Technavio has been monitoring the global chocolate market and the market is poised to grow by USD 37.03 billion during 2019-2023 at a CAGR of almost 5% during the forecast period. Request Free Sample Pages
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Technavio has announced its latest market research report titled global chocolate market 2019-2023. (Graphic: Business Wire)
Read the 137-page research report with TOC on "Chocolate Market Analysis Report by Product (Milk chocolate, Dark chocolate, and White chocolate), by Geography (Americas, APAC, and EMEA), and Segment Forecasts, 2019 2023".
The market is driven by the increasing premiumization of chocolates. In addition, the increase in packaging innovations is anticipated to further boost the growth of the chocolate market.
Vendors are introducing new premium chocolates for differentiation and personalization of their chocolate segment. This is driving the demand for premium chocolates from emerging economies including Brazil, India, and China. The sales of premium chocolates help vendors to improve their profit margins as customers are highly influenced by exclusivity, packaging, provenance, ingredients, and price. Thus, the increasing premiumization of chocolates is expected to drive market growth during the forecast period.
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Major Five Chocolate Market Companies:
Chocoladefabriken Lindt Sprüngli
Chocoladefabriken Lindt Sprüngli is headquartered in Switzerland and operates the business under various segments such as Europe, NAFTA, and All other segments. The company provides different varieties and flavors of chocolate products.
Ferrero is headquartered in Italy and offers products through the following business units: Nutella, Kinder, Ferrero Pralines, and Tic Tac. The company offers chocolates such as Raffaello and Ferrero Rocher.
Mars is headquartered in the US and operates under various business segments, namely Mars Petcare, Mars Food, Mars Wrigley Confectionery, Mars Drinks, and Mars Symbioscience. The company offers chocolate products such as MILKY WAY, SNICKERS, TWIX, Skittles, M&M'S, and others.
Mondelez International is headquartered in the US and offers products through the following business segments: Latin America, Asia, Middle East, and Africa, Europe, and North America. The company provides different varieties and flavors of chocolate products.
Nestlé is headquartered in Switzerland and offers products through the following business segments: Zone Americas (AMS), Zone Europe, Middle East and North Africa (EMENA), Zone Asia, Oceania and sub Saharan Africa (AOA), Nestlé Waters, Nestlé Nutrition, and Other businesses.
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Chocolate Product Outlook (Revenue, USD Million, 2019 2023)
- Milk chocolate
- Dark chocolate
- White chocolate
Chocolate Regional Outlook (Revenue, USD Million, 2019 2023)
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