Chocolate Market 2022: Industry Insight, Drivers, Top Trends, Global Analysis and Forecast by 2027

According to the latest report by IMARC Group, titled “Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on chocolate market growth. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global chocolate market reached a value of US$ 151.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 177.8 Billion by 2027, exhibiting a CAGR of 2.6% during 2022-2027.

Chocolate is a sweet food product that is extracted from cacao seeds of Theobroma cacao trees. It is extracted by roasting the fermented cacao beans and further grinding it to a paste, where the cocoa butter and cocoa liquor are segregated at high pressure. Typically sold as solid bars, it also forms an essential component in confectioneries and bakery products. Chocolate bars are manufactured by using cocoa liquor, milk, cocoa butter, and sugar and are often served with additional ingredients, such as dry fruits, nuts and caramel. Moderate chocolate consumption boosts serotonin levels that aid in calming the brain. It also releases endorphins in the body, thereby acting as an anti-depressant.

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The COVID-19 pandemic has significantly affected the chocolate market. During the onset of the pandemic, the lockdowns were responsible for the shutdowns of multiple supply chains and distribution destinations for chocolate companies, such as food service joints, restaurants and hotels, resulting in a largely reduced sales volume. While the prevalent restrictions caused loss in the cocoa farming, the augmenting consumption of chocolates due to the increased stress positively impacted the product sales during the latter half of the pandemic.

Global Chocolate Market Trends:

The market is primarily driven by the widespread product utilization across the food and beverages (F&B) industry. This can be attributed to the escalating demand for chocolate-based niche products, such as chocolate bars and chocolate-flavored food items. The flourishing e-commerce sector and the associated benefits, such as discounted prices, cashback offers, and cash-on-delivery services, are resulting in a significant increase in product sales. In line with this, the easy product availability through offline organized retail channels is also providing an impetus to the market growth. Besides this, innovative marketing strategies adopted by manufacturers, the rising consumption of gourmet food products, inflating income levels of the masses and rapid urbanization are some of the other factors that are further creating a positive outlook for the market.

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Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players being.

  • Arcor
  • Barry Callebaut
  • Chocoladefabriken Lindt & Sprüngli AG
  • Chocolaterie Guylian
  • Ferrero International
  • Mars Incorporated
  • Meiji Co. Ltd.
  • Mondelez International Inc. (Kraft Foods)
  • Moonstruck Chocolate Company
  • Nestlé S.A.
  • The Hershey Company

Chocolate Market Segmentation:

Our report has categorized the market based on region, product type, product form, application, pricing and distribution.

Breakup by Product Type:

  • White Chocolate
  • Milk Chocolate
  • Dark Chocolate
  • Others

Breakup by Product Form:

  • Molded
  • Countlines
  • Others

Breakup by Application:

  • Food Products
  • Bakery Products
  • Sugar Confectionery
  • Desserts
  • Others
  • Beverages
  • Others

Breakup by Pricing:

  • Everyday Chocolate
  • Premium Chocolate
  • Seasonal Chocolate

Breakup by Distribution:

  • Direct Sales (B2B)
  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Online Stores
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

We are updating our reports, If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Competitive landscape, etc. Click request free sample report, the report will be delivered to you in PDF format via email within 24 to 48 hours after the payment confirmation.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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