- Dark Chocolate
- Milk and White Chocolate
Chocolate Market size was estimated to be valued at USD 120.4 billion in 2022 and is poised to grow at a significant CAGR of 6.5% over 2023-2029. Chocolate is a food product made from roasted and ground cacao pods, that is available as a liquid, solid or paste, on its own or as a flavoring agent in others. Dark chocolate is expected to have a considerable market share in the chocolate business based on product type. This increase can be due to a growing understanding of the health benefits of dark chocolates, such as a lower risk of cardiovascular disease, lower cholesterol, and lower blood pressure, and others. Dark chocolate also contains a lot of cocoa, which is good for preventing aging and disorders like cardiovascular disease. Furthermore, studies show that eating chocolate might help to relax. Moreover, players are focusing on product launches to maintain growth in the market. For instance, In January 2022, Hershey launched its KIT KAT, with two different flavor, which were "Duos Strawberry" and ' Duos Dark Chocolate". Rapid growth in population, change in lifestyle, development of newer products by the market players, increase in awareness about the health benefits with dark chocolates, and wide distribution network and e-commerce channels are anticipated to propel the growth of the chocolate market over the forecast years.
Chocolate Market Key Developments:
Fastest Growing Market
The growing use of chocolate in the medical industry due to rise in awareness of dark chocolate as a healthy confectionery product containing antioxidants that protect the skin from damaging UV radiation is likely to drive market development is a key factor surge the growth of market. Moreover, chocolates have been identified as one of the best stress relievers and anti-aging confectionery goods, which is expected to increase demand for chocolate-based products. Furthermore, consumers' preferences for novelty products such as milk-flavored chocolate and confectionary are likely to expand as their acceptance of such products grows. In addition, the market is being driven by the increasing affordability of such confectionary chocolate, which is expected to generate attractive development prospects.
The chocolate market size was valued at USD 120.4 billion in 2022
The chocolate market key players are: Mars Incorporated Ferrero International SA Mondalez International The Hershey Company Nestle SA Y?ld?z Holding Chocoladenfabriken Lindt & Sprungli AG Grupo Arcor Meiji Holdings Co. Ltd Lake Champlain Chocolates
The chocolate market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.