Dark Chocolate Market Analysis Europe,North America,APAC,South America,Middle East and Africa - US,Germany,Belgium,France,UK - Size and Forecast 2023-2027

Dark Chocolate Market Forecast 2023-2027

The dark chocolate market size is estimated to grow by USD 30.08 billion at a CAGR of 8.62% between 2022 and 2027. The market's growth is driven by several key factors. Firstly, there is a growing awareness of the health benefits of dark chocolate, which has led to an increase in its consumption. Secondly, dark chocolate's popularity as a gift choice has risen, particularly due to its perceived health benefits and indulgent nature. Thirdly, the trend towards product premiumization has also contributed to market growth, as consumers increasingly seek high-quality and luxurious chocolate options. These factors collectively highlight the market's appeal to consumers looking for healthier and more upscale chocolate products. The market's trajectory is further influenced by evolving consumer preferences, emphasizing the significance of these factors in shaping market dynamics towards premium and high-quality chocolate offerings.

It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Market During the Forecast Period?

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Market Segmentation

This market report extensively covers market segmentation by type (conventional and organic), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and Middle East and Africa).

By Type

The market share growth by the conventional segment will be significant during the forecast period. The Conventional segment of the market includes dark chocolate products made using traditional cocoa beans and processing methods. Cocoa beans are typically grown using synthetic pesticides, herbicides, and fertilizers and may contain artificial preservatives, flavors, and colors. Traditional products are widely available and often cheaper than organic or specialty products. They are typically sold to a broader consumer base and can be found in a variety of product types such as bars, blocks, chips, and other chocolate-based products. Although it may not have the same environmental or health benefits as these products, it is still appreciated by many consumers for its taste and affordability. 

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The conventional segment was valued at USD 31.35 billion in 2017. The conventional segment of the market includes products that are mixed with other ingredients such as nuts, fruits, and spices to create unique flavor combinations. Therefore, the market demand for traditional dark chocolate will increase due to its affordable price, leading to the growth of the market during the forecast period. 

By Region

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Europe is estimated to contribute 39% to the growth of the market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

Europe is one of the world's largest producers of dark chocolate. Consumers prefer premium chocolates in most countries such as Germany, France, Switzerland, and the UK in the region. In Europe, the demand for dark chocolate is high. The European industry requires large quantities of cocoa beans. As a result, the demand for fine-flavored cocoa has grown significantly in the region. The reason for this is due to growing health consciousness and a large number of overweight people in the region. companies are focused on innovating new low-sugar dark chocolates. Increasing product innovation and launches are expected to be the major factors driving the market in the European region during the forecast period.

Market Dynamics and Customer Landscape

The market offers a range of products with varying cacao content, catering to diverse consumer preferences. Rich in cocoa solids and free from milk solids, it provides a distinct flavor profile, often without the bitter aftertaste associated with lower-quality chocolates. Enhanced with vanilla extract and soy lecithin as emulsifiers, premium dark chocolates boast fine flavor cocoa and are often gluten-free, appealing to health-conscious consumers. With proven cardiovascular and skin health benefits, they continue to gain popularity. Brands are leveraging digital channels to promote limited edition seasonal varieties, addressing changing dietary patterns and offering healthy products to counter any perception crisis. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The health benefits of dark chocolate are notably driving the market growth. The health benefits of consuming these products are driving its sales in the market. Various studies show that the high levels of antioxidants help protect against disease-causing free radicals. In contrast, the flavonoids found in these can help prevent cancer and improve heart health and cognitive performance. Various studies show that cocoa polyphenols found in dark chocolate control cholesterol levels. However, some studies confirm that dark chocolate's antioxidant capacity is higher than many superfoods.

They contain significant amounts of soluble fiber and minerals. Diet chocolate is indeed recognized for its antioxidant properties, which can help reduce cell damage and enhance the body's ability to combat diseases effectively. This type often includes flavorings, and natural sugars like coconut sugar, and is sometimes classified as gourmet or premium dark chocolate, which can have a bitter aftertaste. Cocoa contains high amounts of antioxidants and polyphenols. Consuming these improves blood circulation and lowers blood pressure. Additionally, they increase high-density lipoproteins and decrease low-density lipoproteins. U.S. consumers are becoming more aware of the health benefits and their overall demand for packaged products is increasing, leading to increased interest in this type. Therefore, increasing health benefits are expected to boost the growth of the market during the forecast period. 

Significant Market Trends

The growing influence of online retailing is a key trend influencing the market growth. The advent of e-commerce has allowed chocolate makers to expand their customer base and improve their profit margins. Online and e-commerce channels facilitate business-to-consumer (B2C) and business-to-business (B2B) operations. The average amount spent per online transaction and the number of online transactions are increasing daily. The growing number of internet users and consumer willingness to buy contributes to the popularity of online channels. The growing number of online shoppers in Europe will further contribute to the growth of chocolate product sales through this channel. Most customers prefer online shopping because they can pay with credit or debit cards. Online shopping portals offer enhanced product visibility and secure transaction capabilities.

