PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1159434
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1159434
Premium Chocolate Market Forecasts to 2028 - Global Analysis By Product Type, Distribution Channel, Packaging Types and By Geography
According to Stratistics MRC, the Global Premium Chocolate Market is accounted for $83.83 billion in 2022 and is expected to reach $159.35 billion by 2028 growing at a CAGR of 11.3% during the forecast period. A variety of unusual flavours, such as peanut butter, caramel, mint, honey, tropical fruits, espresso, and others are blended into premium chocolates, which are high-quality chocolate varieties made from extremely fine components. Premium chocolates are progressively being accepted across the world owing to the growing awareness about the benefits of premium chocolates and the growth in the branding of premium chocolates as presents by the main players. The rise in popularity of gourmet chocolates made from ultra-fine cocoa beans, the rise in demand for dark chocolates made with cocoa powder, the growing adoption of skimmed milk chocolate among young people, and the growing investment by key players in the development of premium chocolates of higher quality and health benefits.
According to the Agriculture and Horticulture Development Board, United Kingdom, the free-from food market is expected to record an average growth of 10% every year for the next three years, and the share of bakery products and cookies in the free-from food category is around 35%.
Market Dynamics:
Driver:
Rise in the demand for dark premium chocolates
The demand for dark premium chocolates manufactured with cocoa powder and cocoa beans has increased due to the growing popularity of organic and clean label movements. One of the key factors propelling the growth of the Premium Chocolate Market is the fact that consumers in developed countries are more aware of the health advantages of dark chocolate and are increasingly inclined to choose it as a dessert option.
Restraint:
Fluctuating price of cocoa beans
The major market participants are expanding their expenditure in various R&D projects to produce premium chocolates that are of high quality and are healthier. However, one of the key elements thought to be limiting the expansion of the premium chocolate market is the fluctuating price of cocoa beans. Therefore, the above factors are hindering the market growth.
Opportunity:
Demand for premium ranges
The debut of numerous new premium flavours by major businesses to boost their market position has increased demand for premium ranges. This is giving market participants the chance to grow and increase their share. Key players are also concentrating on releasing seasonal flavours and packaging, such as unique gift boxes for holidays like Valentine's Day. Long-term market benefits are also anticipated from this. Additionally, during the projected period, the market would see expansion due to the stockpiling of premium goods with cutting-edge fillings and flavours, such as grains or cereals.
Threat:
Effects of over consumption
In addition to a host of benefits, overindulging in quality chocolates can also lead to certain issues. Overindulging in sugary foods like chocolate or other meals can eventually cause weight gain, obesity, diabetes, heart disease, and other chronic illnesses. The high price of luxury chocolates, which makes them more popular during festivals and special occasions, is another reason that is impeding market growth. Therefore, the foundation market for the sales of premium ranges is solely the millennial generation. As a result, the industry's expansion is restricted to a small group of customers, which is limiting the market's growth.
COVID-19 Impact
The market has seen an increase in sales during the COVID-19 pandemic. The National Confectioners Association reports that compared to the prior year, sales of premium ranges climbed by about 13%. All distribution channels combined saw an almost 21.4% increase in grocery sales. Consumers' growing awareness about eating healthier foods has fueled the market's expansion during the pandemic. New Choco Logic research from Cargill shows that during COVID-19, one-third of customers increased their consumption.
The dark premium chocolate segment is expected to be the largest during the forecast period
The dark premium chocolate segment is estimated to have a lucrative growth, due to the substantial antioxidant content of dark chocolate, which helps postpone or prevent certain ailments like cardiac disease and high cholesterol levels. Dark chocolate contains a lot of fibre and is also a good source of healthy minerals like magnesium, copper, iron, and zinc. These chocolates are created with 70% or more dark cocoa, which is a highly sought-after ingredient in the market today. After that, these minerals can boost immunity and support strong bones and teeth, which will further push the segment's expansion. Additionally, when consumed in moderation, dark chocolate can help lower blood pressure, improve mood naturally, and support heart health. Hence, these factors are driving the sales for the segment during the forecast period.
