The chocolate confectionery market is estimated to rise from USD 156.2 billion in 2024 to USD 303.9 billion by 2034. In 2023, the market value stood at USD 146.9 billion. The chocolate confectionery industry is anticipated to grow at a CAGR of 6.90% from 2024 to 2034.
| Attributes | Key Statistics |
|---|---|
| Chocolate Confectionery Market Value (2024) | USD 156.2 billion |
| Anticipated Market Value (2034) | USD 303.9 billion |
| Value-based CAGR (2024 to 2034) | 6.90 % |
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Growing Preferences for Artisanal Chocolates Fuel Market Growth
The perception of chocolate as a luxury indulgence has had a significant impact on the general world population, which has, in return, boosted the chocolate confectionery market. Key players are responding to the rising market demand by curating premium and artisanal chocolates and by incorporating exotic spices, herbs, floral notes, and unexpected textures in their products.
The desire for a high-quality, sophisticated chocolate experience has elevated the demand for premium offerings. Chocolate manufacturers, often known as chocolatiers, are already experimenting with rare cocoa varieties, single-origin chocolates, and distinct flavor combinations to fulfill the cravings of chocolate lovers. As consumers across the world readily invest in chocolates that go beyond standard mass-produced varieties, the demand for chocolate confectioneries is very likely to experience considerable growth.
| Attributes | Key Statistics |
|---|---|
| Historical Market Value (2019) | USD 117.8 billion |
| Chocolate Confectionery Market Value (2023) | USD 146.9 billion |
| HCAGR (2019 to 2023) | 5.67% |
The chocolate confectionery market heavily relies on consumers' preferences and tastes worldwide. Economic conditions, including income levels, employment rates, and overall economic stability, also significantly impact sales of chocolate confectionery products. In the last few years, the market has seen a series of ups and downs. During the pandemic's initial phases, the market had to go through a negative growth rate as the market faced sudden shutdowns.
With disrupted supply chains and poor economic conditions, the market underwent another adaptation and resilience phase. As people started spending more time in their homes, the overall consumption of chocolate products increased, which resulted in a rapid spike in the global sales of chocolate confectioneries. This period also saw a boom in the eCommerce sector, further promoting these products in the global marketplace.
As governments across the world lifted restrictions, post-pandemic, the chocolate confectionery market started picking up pace. Retail shops soon started shelving luxury and premium chocolate delicacies. The economic conditions of developing and developed nations also became stable and people were ready to invest in gourmet chocolate products, fueling market growth. With people worldwide becoming increasingly aware of the health benefits of cocoa, the chocolate confectionery market is likely to escalate over the coming years.
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| Attributes | Details |
|---|---|
| Top Product Type | Chocolate Bars |
| Market Share | 31.7% |
Chocolate bars are considered highly preferred by individuals from all age groups. Their demand is rising among the general population due to their convenience and portability. The rise of the snacking culture and the suitable portioning of chocolate bars allow consumers to enjoy chocolate without any additional preparation. They are also preferred over other confectioneries because of their affordability.
On the basis of product type, chocolate bars dominate the global market with a whopping revenue share of 31.7%. Chocolate bars have a long history and are deeply embedded in the cultural and culinary traditions of many countries. The familiarity and their ever-increasing appeal can also be attributed to the shape and packaging of chocolate bars, making them suitable for gifting and sharing.
| Attributes | Details |
|---|---|
| Top Form | Milk Chocolate |
| Market Share | 46.4% |
Consumers highly prefer milk chocolates over other types. This preference can be attributed to the creamy and sweet flavor profile of milk chocolates, which have been incorporated into the regular diets of the general population for nearly two centuries. They can be used in various culinary applications, like confectionery and baking, to create a wide range of products, including truffles, bars, and coated confections.
On the basis of chocolate type, milk chocolates dominate the chocolate confectionery market with a remarkable revenue share of 46.4%. Their popularity is also due to their affordability and easy availability on retail and online platforms. As snacking culture grows across the world, milk chocolates will gain more impetus in the years to come.
This section provides an analysis of the chocolate confectionery market in major countries, including China, India, Brazil, Indonesia, and Mexico. The table presents the CAGR for each country, indicating the expected growth of the blister card market in that country through 2034.
| Countries | CAGR (2024 to 2034) |
|---|---|
| China | 9.10% |
| India | 8.60% |
| Brazil | 7.80% |
| Indonesia | 7.20% |
| Mexico | 6.30% |
The market in China is anticipated to grow at a significant CAGR of 9.10% from 2024 to 2034.
China is home to one of the largest populations in the world. The adoption of more Westernized dietary habits has contributed to the growing popularity of chocolates in China. The expanding middle-class population in China has also witnessed an increase in disposable income. As a result, consumers have more spending power and can afford premium and imported chocolate products, driving overall market growth.
India’s chocolate confectionery market is likely to exhibit a CAGR of 8.6% over the forecast period. Short video platforms and social media sites have significantly reached the nooks and corners of the country. This has made promoting chocolate-infused recipes and delicacies very feasible for brands through social media influencers. Apart from this, both international and domestic chocolate brands have expanded their presence in the Indian market. This competition has led to a broader product range and improved quality standards, contributing to market growth.
Brazil is another developing country with the potential for market growth. The market in Brazil is expected to record a CAGR of 7.98% over the forecast period.
Brazil is one of the fastest-growing economies in the world. The availability of cocoa, the fundamental ingredient in the production of chocolate, positions Brazil as a key player in the global chocolate industry. The country has also witnessed significant growth in chocolate confectionery manufacturing, with both established brands and artisanal chocolatiers contributing to the diversity of chocolate products available in the market.
Indonesia is a rapidly growing country in the chocolate confectionery market. The CAGR for the market in Indonesia is pegged at 7.2% through 2034.
Urbanization and exposure to Western lifestyles have played a role in shaping consumer preferences. The influence of Western culture, including celebrations like Valentine's Day and Halloween, has increased the demand for chocolates as gifts and treats during special occasions. Indonesian consumers, particularly the younger generation, are also open to trying new and diverse chocolate flavors and formats.
Mexico is one of the leading countries in the North American market. The CAGR for the market in Mexico is predicted to be 6.3% during the forecast period.
Chocolate has deep cultural roots in Mexico, dating back to ancient civilizations like the Aztecs and Mayans, who valued cacao as a precious commodity. This cultural heritage has contributed to the Mexican market, leading to a strong demand for chocolate confectionery products.
The chocolate confectionery landscape is one of the vibrant markets in the global food industry. The market has evolved over the years, mainly due to globalization and the familiarity of chocolate products in Western countries. The dominance of a few international companies is clearly evident from the fact that these companies have reached every nook and corner of the world.
New entrants also have considerable opportunities in the market if they can tap into the desired needs of the consumers. However, their reach is minimal. With the right marketing strategies, these brands, too, can expand their consumer bases, leveraging the growing trend of premium and artisanal chocolate preferences.
Recent Developments
The chocolate confectionery market is projected to expand at a CAGR of 6.90% between 2024 and 2034.
Milk chocolates dominate the global marketplace.
Mars, Ferrero Group, and The Hershey Company are some of the leading players in the market.
The market is anticipated to surpass USD 303.9 billion by 2034.
China is the leading country in the market, with a CAGR of 9.10% through 2034.
| Estimated Size (2024E) | USD 305,673.6 million |
|---|---|
| Projected Value (2034F) | USD 558,145.9 million |
| Value-based CAGR (2024 to 2034) | 6.2% |
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