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The Global Premium Chocolate Market size is estimated to grow at a CAGR of 8.79% between 2022 and 2027. The market size is forecast to increase by USD 17.65 billion. The growth of the market depends on several factors, including new product launches, increasing market indulgence, and burgeoning marketing strategies.
This premium chocolate market report extensively covers market segmentation by distribution channel (offline and online), product (dark premium chocolate and white milk premium chocolate), 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 increasing market indulgence is notably driving the market growth, although the threat from seasonal chocolates 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 increasing market indulgence is notably driving the premium chocolate market growth. Chocolate consumption is associated with emotional aspects such as indulgence and enjoyment. The demand and popularity of this segment are growing rapidly with increasing knowledge and interest in unique and high-quality products. Moreover, the demand for higher-quality chocolate is growing faster than for other types of chocolate. With the increasing popularity of high-quality premium chocolate, the number of product launches in this category is increasing. Demand for chocolate with premium ingredients and labels is growing in almost every region of the world. France, England, Italy, Spain, and Germany are some of the countries with the highest demand for premium chocolate. Consumers in these countries are willing to pay more for luxury goods.
Most consumers buy premium chocolates as gifts. However, the purchase rate of premium chocolate for personal use is also increasing. Demand for premium chocolate is further fueled by the growing demand and popularity of dark chocolate. For example, almost half of the chocolate consumers in France and Italy buy and prefer dark and premium chocolate over traditional chocolate. The love for these chocolates is growing more and more and is expected to grow even more in the future.
Support for sustainable cocoa production is a key trend influencing the premium chocolate market growth. Ivory Coast and Ghana are the world's largest exporters of raw cocoa, accounting for around 60% of global exports in 2022. Cocoa is a major contributor to export earnings and is the main source of income for up to six million farmers in Côte d'Ivory and Ghana. At the same time, cocoa production faces challenges related to child labor, low incomes for local farmers, deforestation, and forest degradation. Cocoa growers and suppliers in African countries such as Côte d'Ivoire and Ghana are forced to sell their harvest of cocoa beans to middlemen who distort prices. In addition, several reports of child slavery have surfaced, pointing to farmers' plight and working conditions. To solve these problems, many major players have started to take initiatives by introducing sustainable cocoa production programs.
For example, the European Commission launched an initiative for more sustainable cocoa production. The actions taken by the European Commission are in line with the Commission's political priorities under the Green Deal and the Commission's 'zero tolerance' approach to child labor. It also builds on its June 2019 joint initiative in Côte d'Ivoire and Ghana on the lowest price of cocoa on the market. Such actions support the idea of sustainable cocoa production and boost the growth of the market during the forecast period.
The threat from seasonal chocolates is challenging the premium chocolate market growth. Seasonal chocolates are made for special occasions and are not available all year round. As such, seasonal chocolate purchases increase exponentially around the world during festivals and occasions such as Easter, Halloween, and Christmas. Easter is the perfect time to encourage seasonal chocolate purchases. Consumers buy seasonal chocolates for different seasonal occasions as gifts or to complement larger gifts for friends and family during festivals and holidays. Offering seasonal chocolates in a variety of price points, they serve as consumer impulse purchases and emergency or unscheduled gifts. Due to the rapid rise in the popularity of seasonal chocolates, players are benefiting from special holiday consumption.
For example, on White Day in Japan, men are encouraged to buy white chocolate for women. Players like Lindt and Lake Champlain Chocolates sell seasonal chocolates designed specifically for special occasions such as Mother's Day and Father's Day. Players such as Godiva, Gayle's Chocolates, and Zoe's Chocolate have dedicated Thanksgiving product lines that are very popular in regions such as North America and Europe. These special days offer simple gift options that don't confuse consumers' likes and dislikes, thus increasing overall sales of seasonal chocolates. Therefore, the threat of seasonal chocolates will impede the growth of the market during the forecast period.
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 Premium Chocolate Market Customer Landscape
The market share growth by the offline segment will be significant during the forecast period. Offline sales channels include supermarkets, hypermarkets, department stores, convenience stores, distributors, independent retailers, and specialty retailers. Popular supermarkets offering premium chocolate products include SPAR, Walmart, Meijer Inc., The Kroger Co. (Kroger), Carrefour, and Big Bazaar. Supermarkets and hypermarkets offer a wide variety of premium chocolate products from different brands, and consumers can easily select and purchase the desired product from these stores.
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The offline segment was valued at USD 21.47 billion in 2017 and continued to grow until 2021. Offline distribution channels such as supermarkets and hypermarket chains are focusing on expanding the number of stores around the world. Walmart, for example, has announced plans to open 300 new stores in China by 2024 as part of its global expansion policy. Such expansion of supermarket and hypermarket chains will improve customer access and increase sales of premium chocolate products, driving the growth of the market during the forecast period.
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Europe is estimated to contribute 37% to the growth of the global premium 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.
In 2022, Europe had the highest per capita consumption of chocolate in the world. Consumers tend to prefer premium chocolates as they are popular as gifts for special occasions. Additionally, many chocolate manufacturers such as Ferrero International SA have their headquarters in the region. These factors are one of the main reasons why Europe holds the dominant share of the market. In Europe, demand for premium chocolate is outpacing sales of private-label chocolate. This is mainly because consumers are willing to pay higher prices for higher quality, better packaging, and richer flavor than other chocolates. The UK, Belgium, Germany, and Switzerland are among the leading markets for premium chocolate in Europe.
In 2020, the European premium chocolate market was hit by the COVID-19 outbreak as major economies in the world were severely impacted by the disease. Governments of various countries across the world imposed lockdowns on various business establishments to slow the epidemic. However, in 2021, Countries started lifting lockdown restrictions due to mass vaccination campaigns across the world. This restored the demand and supply of chocolate, thus reviving demand for premium chocolates and having a positive impact on the market.
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.
Cargill Inc: The company offers different types of chocolate products such as milk chocolate, dark chocolate, white chocolate, and many more.
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.
Chocolate Market -The Chocolate Market is projected to increase by USD 45.78 million from 2022 to 2027. The market is estimated to grow at a CAGR of 4.97% between 2022 and 2027.
The premium 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.
Premium Chocolate 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 8.79% |
Market growth 2023-2027 |
USD 17.65 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.78 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 37% |
Key countries |
US, China, Germany, UK, and Belgium |
Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
Key companies profiled |
Cargill Inc., CEMOI Group, Champlain Chocolate Co., Chocoladefabriken Lindt and Sprungli AG, Ferrero International S.A., Hotel Chocolat Group plc, Lotte Corp., Marks and Spencer Plc, Mars Inc., Meiji Holdings Co. Ltd., Mondelez International Inc., Nestle SA, Neuhaus NV, Pierre Marcolini Group, RICHART, Savencia SA, Teuscher Chocolates of Switzerland, 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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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