New York, May 10, 2023 (GLOBE NEWSWIRE) -- In 2022, the global Chocolate Confectionery market accounted for USD 103.9 billion and is expected to reach USD 155.2 billion in 2032. This market is estimated to register a CAGR of 4.2% between 2023 and 2032.
The market is finding for premium confectionery with a wide range of textures and a high level of quality. About 57% of consumers worldwide are willing to pay more for products with multiple flavors, textures, and high quality. This demand is being tapped by key brands. There are five bars available in three flavors: peanut butter, creamy caramel, and milk mousse. These bars are non-GMO, Kosher, and trans-fat-free. A growing number of people are adopting healthier eating habits and demanding "better for me" alternatives.
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Key Takeaway:
- By Product, the molded segment generated the largest revenue share in 2022.
- By Type, the milk chocolate segment has dominated the chocolate confectionery market.
- By Age Group, the adult group segment was dominant in the market, with the largest market revenue share in 2022.
- By Distribution channels, supermarket & hypermarket segments dominate the market.
- In 2022, Europe dominated the market with the highest revenue share of 32%.
- The Asia Pacific region is expected to grow at a significant CAGR from 2023 to 2032.
Factors affecting the growth of the Chocolate Confectionery market
There are several factors that can affect the growth of the chocolate confectionery market. Some of these factors include:
- Consumer demand: Consumer demand for chocolate confectionery may be affected by consumer trends and tastes, such as a desire for more costly or healthy products.
- Price of raw materials: The price of production and, consequently, the price of chocolate confectionery might change depending on the price of cocoa and other raw materials used in chocolate production.
- Competition: The chocolate confectionery industry is fiercely competitive. Many companies are fighting for market share. Success can depend on the ability to differentiate and innovate products.
- Economic conditions: Economic factors like disposable income and consumer spending can impact the demand for chocolate confectionery.
Top Trends in Global Chocolate Confectionery Market
- Innovative Flavors and Formats: Chocolate manufacturers are constantly innovating to bring new flavors, formats, and packaging that consumers can enjoy. This includes new textures like crunchy and crisp, as well as unique ingredients such as chili, matcha, and turmeric.
- Personalization: Customers wanted to customize products according to their tastes. Customized chocolates were created to meet this need. Consumers can customize a product by choosing the type of product, the ingredients, and the packaging.
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Market Growth
The market for chocolate confectionery is developing because of a number of factors. The desire for high-end and indulgent products, also shifting consumer preferences, and rising disposable incomes in emerging regions, are likely to fuel the growth of the chocolate confectionery market in the coming years.
Regional Analysis
The chocolate confectionery market was dominated by Europe, which acquired the most significant revenue share of 32% in 2022. The growth of the regional market is primarily driven by increased production of artisanal goods, innovation in flavors, and promotional activities in stores. Customers want products that are high quality and safe for their environment and Health. The robust food and drink industry in Europe is likely to boost the market's growth during the forecast period.
Competitive Landscape
The market for chocolate confections has a dynamic and ever-changing competitive environment. To stay competitive in this crowded market, businesses need to be able to innovate, adjust rapidly to shifting consumer preferences, and sell their products successfully.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 103.9 billion |
| Market Size (2032) | USD 155.2 billion |
| CAGR (from 2023 to 2032) | 4.2% |
| Europe Revenue Share | 32.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
- Growing Demand: Globally, chocolate confectionery demand is on the rise due to factors such as urbanization, increasing disposable income, and changing lifestyles.
- Product Innovation: Producers of chocolate are constantly experimenting with new products and flavors to meet the needs of consumers. This includes creating novel formats, textures, and packaging.
- Marketing and Advertising: Marketing and advertising campaigns that are effective will increase sales in the chocolate candy sector. Manufacturers employ a variety of marketing tactics to attract customers, such as celebrity endorsements and in-store promotions.
Market Restraints
- Health Concerns: The negative health effects of chocolate products, such as diabetes and obesity, can discourage health-conscious consumers from consuming them.
- Volatility of Raw Material Prices: Owing to climate change, disease outbreaks, and political instability of countries that produce cocoa, cocoa prices can fluctuate. This can affect the profitability of chocolate producers.
Market Opportunities
- Emerging Markets: Demand for chocolate products increases as disposable incomes increase and lifestyles evolve.
- Product Innovation: If product innovation is continued, the market for chocolate confectionery will grow and new opportunities will be created. This includes new formats, flavors, textures, and ingredients.
- Online Sales: Online sales and e-commerce are increasing in popularity, which gives chocolate producers the opportunity to reach more people and increase their customer base. Online sales also allow for personalized and customized products, which may increase customer loyalty.
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Report Segmentation of the Chocolate Confectionery Market
Product Insight
Based on Product, the molded bars segment was dominant in the market, with the largest market revenue share in 2022. These chocolates are convenient in size for the consumer. Launching new products in the segment will drive growth. In the future, it is predicted that the fastest segment growth will be in chips & bites. Chips and bites have also become more popular due to an increase in demand for premium products during festivals and other smaller occasions. People around the world prepared unusual dishes, particularly baked goods, at home when bakeries and restaurants were closed. Both millennials and centennials are becoming more interested in the product.
Type Insight
Based on the Type, the milk chocolate segment was dominant in the market, with the largest market revenue share in 2022. Companies are launching clean-label products to expand their product range, including vegan, organic, and certified Kosher. During the forecast period, the dark-type segment should grow the fastest. Dark chocolate has become popular in recent years, especially in Asia. It is because of the a change in taste preferences, and an increased awareness of the health benefits. Many product manufacturers have introduced a wide range of products ranging from vegan to organic.
Age Group Insight
On the basis of Age group, the adult group segment was dominant in the market, with the largest market revenue share in 2022. Adult chocolate is marketed to consumers looking for special treats or gifts. It emphasizes high-quality ingredients and unique flavours. Children's chocolate products include chocolate bars, candy, and novelty items with popular characters or brands. Children's chocolates are marketed to parents and caregivers. They feature colourful packaging, fun flavours, and appealing packaging.
Distribution Channel Insight
Supermarkets and hypermarkets will have the largest contribution to the global market in 2022. The segment will continue to dominate the market over the next few years due to consumer preference. Most products are launched in supermarkets, such as Walmart Tesco Kroger, due to their larger customer base. In addition, these stores boost sales with both premium and private labels. Online distribution will grow fastest over the forecast period. The shift in consumer buying habits is one of the major factors driving online product sales. The growing popularity of online platforms among consumers has led to companies selling products online.
Recent Development of the Chocolate Confectionery Market
In April 2023, Companies invested in product innovation and development, with an emphasis on creating unique products that stand out from the crowd in a crowded marketplace. Many consumers are now looking for products that have a higher cocoa percentage.
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Market Segmentation
Based on Product
- Boxed
- Molded Bars
- Chips & Bites
- Truffles & Cups
- Other Products
Based on Type
- Milk Chocolate
- Dark Chocolate
- White Chocolate
Based on Age Group
- Children
- Adult
- Geriatic
Based on Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Online stores
- Specialty Stores
- Pharmaceutical and Drug Stores
- Other Distribution Channels
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Nestle SA
- Ferrero International
- Chocoladefabriken Lindt & Sprungli AG
- Mars Incorporated
- Mondelaz International
- The Hershey Company
- CEMOI Group
- Barry Callebaut
- Lake Champlain Chocolates
- Lotte Corporation
- Haribo Gmbh & Co. KG
- Other Market Players
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