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The global chocolate confectionery market Size was valued at USD 110.67 billion in 2018 and is projected to reach USD 145.17 billion by 2026, exhibiting a CAGR of 3.50% during the forecast period.
The chocolate confectionery market trends are majorly driven by the evolving and varied eating preferences for innovative chocolate products. Food origin is increasingly becoming an important factor in consumer purchasing decisions in developed as well as developing countries, owing to the increasing consumer concerns over their health. Consumers are becoming more socially conscious of their preferences and opting for chocolates from organic and sustainable sources. The manufacturers are constantly emphasizing on delivering new and innovative sustainable chocolates to meet the growing demand for chocolates in the market. The attractive packaging and enticing sensorial appeal, along with the human health benefits, are some of the major factors that are increasingly becoming important in understanding this market across the globe.
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Technological Advancements are Heading the Demand for Premium and Innovative Chocolates
The choices of consumers are becoming more advanced, demanding, and varied in the global marketplace, which has made innovation a crucial factor among the chocolate confectionery marketers. The new technologies for chocolate formulation along with the beneficial natural flavours and other ingredients have given rise to a new phase in this market. Consumers are willing to spend more for their desired chocolates, creating an indulgent buying behaviour in the market. The chocolate confectionery market growth is majorly propelled by the increasing shift of the consumers toward luxurious and premiumized chocolates, owing to the increasing affordability across the globe. Thus, the demand for the personalization and customized chocolates is seen as a revolution in this market.
Increasing Association of Chocolates with Festivals and Special Occasions to Assure its Growth in the Coming Future
In many countries across the world, chocolates are majorly consumed and associated with seasonal occasions, which triggers its demand in the global marketplace. Chocolates have become an essential component of religious events, special occasions, and different festivals such as Christmas, Easter, and others. Consumers are seeking more innovative varieties of chocolates every year. The matured markets across the world such as Australia, Canada, Russia, and others have shown notable growth in seasonal launches in the past few years. The consumers in chocolate confectionery market are choosing high-end and luxurious chocolates rather than preferring and focussing on value products. The chocolate confectioners are intensively capitalizing and emphasizing on research and development centres, distribution networks, and innovative packaging based on the requirements. On the other hand, the acceptance of westernized cultures, occasions, and festivals among the Asian countries is further fueling the demand for chocolate confectioneries all over the world.
Increasing Emergence of Modern-trades and Growing Popularity of Online Retails to Fuel Sales of Chocolate Confectioneries
The improving lifestyles of the consumers across the globe is also undergoing a sea change seen through their daily lives and routine. Increasingly hectic schedules of consumers across the world have led to their increased dependency on bulk-buying of groceries from modern-trades and mass merchandisers. The offerings of several facilities, freedom of selection, wider product ranges, and bundling schemes offered by the modern-trades have led to the increased feet-counts around the chocolate confectionery shelves. These sales counters offer a convenient buying experience to the consumers under a single roof along with the varied choices, which is expected to fuel the future sales of chocolate products across the world. Moreover, rising popularity and awareness of online retail services have further boosted the sales and consumption of chocolate items across the globe.
An Infographic Representation of Chocolate Confectionery Market
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Growing Health Concerns among the Diabetic Population Dampens Chocolate Confectioneries Sales
Diabetes has become a serious concern among the people in the world. The increasing prevalence of diabetic population is a serious threat to the market. Diabetes has become a serious disease in the past few decades and the number of diabetic cases is steadily going up. According to the Global Diabetes Community, U.K., it is estimated that 415 million people are suffering from diabetes in 2018 across the world and is expected to rise to 642 million people living with the disease worldwide by 2040. The diabetic patients resist the consumption of chocolates to avoid and reduce sugar intake in their daily diet. Thus, the increasing number of hyperglycemia (High Blood-Sugar Level) cases across the world is expected to dampen the overall market growth during the forecast period. However, the increasing popularity of sugar-free and dark chocolates among the diabetic population can certainly aid in the growth of the market of chocolate confectionery.
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Dark Chocolate Segment to exhibit a Moderate CAGR, due to Consumer Indulgence towards High-end Chocolates
The global market for Chocolate Confectionery is growing at a decent pace due to the acceptance of quality chocolates with varied natural ingredients and flavours. Growing per capita income and increasing urbanization across the world have led to the increased affordability of the consumers to spend on premium chocolates. Thus, the increasing affordability of the consumers is resulting in their indulgent buying behaviour to pay for the premium and high-end dark chocolates in the market. Dark chocolate offers a premium appeal to the consumers along with the healthy, sensorial, and textural benefits. Dark chocolates are sources of antioxidants, balance the blood pressure level, and offer many other advantages that are enticing consumers to buy such chocolates in the market. The manufacturers are also focusing on innovative and tempting packaging in the market, which is contributing to drive the overall demand for dark chocolates in the global marketplace. However, the milk chocolate segment holds the major market share across the globe owing to its popularity among the children and adolescents. It is produced with milk and cocoa butter that offers a milky and pleasant taste to the consumers, which is propelling its growth worldwide.
