Chocolate Global Market Report 2023

“Chocolate Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on chocolate market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for chocolate? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The chocolate market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Milk Chocolate; Dark Chocolate; White Chocolate

• 2) By Application: Food; Beverages

• 3) By Distrubution: Supermarkets/ Hypermarkets; Specialist Retailers; Convenience Stores; Online Channel; Other Distrubutions

• Companies Mentioned: Barry Callebaut AG; Mondelez International Inc.; Nestle S.A.; The Hershey Company; Ferrero Group

• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

• Time series: Five years historic and ten years forecast.

• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the chocolate market are Barry Callebaut AG, Mondelez International Inc., Nestle S.A., The Hershey Company, Ferrero Group, Mars Incorporated, Meiji Holdings Co. Ltd., Arcor, Chocoladenfabriken Lindt & Sprungli AG, Ghirardelli Chocolate Co., Moonstruck Chocolatier Co., Chocolaterie Guylian, Moonstruck Chocolate Company, Lake Champlain Chocolates, and The Australian Carob Co.

The global chocolate market is expected to grow from $129.04 billion in 2022 to $134.29 billion in 2023 at a compound annual growth rate (CAGR) of 4.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The chocolate market is expected to grow to $155.52 billion in 2027 at a CAGR of 3.7%.

The chocolate market consists of sales of cocoa butter, cocoa liquor and cocoa powder. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Chocolate refers to a cacao seed preparation that has been roasted, husked, and ground; it is frequently sweetened and flavored, as with vanilla. It is used to manufacture beverages, flavor, or coat different confections and bakery goods. Dark chocolate lowers blood pressure, shields the skin from dehydration, supports the operations of the heart, and offers many other advantages.

Europe was the largest region in the chocolate market in 2022. The regions covered in the chocolate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of chocolate are milk chocolate, dark chocolate, and white chocolate. Milk chocolate refers to a chocolate bar that cannot be referred to as milk chocolate unless it contains at least 12% milk. There are various applications that involve food and beverages and distribution, including supermarkets and hypermarkets, specialty retailers, convenience stores, online channels, and others.

Increasing internet penetration for online sales is expected to propel the growth of the chocolate market going forward. Internet penetration rate refers to the percentage of people who have access to the internet, as expressed by the number of internet users and the sales made through the internet. The internet has replaced retail and mail-order sales with online distribution and interaction channels, while social media platforms have provided the personal touch that the internet needed. An increase in internet penetration for online sales is key to the market for online chocolate sales. For instance, according to a report by DataReportal, a Singapore-based free data and information provider, 5.16 billion people globally use the internet at the beginning of 2023, representing 64.4% of the global population. Also, the internet users continue to grow with connected global population rising by 100 million in 12 months to January 2023. In addition, in January 2022, according to Optinmonster, a US-based internet, e-commerce, and web hosting company, online shopping was expanding at such a rapid pace that the global online shopping market was expected to exceed $4 trillion by 2020. In the United States alone, 300 million online shoppers are expected by 2023. That is 91% of the current population of the country. So far, 69% of Americans have shopped online, with 25% shopping at least once a month. Therefore, an increase in internet penetration for online sales is driving the growth of the chocolate market.

Product innovations are a key trend gaining popularity in the chocolate market. Major companies in the chocolate market are focusing on product innovations to strengthen their position in the market. For instance, in September 2021, Ferrero SpA, an Italy-based company and manufacturer of branded chocolate and confectionery products, launched Ferrero Rocher tablets. Ferrero's competitive position in the premium chocolate industry will be strengthened with the entry of Ferrero Rocher Tablets into the quickly growing premium chocolate tablet sector. Ferrero Rocher fans will recognize the distinctive chocolate form as being faithful to what they expect from the brand, as well as the multisensory flavor. The development of this new product innovation is another step forward in the chocolate market.

In September 2021, Barry Callebaut, a Switzerland-based chocolate manufacturer, acquired Europe Chocolate Company for an undisclosed amount. The strategic purchase enables Barry Callebaut to meet the rising demand from food manufacturers for highly personalized specialty chocolate and decorations. Europe Chocolate Company is a Belgium-based industrially specialized chocolate and decoration manufacturer for the bread, ice cream, dairy, biscuit, confectionery, and restaurant sectors.

The countries covered in the chocolate market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The chocolate market research report is one of a series of new reports from The Business Research Company that provides chocolate market statistics, including chocolate industry global market size, regional shares, competitors with a chocolate market share, detailed chocolate market segments, market trends and opportunities, and any further data you may need to thrive in the chocolate industry. This chocolate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.