The online channel segment is expected to have the highest CAGR during the forecast period
The online channel segment is anticipated to witness the fastest CAGR growth during the forecast period. During the coronavirus epidemic, when consumers were at home and preferred to shop online, there was a significant increase in demand for the internet channel. Additionally, for the entire year, online retailers provide steep discounts on combo products, which help to support online sales channels. After then, e-commerce channels make small and big brands accessible. Additionally, people were increasingly interested in buying necessities online because it allowed them to save time and effort and have the things delivered to their homes with just one click. Therefore, it is anticipated that in the upcoming years, sales of luxury chocolate through online distribution channels will continue to rise at the quickest rate.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period. Due to the region's increasingly health-conscious population, the global industry in the Asia Pacific is expanding. Additionally, the middle-class populations' increased disposable incomes are contributing to the market's growth in the Asia Pacific area. Additionally, the growing urbanisation and rising consumer spending on high-end goods and lifestyles are boosting this region's industry's sales.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to consumers' growing knowledge of the health benefits of quality dark chocolates, which include critical nutrients and vitamins. Additionally, customers in this area make more careful product choices due to their high health consciousness. As a result, the luxurious packaging of such products motivates people to buy them throughout the holiday season. Therefore, it is anticipated that the European market for luxury chocolates would continue to rule during the projection period.
Key players in the market
Some of the key players profiled in the Premium Chocolate Market include Ferrero International S.A., Endangered Species Chocolate, The Hershey Company, Yildiz Holding Inc., Chocoladefabriken Lindt & Sprungli AG, Godiva, Mondelez International, Mars, Inc., Champlain Chocolate Co., CEMOI Group, Nestle SA and Lake Champlain Chocolates
Key Developments:
In May 2020, Chocoladefabriken Lindt & Sprungli AG company has announced their new product launch with salted caramel truffle in European along with other regions. The product is made with smooth textured made with milk chocolate along with a silky caramel-flavoured filling into it.
In September 2021, Ferrero International S.A. partnered exclusively with Lagardere Travel Retail for pre-launching the new premium tablet range. The new product is available in three flavors milk, dark 55% cocoa, and white, with crafted only with the highest-quality ingredients.
In October 2020, The Hershey Company has launched Hershey's Exotic Dark Chocolate to strengthen the premium chocolate portfolio and to make customers experience the exotic and indulgent taste of Dark Chocolates under the Hershey's brand name.
In January 2019, Nestle Japan announces volcanic Kit Kat in advance of Valentine's Day. Nestle revealed the Kit Kat Chocolatory Sublime Volcanic made with volcanic chocolate made with a rare type of cacao. Sublime Volcanic Kit Kat comes with a series of three flavors namely, Vanuatu, Papua New Guinea, and The Philippines each bringing its personality to proceedings.
Product Types Covered:
- Milk Premium Chocolate
- Dark Premium Chocolate
- White Premium Chocolate
- Crunchy Premium Chocolate
- Sugar Free Premium Chocolate
- Nutty Premium Chocolate
- Other Product Types
Distribution Channels Covered:
- Convenience Stores
- Online Channel
- Specialty Stores
- Hypermarket/Supermarket
- Other Distribution Channels
Packaging Types Covered:
- Gift Packaging
- Standard Packaging
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Premium Chocolate Market, By Product Types
- 5.1 Introduction
- 5.2 Milk Premium Chocolate
- 5.3 Dark Premium Chocolate
- 5.4 White Premium Chocolate
- 5.5 Crunchy Premium Chocolate
- 5.6 Sugar Free Premium Chocolate
- 5.7 Nutty Premium Chocolate
- 5.8 Other Product Types
6 Global Premium Chocolate Market, By Distribution Channel
- 6.1 Introduction
- 6.2 Convenience Stores
- 6.3 Online Channel
- 6.4 Specialty Stores
- 6.5 Hypermarket/Supermarket
- 6.6 Other Distribution Channels
7 Global Premium Chocolate Market, By Packaging Type
- 7.1 Introduction
- 7.2 Gift Packaging
- 7.3 Standard Packaging
8 Global Premium Chocolate Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Ferrero International S.A.
- 10.2 Endangered Species Chocolate
- 10.3 The Hershey Company
- 10.4 Yildiz Holding Inc.
