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The dark chocolate market size is estimated to grow at a CAGR of 8.62% between 2022 and 2027. The dark chocolate market size is forecast to increase by USD 30,084.86 million. The growth of the market depends on several factors, including the health benefits of dark chocolate, the growing demand for dark chocolates as gifts, and product premiumization.
This dark chocolate 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). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The health benefits of dark chocolate are notably driving the market growth, although volatility in raw material prices may impede the market growth. 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.
The health benefits of dark chocolate are notably driving the dark chocolate market growth. The health benefits of consuming dark chocolate are driving its sales in the market. Various studies show that the high levels of antioxidants in dark chocolate help protect against disease-causing free radicals. In contrast, the flavonoids found in these chocolates 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.
Such chocolate contains significant amounts of soluble fiber and minerals. Diet chocolate is also considered a powerful source of antioxidants, which reduce cell damage and help our bodies fight deadly diseases effectively. Cocoa contains high amounts of antioxidants and polyphenols. Consuming dark chocolate improves blood circulation and lowers blood pressure. Additionally, dark chocolate increases high-density lipoproteins and decreases low-density lipoproteins. U.S. consumers are becoming more aware of the health benefits of dark chocolate and their overall demand for packaged products is increasing, leading to increased interest in this type of chocolate. Therefore, increasing health benefits of dark chocolate are expected to boost the growth of the market during the forecast period.
The growing influence of online retailing is a key trend influencing the dark chocolate 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 website design that is user-friendly. 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 vendors 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.
The volatility in raw material prices is challenging the dark chocolate 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 chocolate 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 the market growth.
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 Dark Chocolate Market Customer Landscape
Vendors 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 vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the conventional segment will be significant during the forecast period. The Conventional segment of the dark chocolate 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 dark chocolate products are widely available and often cheaper than organic or specialty dark chocolate 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 dark chocolate products, it is still appreciated by many consumers for its taste and affordability.
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The conventional segment was valued at USD 31,358.76 million in 2017 and continued to grow until 2021. 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 dark chocolate market during the forecast period.
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Europe is estimated to contribute 39% to the growth of the global dark chocolate 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 dark chocolate 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. Vendors are focused on innovating new low-sugar dark chocolates. Increasing product innovation and launches are expected to be the major factors driving the dark chocolate market in the European region during the forecast period.
In 2020, the COVID-19 pandemic negatively impacted vendors in the dark chocolate market. Governments imposed strict restrictions across the world in 2020 to curb the spread of the virus. This included closing retail stores selling dark chocolate. This has had a major impact on the sale of dark chocolate at traditional merchant and supplier retail outlets. All these factors had a negative impact on the growth of the market in 2020. However, in 2021, a massive vaccination campaign and other government initiatives lifted lockdowns and allowed businesses to resume operations. Rising demand for high-quality dark chocolate and rising dark chocolate consumption are driving the growth of the dark chocolate market. Therefore, increasing demand and consumption of dark chocolate are expected to spur the growth of the market during the forecast period.
The dark chocolate 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.
Technavio categorizes the dark chocolate market as part of the global packaged foods and meats market, under the global food products segment of the global food, beverage, and tobacco market. The global packaged foods and meats market includes manufacturers or food processors involved in food processing to eliminate microorganisms and extend shelf life. Technavio calculates the global packaged foods and meats market size based on the total revenue of the vendors operating in the market.
Dark Chocolate 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 30,084.86 million |
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 Vendors, Market Positioning of Vendors, 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 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 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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