Enjoy complimentary customisation on priority with our Enterprise License!
The Chocolate Confectionery Market size is projected to increase by USD 45.78 million and the market is estimated to grow at a CAGR of 4.97% between 2022 and 2027. In 2017, the market size was valued at USD 151.8 million.
The global demand for premium chocolates is growing due to the increasing premiumization of chocolates as it quality and taste are too high. Many players are launching premium chocolates to attract consumers who are influenced by price, packaging, ingredients, exclusivity, and provenance, particularly in emerging economies such as China, India, and Brazil. Vendors such as Mars, Barry Callebaut, and Mondelez International are increasing efforts to improve differentiation, premiumization, and personalization in their chocolate segments with new premium offerings.
This chocolate confectionery market report extensively covers market segmentation by Product (chocolate bars, boxed assortments and seasonal variants, and others), Distribution Channel (offline and online), and Geography (Europe, North America, APAC, South America, and Middle East and Africa) 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.
To get additional information about the market, Buy Report
Expansions and promotions by vendors through various strategies are a key trend, and fluctuating prices of raw materials is a major challenge. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
Expansions and promotions by vendors through various strategies are emerging trends in the chocolate confectionery market. To develop a strong customer base both regional and global vendors across the world design various marketing strategies. These strategies include entering distribution deals with retailers, acquiring small players, setting up exclusive chocolate stores, and undertaking marketing campaigns frequently.
To increase product visibility many brands launch marketing and promotional campaigns. Such moves are aimed at attracting consumers to explore their pleasure profiles. For instance, there were multiple rooms featuring white chocolate and milk chocolate, one of which included a poster bed that depicted strawberries dipped in white chocolate, and the other one featured a large bed filled with bubble balls containing white chocolate. Furthermore, there was also a room featuring silk bedsheets in Milk Chocolate Suite. Therefore, such factors will increase the demand for these products and drive market growth during the forecast period.
Fluctuating prices of raw materials are a major challenge impeding the chocolate confectionery market growth. Raw materials like cocoa, milk, and sugar are used for manufacturing chocolate confectioneries. The major players' production volumes are hampered by high raw material price volatility, which also negatively impacts their profit margins.
Cocoa prices depend on the production volume of cocoa beans. The cultivation of these beans depends on various environmental factors, such as epidemics, and socio-economic factors, such as civil and political unrest. Therefore, changes in these factors will also impact the product cost and in turn increase the costs of the final products. Hence, these factors will hinder the market growth during the forecast period.
The chocolate confectionery market research 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 Chocolate Confectionery 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.
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.
Hypermarkets, supermarkets, and grocery and convenience stores are the various types of offline channels. Hypermarkets and supermarkets are the two major organized offline distribution channels of chocolate confectionery, which ease the purchasing process for consumers. It enables them to choose from a diverse range of chocolate confectionery. Tesco Plc (Tesco), Carrefour Group, and Target Brands Corp. (Target) are some of the major hypermarkets and supermarkets that offer various brands of chocolate confectionery. One of the major factors expected to drive the growth of the segment is the expansion of hypermarkets and supermarkets worldwide.
The chocolate confectionery industry segment by product consists of chocolate bars, boxed assortments and seasonal variants, and others. The boxed assortments and seasonal varieties segment accounted for the overall revenue generated by the global chocolate confectionery market in 2022. The increasing number of product launches and heavy investments by chocolate confectionery vendors is expected to drive the growth of the market during the forecast period.
To get a glance at market segments, Request a PDF Sample
The chocolate bars segment was valued at USD 48.75 billion in 2017 and continued to grow until 2021. The major factors driving the segment growth are the launch of unique chocolate flavors and textures in chocolate confectionery products and the use of attractive packaging. Product innovations in the chocolate bars category include the development of smooth-textured dark chocolate bars, protein bars, and vegan chocolate bars, including varieties such as quinoa, sugar-free chocolate bars, and single-origin chocolate bars. Furthermore, the increasing number of organized retail outlets globally that stock a wide variety of chocolate bars will also attract more customers to purchase these products. Therefore, factors like these will boost segment growth during the forecast period.
For further insights about regional markets,Request PDF Sample now!
APAC is estimated to contribute 31% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors in Europe. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The demand for premium chocolate confectionery has been growing in Europe, particularly during festivals and special occasions like Easter, Christmas, and Valentine's Day. These chocolates are often given as gifts, and popular confectioneries include chocolate truffles, chocolate-dipped marshmallows, and Easter eggs filled with chocolate. The major countries in the region that exhibit a high demand for chocolate confectionery products include the UK, Germany, France, Switzerland, Italy, Russia, the Netherlands, Poland, Belgium, and Spain. The market is highly fragmented, with many regional and international players, which has led to intense competition. The above-mentioned factors, such as the demand for premium chocolate, the popularity of gifting, and the presence of many players in the market, are expected to drive the growth of the regional market during the forecast period.
The COVID-19 pandemic has had a significant impact on the chocolate confectionery market in Europe. In 2020, many countries implemented lockdowns and other restrictions, which led to a decrease in consumer demand for chocolate products as well as disruptions in the supply chain. However, as countries began lifting lockdown restrictions in 2021 and increasing numbers of people were vaccinated, the demand for chocolate confectioneries started to recover as people started to resume their normal lives. As a result, the supply of and demand for chocolates has been restored, leading to a positive impact on the regional chocolate confectionery market during the forecast period.
The chocolate confectionery market research 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.
Chocolate Confectionery Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.01% |
Market growth 2023-2027 |
USD 27.33 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.51 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 31% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Boutique and Workshop, Cargill Inc., CEMOI Group, Chocoladefabriken Lindt and Sprungli AG, Chukar Cherry Co. Inc., Divine Chocolate Ltd., Ezaki Glico Co. Ltd., Ferrero International S.A., Firetree Chocolate Ltd., Lotte Corp, Mars Inc., Mast Brothers Inc., Meiji Holdings Co. Ltd., Mondelez International Inc., Moo Free Ltd., Nestle SA, Neuhaus NV, Peeps and Co. Inc., The Hershey Co., and Barry Callebaut AG |
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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.