- 10.5 Chocoladefabriken Lindt & Sprungli AG
- 10.6 Godiva
- 10.7 Mondelez International
- 10.8 Mars, Inc.
- 10.9 Champlain Chocolate Co.
- 10.10 CEMOI Group
- 10.11 Nestle SA
- 10.12 Lake Champlain Chocolates
List of Tables
- Table 1 Global Premium Chocolate Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Premium Chocolate Market Outlook, By Product Types (2020-2028) ($MN)
- Table 3 Global Premium Chocolate Market Outlook, By Milk Premium Chocolate (2020-2028) ($MN)
- Table 4 Global Premium Chocolate Market Outlook, By Dark Premium Chocolate (2020-2028) ($MN)
- Table 5 Global Premium Chocolate Market Outlook, By White Premium Chocolate (2020-2028) ($MN)
- Table 6 Global Premium Chocolate Market Outlook, By Crunchy Premium Chocolate (2020-2028) ($MN)
- Table 7 Global Premium Chocolate Market Outlook, By Sugar Free Premium Chocolate (2020-2028) ($MN)
- Table 8 Global Premium Chocolate Market Outlook, By Nutty Premium Chocolate (2020-2028) ($MN)
- Table 9 Global Premium Chocolate Market Outlook, By Other Product Types (2020-2028) ($MN)
- Table 10 Global Premium Chocolate Market Outlook, By Distribution Channel (2020-2028) ($MN)
- Table 11 Global Premium Chocolate Market Outlook, By Convenience Stores (2020-2028) ($MN)
- Table 12 Global Premium Chocolate Market Outlook, By Online Channel (2020-2028) ($MN)
- Table 13 Global Premium Chocolate Market Outlook, By Specialty Stores (2020-2028) ($MN)
- Table 14 Global Premium Chocolate Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
- Table 15 Global Premium Chocolate Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
- Table 16 Global Premium Chocolate Market Outlook, By Packaging Type (2020-2028) ($MN)
- Table 17 Global Premium Chocolate Market Outlook, By Gift Packaging (2020-2028) ($MN)
- Table 18 Global Premium Chocolate Market Outlook, By Standard Packaging (2020-2028) ($MN)
- Table 19 North America Premium Chocolate Market Outlook, By Country (2020-2028) ($MN)
- Table 20 North America Premium Chocolate Market Outlook, By Product Types (2020-2028) ($MN)
- Table 21 North America Premium Chocolate Market Outlook, By Milk Premium Chocolate (2020-2028) ($MN)
- Table 22 North America Premium Chocolate Market Outlook, By Dark Premium Chocolate (2020-2028) ($MN)
- Table 23 North America Premium Chocolate Market Outlook, By White Premium Chocolate (2020-2028) ($MN)
- Table 24 North America Premium Chocolate Market Outlook, By Crunchy Premium Chocolate (2020-2028) ($MN)
- Table 25 North America Premium Chocolate Market Outlook, By Sugar Free Premium Chocolate (2020-2028) ($MN)
- Table 26 North America Premium Chocolate Market Outlook, By Nutty Premium Chocolate (2020-2028) ($MN)
- Table 27 North America Premium Chocolate Market Outlook, By Other Product Types (2020-2028) ($MN)
- Table 28 North America Premium Chocolate Market Outlook, By Distribution Channel (2020-2028) ($MN)
- Table 29 North America Premium Chocolate Market Outlook, By Convenience Stores (2020-2028) ($MN)
- Table 30 North America Premium Chocolate Market Outlook, By Online Channel (2020-2028) ($MN)
- Table 31 North America Premium Chocolate Market Outlook, By Specialty Stores (2020-2028) ($MN)
- Table 32 North America Premium Chocolate Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
- Table 33 North America Premium Chocolate Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
- Table 34 North America Premium Chocolate Market Outlook, By Packaging Type (2020-2028) ($MN)
- Table 35 North America Premium Chocolate Market Outlook, By Gift Packaging (2020-2028) ($MN)