Rising Premiumization Trend Drives the Global Chocolate Confectionery Sales
The demand for premium chocolates is growing in almost every part of the world due to the evolving gifting tradition and its rising importance in consumers’ daily routines. The consumers are looking for varied chocolate flavours and innovative chocolate formulation, which is fueling its growth in the global marketplace. The manufacturers are increasingly focusing on developing new production technologies for mass production of premium chocolates to fulfill demand in the market. However, the increased importance of seasonal chocolates during special events and the affordability of premiumized chocolates aids in the growth of the market. The growing demand for such chocolates has encouraged manufacturers to introduce small and consumer packs in the market, which is expected to boost the market demand during the forecast period.
North America Chocolate Confectionery Market Size, 2015-2026 (USD Billion)
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North America to Lead the Market Backed by Increasing Consumer Engagement with Chocolates and Chocolate Snacks
The growth of this market majorly depends on the robust consumption of chocolates in North America. The consumers in the region are increasingly involving with chocolates in their daily routine. Chocolate confectionery products have a strong emotional bond with the consumers, which are ingrained in family traditions and seasonal celebrations across the region. The major demand for chocolate confectioneries is coming from the U.S., which is propelling the huge demand for chocolates in the region and aiding its dominance of the chocolate confectionery market share. The consumers are passionate about their favourite chocolate treats and snacks and have a strong emotional connection with several chocolate products. On the other hand, the consumers in the region are also attached to the gifting and presenting tradition in their families and workplaces. According to the U.S. Confectionery Industry, the consumption of chocolates in the Americas is considered as a treat and approximately 90% of the Americans give and send gifts of chocolate confectioneries and candies to their loved once to celebrate their occasions. The ethnic minorities in North America such as Hispanics, Asians, and others have got inspired by various TV shows and movies regarding the culture of gifting chocolates. The growing trend of gifting tradition and increasing association of chocolates among the consumers assure the future growth potential of the market in the region.
The market for chocolate confectionery in Asia-Pacific remains small but has seen the increasing per capita consumption among consumers in the past few years, illustrating ample scope for its development. The growth in the region is largely driven by countries such as India and China. The huge consumer base and acceptance of modernized food culture among the consumers in these countries are some of the major pillars for the market in the region. The steadily growing disposable income of the consumers along with their improving lifestyle enables the consumers to spend on their chocolate cravings. The growth potential for such chocolate confectionery products is underpinned by the increasing young population in the region who are more aware and have varied taste preferences in chocolate selections. The growing per capita in such a populous region offers immense potential to the chocolate confectionery players to understand and respond to the several opportunities in the region.
The Europe market is saturated, yet holds the largest value share. This is owing to the increased consumption of premiumized chocolates which is the key growth driver. Due to consumer awareness regarding various health issues of chocolates and other confectionery products, the growth is a constraining factor in the region.
Consolidated Industry Structure to Influence Market Competition
The market is seen as highly consolidated due to the dominance of some key giants and their strong global presence. The chocolate manufacturers are capitalizing on the development of various sugar-free products that can tap the diabetic population. Along with that, they are working towards the production of cost-cutting practices. Barry Callebaut, Ferrero SpA, & Nestle S.A. are some of the major companies which hold the major market share.
The chocolate confectionery market has witnessed significant growth globally. Along with the growing population, the increase in the consumption of various confectionery products such as sugar, chocolate, gums, and others are growing.
The market report provides qualitative and quantitative insights. It also offers a detailed analysis of its utility, applications, availability of raw materials, types of chocolate confectionery, market size and growth rate for all possible segments in the market.
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Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape for Chocolate Confectionery. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.
Value (USD Billion)
Fortune Business Insights says that the market value stood at USD 110.67 billion in 2018 and is projected to reach USD 145.17 billion by 2026.
Growing at a CAGR of 3.50%, the market will exhibit steady growth in the forecast period (2019-2026).
Milk chocolate segment is expected to be the leading segment based on type in the market during the forecast period (2019-2026).
Increasing shift of the consumers towards the chocolate snacks is driving the growth of this market.
Barry Callebaut, Ferrero SpA, & Nestle S.A. are few of the key players in this market.
Europe is expected to hold the highest market share in the global market in 2018.
Premium chocolates are expected to grow at the fastest pace during the forecast period (2019-2026).
Increasing emergence of modern-trades and growing popularity of online retail are some of the major growth propellers for the market.
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