Most portals feature a user-friendly website design. This trend has led various manufacturers to look to the internet-savvy customer segment and explore new online trading formats based on websites and portals. This business model helps companies reduce operating and overhead costs that are lower in online retail formats than in brick-and-mortar formats. Therefore, the growing influence of online retail is expected to boost the growth of the market during the forecast period. 

Major Market Challenge

The volatility in raw material prices is challenging market growth. Many raw materials are used to make dark chocolate, but cocoa is the most important ingredient. Other ingredients such as sugar, dairy, nut, and corn sweeteners are also used in making dark chocolate. The commodity market drives the prices of all the above commodities.  The biggest price factor is the cost of cocoa. Diet Chocolate manufacturers chocolate from two ingredients cocoa, cocoa powder, and cocoa butter. Cocoa butter is by far the most popular as it adds richness to the product and is used in thin chocolate confections. Cocoa butter production is complex and expensive. Therefore, when the cocoa supply is cut off, the price of diet chocolate will eventually fluctuate.

Africa is the world's largest cocoa producer, supplying more than two-thirds of the world's cocoa. Fluctuations in supply are due to several factors, including civil and political unrest, labor issues, weather, disease, and the impact of pests on yields. Several other problems have also proven fatal to the supply of raw materials for manufacturing. A reduced labor force could also limit the supply of cocoa beans to the market. Child labor is also prevalent in the cocoa industry. This illegal and unethical move to minimize cheap labor leads to lower production or higher cocoa prices as farmers have to pay higher wages to adult workers. Limited cocoa supply and rising cocoa prices impede market growth. 

Key Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Barry Callebaut AG: The company deals with the operations and sales of dark chocolates in Europe, the Middle East, America, and APAC. It is also involved in chocolate production.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• Alfred Ritter GmbH and Co. KG
• Chocoladefabriken Lindt and Sprungli AG
• Delfi Ltd.
• Ferrero International S.A.
• Fuji Oil Holdings Inc.
• Ghirardelli Chocolate Co.
• Gujarat Cooperative Milk Marketing Federation Ltd.
• Mars Inc.
• Meiji Holdings Co. Ltd.
• Mondelez International Inc.
• Nestle SA
• Neuhaus NV
• ROSHEN Corp.
• SCHMITTEN
• T Con Food Products

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Type Outlook 
  • Conventional
  • Organic

• Distribution Channel Outlook 
  • Offline
  • Online

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is witnessing a surge in demand driven by its rich cacao content and gluten-free nature, making it a favored choice among health-conscious consumers. Dark chocolate's positive impact on Cardiovascular disease and blood flow is well-documented, leading to its availability in various distribution channels such as departmental stores, pharmaceutical stores, and confectionary stores. This market also sees a rise in the popularity of dark chocolate infused with blueberries, Emulsifier and cranberries, which are known for their wellbeing benefits. With consumers increasingly seeking natural ingredients to combat age-related stress, inflammation, and to boost brain health, dark chocolate continues to thrive in both online and offline sales channels.

Furthermore, the Cocoa market is a significant segment of this industry, known for its rich flavor and potential medical advantages. They are often Gluten free chocolate, which has been linked to improved cardiovascular health and blood flow, making it a popular choice among health-conscious consumers. The market offers various options, including limited edition seasonal chocolates, Cacao beans, Milk chocolate and Gourmet chocolate varieties infused with dried fruits. Consumers are increasingly turning to dark chocolate for its potential to combat age-related stress, enhance focus and memory, and reduce anxiety levels. The convenience of online sales further boosts the accessibility and popularity of dark chocolate among consumers. Additionally, dark chocolate is believed to combat Age related stress and support Cerebrum health.

Market Scope
Report Coverage	Details
Page number	166
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 8.62%
Market growth 2023-2027	USD 30.08 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	7.56
Regional analysis	Europe, North America, APAC, South America, and Middle East and Africa
Performing market contribution	Europe at 39%
Key countries	US, Germany, Belgium, France, and UK
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
Key companies profiled	Alfred Ritter GmbH and Co. KG, Barry Callebaut AG, Chocoladefabriken Lindt and Sprungli AG, Delfi Ltd., Ferrero International S.A., Fuji Oil Holdings Inc., Ghirardelli Chocolate Co., Gujarat Cooperative Milk Marketing Federation Ltd., Mars Inc., Meiji Holdings Co. Ltd., Mondelez International Inc., Nestle SA, Neuhaus NV, ROSHEN Corp., SCHMITTEN, T Con Food Products, The CAMPCO Ltd., The Hershey Co., Vosges Haut Chocolat Ltd., and Yildiz Holding AS
Market dynamics	Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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