- Table 36 North America Premium Chocolate Market Outlook, By Standard Packaging (2020-2028) ($MN)
- Table 37 Europe Premium Chocolate Market Outlook, By Country (2020-2028) ($MN)
- Table 38 Europe Premium Chocolate Market Outlook, By Product Types (2020-2028) ($MN)
- Table 39 Europe Premium Chocolate Market Outlook, By Milk Premium Chocolate (2020-2028) ($MN)
- Table 40 Europe Premium Chocolate Market Outlook, By Dark Premium Chocolate (2020-2028) ($MN)
- Table 41 Europe Premium Chocolate Market Outlook, By White Premium Chocolate (2020-2028) ($MN)
- Table 42 Europe Premium Chocolate Market Outlook, By Crunchy Premium Chocolate (2020-2028) ($MN)
- Table 43 Europe Premium Chocolate Market Outlook, By Sugar Free Premium Chocolate (2020-2028) ($MN)
- Table 44 Europe Premium Chocolate Market Outlook, By Nutty Premium Chocolate (2020-2028) ($MN)
- Table 45 Europe Premium Chocolate Market Outlook, By Other Product Types (2020-2028) ($MN)
- Table 46 Europe Premium Chocolate Market Outlook, By Distribution Channel (2020-2028) ($MN)
- Table 47 Europe Premium Chocolate Market Outlook, By Convenience Stores (2020-2028) ($MN)
- Table 48 Europe Premium Chocolate Market Outlook, By Online Channel (2020-2028) ($MN)
- Table 49 Europe Premium Chocolate Market Outlook, By Specialty Stores (2020-2028) ($MN)
- Table 50 Europe Premium Chocolate Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
- Table 51 Europe Premium Chocolate Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
- Table 52 Europe Premium Chocolate Market Outlook, By Packaging Type (2020-2028) ($MN)
- Table 53 Europe Premium Chocolate Market Outlook, By Gift Packaging (2020-2028) ($MN)
- Table 54 Europe Premium Chocolate Market Outlook, By Standard Packaging (2020-2028) ($MN)
- Table 55 Asia Pacific Premium Chocolate Market Outlook, By Country (2020-2028) ($MN)
- Table 56 Asia Pacific Premium Chocolate Market Outlook, By Product Types (2020-2028) ($MN)
- Table 57 Asia Pacific Premium Chocolate Market Outlook, By Milk Premium Chocolate (2020-2028) ($MN)
- Table 58 Asia Pacific Premium Chocolate Market Outlook, By Dark Premium Chocolate (2020-2028) ($MN)
- Table 59 Asia Pacific Premium Chocolate Market Outlook, By White Premium Chocolate (2020-2028) ($MN)
- Table 60 Asia Pacific Premium Chocolate Market Outlook, By Crunchy Premium Chocolate (2020-2028) ($MN)
- Table 61 Asia Pacific Premium Chocolate Market Outlook, By Sugar Free Premium Chocolate (2020-2028) ($MN)
- Table 62 Asia Pacific Premium Chocolate Market Outlook, By Nutty Premium Chocolate (2020-2028) ($MN)
- Table 63 Asia Pacific Premium Chocolate Market Outlook, By Other Product Types (2020-2028) ($MN)
- Table 64 Asia Pacific Premium Chocolate Market Outlook, By Distribution Channel (2020-2028) ($MN)
- Table 65 Asia Pacific Premium Chocolate Market Outlook, By Convenience Stores (2020-2028) ($MN)
- Table 66 Asia Pacific Premium Chocolate Market Outlook, By Online Channel (2020-2028) ($MN)
- Table 67 Asia Pacific Premium Chocolate Market Outlook, By Specialty Stores (2020-2028) ($MN)
- Table 68 Asia Pacific Premium Chocolate Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
- Table 69 Asia Pacific Premium Chocolate Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
- Table 70 Asia Pacific Premium Chocolate Market Outlook, By Packaging Type (2020-2028) ($MN)
- Table 71 Asia Pacific Premium Chocolate Market Outlook, By Gift Packaging (2020-2028) ($MN)
- Table 72 Asia Pacific Premium Chocolate Market Outlook, By Standard Packaging (2020-2028) ($MN)
- Table 73 South America Premium Chocolate Market Outlook, By Country (2020-2028) ($MN)
