2034. As of 2023, the market was valued at USD 146.9 billion. The industry is expected to expand at a CAGR of 6.90% over the period from 2024 to 2034.
The chocolate confectionery industry is experiencing a surge in sales, driven by increasing demand for indulgent treats and a growing preference for artisanal and gourmet flavors. Additionally, the appeal of chocolate confectioneries is being reinforced by their familiarity and nostalgic charm, resonating with both youth and adults.
Beyond individual consumption, chocolate confectioneries are widely utilized across various industries. In the baking and pastry sectors, they are key ingredients in creating diverse products such as cakes, brownies, cookies, and pastries. Their significant role in artisanal chocolate manufacturing also bolsters the global chocolate confectionery market. Additionally, their versatility makes them a preferred choice in the hospitality industry, where they are used to craft exquisite desserts and elevate the overall culinary experience.
Milk chocolates are in high demand among the general population due to their smooth and creamy texture, which appeals to consumers of all ages. Compared to other confectioneries, milk chocolates are more affordable, making them widely accessible and reinforcing their dominance in the chocolate confectionery market. To meet the increasing consumer appetite for chocolates, market players are introducing innovative flavors and textures in their products.
Key Takeaways from the Chocolate Confectionery Market
- Milk chocolates command a substantial market share of 46.40% in 2024, emerging as the predominant choice in the chocolate confectionery market.
- In 2024, chocolate bars secured a robust market lead, claiming a share of 31.70% of the chocolate confectionery market.
- The chocolate confectionery market in China is predicted to grow at a remarkable CAGR of 9.10% through 2034.
- The chocolate confectionery market in India is projected to rise at a whopping 8.60% CAGR through 2034.
- The chocolate confectionery market in Brazil has the potential to increase at a 7.80% CAGR through 2034.
- Indonesia’s chocolate confectionery market is expected to rise at a 7.20% CAGR through 2034.
- The chocolate confectionery market in Mexico is predicted to grow at a CAGR of 6.30% through 2034.
Competitive Landscape
The chocolate confectionery market stands out as one of the most dynamic segments in the global food industry. Its evolution has been driven by globalization and the widespread popularity of chocolate products, especially in Western countries. The market is largely dominated by a few international companies that have established a presence in virtually every corner of the globe.
However, new entrants have significant opportunities if they can address consumer preferences effectively. Though their market reach is currently limited, these brands can expand their consumer base by implementing strategic marketing approaches and capitalizing on the rising trend for premium and artisanal chocolates.
Recent Developments
- In November 2023, Bühler, the Swiss-based equipment and industry technology group, announced the launch of its new food innovation hub in Uzwil, Switzerland, which includes advanced facilities with significant potential for chocolate confectionery product development.
- In May 2023, Dharampal Satyapal Group (DS Group) completed the acquisition of The Good Stuff, owner of chocolate and confectionery brand LuvIt. This acquisition further strengthens the DS Group’s presence in the chocolate and confectionery market in and around India.
- In September 2023, Nestle announced a major deal with Advent International to acquire a majority stake in Grupo CRM, a premium chocolate business based in Brazil. This move made Nestle one of the strongest contenders in the chocolate industry in the South American market.
Key Companies
- Mars, Incorporated
- Mondelez International
- Ferrero Group
- Nestlé
- Meiji Co. Ltd.
- The Hershey Company
- Lindt & Sprüngli AG
- Lotte
- Pladis
- Glico Group
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Market Segmentation
By Product type:
- Boxed
- Chocolate Bars
- Chips & Bites
- Truffles & Cups
- Others
By Form:
- Milk
- Dark
- White
By Distribution Channel:
- Supermarkets & Hypermarkets
- Convenience Stores
- Online
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa (MEA)
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