Chocolate Confectionery Market to Grow with a CAGR of 5.2% Globally through 2028
Rising demand for premium and artisanal chocolates and
changing consumer preferences are driving the Global Chocolate Confectionery
Market in the forecast period 2024-2028.
According to TechSci Research report, “Global Chocolate
Confectionery Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Chocolate Confectionery Market stood
at USD 185.23 Billion in 2022 and is anticipated to grow with a CAGR of 5.2% in
the forecast period, 2024-2028. The global chocolate confectionery market is a
thriving and ever-evolving sector within the broader confectionery industry.
Renowned for its rich history and indulgent taste, chocolate continues to be a
beloved treat enjoyed by people of all ages and backgrounds worldwide. The
market's growth and dynamics are influenced by a combination of factors that
encompass changing consumer preferences, economic conditions, innovation,
sustainability, and emerging trends. One of the fundamental drivers of the
global chocolate confectionery market is changing consumer preferences. In
recent years, there has been a discernible shift towards healthier eating
habits and increased awareness of the potential health risks associated with
excessive sugar consumption. Dark chocolate, characterized by its lower sugar
content and higher cocoa content, has gained popularity for its perceived
health benefits, including antioxidant properties. Consumers are also seeking
premium and artisanal chocolates, which offer unique flavors and high-quality
ingredients. Furthermore, ethical considerations and a desire for sustainable
choices have led to a rising demand for Fair Trade and sustainably sourced
chocolates, reflecting consumers' growing commitment to responsible
consumption.
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Economic conditions significantly impact the chocolate
confectionery market. Chocolate is considered a discretionary purchase, and its
consumption tends to increase with rising disposable incomes. As economies
grow, consumers have more discretionary income to spend on indulgent treats
like chocolates. Conversely, during economic downturns, consumers may cut back
on such non-essential expenditures, impacting chocolate sales. Additionally,
the global nature of the chocolate market makes it susceptible to currency
exchange rate fluctuations, trade policies, and inflation rates in various
regions, affecting the profitability and pricing strategies of multinational
chocolate manufacturers. Innovation and product development are essential
drivers in the chocolate confectionery market. Chocolate manufacturers are
continually introducing new products and flavors to engage consumers and expand
their market share. These innovations encompass unique flavor combinations,
limited-edition releases, and collaborations with other brands or ingredients.
Moreover, there is a growing emphasis on health-conscious product development,
as manufacturers explore ways to reduce sugar content, incorporate functional
ingredients like nuts and fruits, and create chocolates that cater to specific
dietary preferences, such as gluten-free or vegan chocolates. Innovations
extend beyond the products themselves, as companies invest in packaging and
marketing strategies to capture consumers' attention in the competitive market
landscape.
Emerging markets, particularly in the Asia-Pacific
region, have become significant drivers of growth in the global chocolate
confectionery market. Rapid urbanization and rising disposable incomes in these
regions have led to an increased demand for chocolate products. Chocolate
consumption is often associated with urban lifestyles and gifting traditions,
making it a staple in these emerging economies. To capitalize on these growth
opportunities, chocolate manufacturers tailor their products to suit local tastes
and preferences, thereby expanding their market presence and diversifying their
offerings.
In conclusion, the global chocolate confectionery
market is driven by a complex interplay of factors, including changing consumer
preferences, economic conditions, innovation, sustainability, and
health-conscious trends. Chocolate manufacturers must adapt to these drivers
and challenges to remain competitive and meet the evolving expectations of
consumers. The industry's ability to balance quality, sustainability, and
innovation will be instrumental in shaping its future growth and resilience. The Global Chocolate Confectionery Market is segmented
into product type, type, distribution channel, regional distribution, and
company.
Based on product type the market is segmented into boxed
and molded bars. The Global Chocolate Confectionery Market has witnessed a notable
increase in the demand for milk chocolate products. Milk chocolate's creamy and
sweet flavor profile has maintained its timeless appeal among consumers,
driving its popularity. The comfort and familiarity associated with milk
chocolate, along with its versatility in various applications, have contributed
to its rising demand. Additionally, innovations such as reduced-sugar variants
and unique flavor combinations have attracted health-conscious and adventurous
consumers, further fueling the growth of milk chocolate confectionery in the
global market.
Based on type the market is segmented into milk and dark.
Based on distribution channel the market is segmented
into offline and online.
Based on region the market is segmented into five
regions, North America, Europe, Asia Pacific, Middle East & Africa, and
South America.
Major companies operating in Global Chocolate Confectionery
Market are:
- The Hershey Company
- Ferrero
- Chocoladefabriken Lindt & Sprüngli
AG
- Mars, Incorporated
- Mondelaz International
- Nestle
- CEMOI Group
- Barry Callebaut
- Lake Champlain Chocolates
- LOTTE
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“Innovation and product development is a significant
trend that is expected to have an impact on growth over the forecasted period. Rising
demand for premium and artisanal chocolates, changing consumer preferences, and
health and wellness trends will positively impact the Global Chocolate
Confectionery Market. Due to the wide range of products available to meet
specific needs of, as well as the growing popularity of the online distribution
channel, the market is growing at impressive rate through projected period,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Chocolate
Confectionery Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Product Type (Boxed, Molded Bars), By Type (Milk, Dark),
By Distribution Channel (Offline, Online), By Region, By Competition, 2018-2028”,
has evaluated the future growth potential of Global Chocolate Confectionery
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Chocolate
Confectionery Market.
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