- Table 74 South America Premium Chocolate Market Outlook, By Product Types (2020-2028) ($MN)
- Table 75 South America Premium Chocolate Market Outlook, By Milk Premium Chocolate (2020-2028) ($MN)
- Table 76 South America Premium Chocolate Market Outlook, By Dark Premium Chocolate (2020-2028) ($MN)
- Table 77 South America Premium Chocolate Market Outlook, By White Premium Chocolate (2020-2028) ($MN)
- Table 78 South America Premium Chocolate Market Outlook, By Crunchy Premium Chocolate (2020-2028) ($MN)
- Table 79 South America Premium Chocolate Market Outlook, By Sugar Free Premium Chocolate (2020-2028) ($MN)
- Table 80 South America Premium Chocolate Market Outlook, By Nutty Premium Chocolate (2020-2028) ($MN)
- Table 81 South America Premium Chocolate Market Outlook, By Other Product Types (2020-2028) ($MN)
- Table 82 South America Premium Chocolate Market Outlook, By Distribution Channel (2020-2028) ($MN)
- Table 83 South America Premium Chocolate Market Outlook, By Convenience Stores (2020-2028) ($MN)
- Table 84 South America Premium Chocolate Market Outlook, By Online Channel (2020-2028) ($MN)
- Table 85 South America Premium Chocolate Market Outlook, By Specialty Stores (2020-2028) ($MN)
- Table 86 South America Premium Chocolate Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
- Table 87 South America Premium Chocolate Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
- Table 88 South America Premium Chocolate Market Outlook, By Packaging Type (2020-2028) ($MN)
- Table 89 South America Premium Chocolate Market Outlook, By Gift Packaging (2020-2028) ($MN)
- Table 90 South America Premium Chocolate Market Outlook, By Standard Packaging (2020-2028) ($MN)
- Table 91 Middle East & Africa Premium Chocolate Market Outlook, By Country (2020-2028) ($MN)
- Table 92 Middle East & Africa Premium Chocolate Market Outlook, By Product Types (2020-2028) ($MN)
- Table 93 Middle East & Africa Premium Chocolate Market Outlook, By Milk Premium Chocolate (2020-2028) ($MN)
- Table 94 Middle East & Africa Premium Chocolate Market Outlook, By Dark Premium Chocolate (2020-2028) ($MN)
- Table 95 Middle East & Africa Premium Chocolate Market Outlook, By White Premium Chocolate (2020-2028) ($MN)
- Table 96 Middle East & Africa Premium Chocolate Market Outlook, By Crunchy Premium Chocolate (2020-2028) ($MN)
- Table 97 Middle East & Africa Premium Chocolate Market Outlook, By Sugar Free Premium Chocolate (2020-2028) ($MN)
- Table 98 Middle East & Africa Premium Chocolate Market Outlook, By Nutty Premium Chocolate (2020-2028) ($MN)
- Table 99 Middle East & Africa Premium Chocolate Market Outlook, By Other Product Types (2020-2028) ($MN)
- Table 100 Middle East & Africa Premium Chocolate Market Outlook, By Distribution Channel (2020-2028) ($MN)
- Table 101 Middle East & Africa Premium Chocolate Market Outlook, By Convenience Stores (2020-2028) ($MN)
- Table 102 Middle East & Africa Premium Chocolate Market Outlook, By Online Channel (2020-2028) ($MN)
- Table 103 Middle East & Africa Premium Chocolate Market Outlook, By Specialty Stores (2020-2028) ($MN)
- Table 104 Middle East & Africa Premium Chocolate Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
- Table 105 Middle East & Africa Premium Chocolate Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
- Table 106 Middle East & Africa Premium Chocolate Market Outlook, By Packaging Type (2020-2028) ($MN)
- Table 107 Middle East & Africa Premium Chocolate Market Outlook, By Gift Packaging (2020-2028) ($MN)
- Table 108 Middle East & Africa Premium Chocolate Market Outlook, By Standard Packaging (2020-2028) ($MN)
