SAN FRANCISCO, May 2, 2022 /PRNewswire/ -- The global chocolate confectionery market size is expected to reach USD 312.6 billion by 2030, expanding at a CAGR of 6.4% during the forecast period, according to a new report by Grand View Research, Inc. The chocolate confectionery market growth is attributed to the increasing tradition of gifting chocolates, especially in Asian countries. Further, strong advertising and marketing campaigns for vegan, gluten-free, low-sugar chocolates are also driving the demand. Manufacturers are launching a wide range of chocolate confectionery in the healthier segment, with claims such as vegan, gluten, and dairy-free to cater to the rising customer demand, which is increasing the scope of chocolate confectionery in the global market. For instance, in September 2020, Chocoladefabriken Lindt & Sprüngli AG inaugurated the Lindt Home of Chocolate in Switzerland. The facility showcases a unique chocolate competence center, attractive museum, and open-view production plant.
Key Insights & Findings from the report:
- Asia Pacific is anticipated to witness substantial growth during the forecast period, owing to rising demand for bars confectionery. In addition, several large international players are setting up local manufacturing, production & storage facilities in this region such as in India and China.
- Dark chocolate is likely to witness the fastest growth during the forecast period as it is considered a healthier option with lower calories as compared to milk and white chocolates.
- The online distribution channel segment is expected to register the fastest growth during the forecast period. The recent outbreak of COVID-19 has increased the penetration of online retailers in the chocolate confectionery segment.
Read 80-page market research report, "Chocolate Confectionery Market Size, Share & Trends Analysis Report By Product (Boxed, Molded Bars), By Type (Milk, Dark), By Distribution Channel (Supermarkets & Hypermarkets, Online), By Region And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Chocolate Confectionery Market Growth & Trends
The dark chocolate segment is expected to be the fastest-growing segment during the forecast period. Product launches in this segment by key players in the market are likely to supplement the overall segment growth. For instance, in November 2020, Sugar-Free (low-calorie sweetener manufacturer) ventured into the premium dark chocolate category with the launch of Sugar-Free D'lite chocolates. The supermarkets & hypermarkets distribution channel segment held the largest segment in 2021 and is expected to maintain dominance during the forecast period. The rise in demand for chocolate confectionery by the consumers has made retailers hold greater shelf spaces for chocolate confectionery, especially in developed countries, such as the U.S. and the U.K. For instance, in June 2020, Wicked Kitchen, a vegan brand in the U.K., launched its first-ever vegan cupcakes through Tesco supermarkets in the U.K.
The chocolate confectionery market is consolidated in nature with the presence of many international players and a few regional players. The Hershey Company, Ferrero, Chocoladefabriken Lindt & Sprüngli AG, Mars, Incorporated, Mondelez International, Nestlé, CEMOI Group, Barry Callebaut, Lake Champlain Chocolates, and LOTTE are among the prominent players in the global market.
Chocolate Confectionery Market Segmentation
Grand View Research has segmented the chocolate confectionery market based on product, type, distribution channel, and region:
Chocolate Confectionery Market Product Outlook (Revenue, USD Billion, 2017 - 2030)
- Boxed
- Molded Bars
- Chips & Bites
- Truffles & Cups
- Others
Chocolate Confectionery Market - Type Outlook (Revenue, USD Billion 2017 - 2030)
- Milk
- Dark
- White
Chocolate Confectionery Market - Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2030)
- Supermarkets & Hypermarkets
- Convenience Stores
- Online
- Others
Chocolate Confectionery Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Switzerland
- Asia Pacific
- China
- Japan
- India
- Central & South America
- Brazil
- Middle East & Africa
- UAE
List of Key Players of Chocolate Confectionery Market
- The Hershey Company
- Ferrero
- Chocoladefabriken Lindt & Sprüngli AG
- Mars, Incorporated
- Mondelez International
- Nestlé
- CEMOI Group
- Barry Callebaut
- Lake Champlain Chocolates
- LOTTE
Check out more related studies published by Grand View Research:
- Organic Chocolate Confectionery Market - The global organic chocolate confectionery market size is expected to reach USD 1,397.6 million by 2028, registering a CAGR of 6.8% over the forecast period, according to a new report by Grand View Research, Inc. Increasing preference for organic food products is a major factor contributing to the growth of the market.
- Hot Chocolate Market- The global hot chocolate market size is anticipated to reach USD 4.44 billion by 2027, expanding at a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness among consumers regarding associated health benefits of chocolate is a key factor driving the market.
- Sugar-free Confectionery Market- The global sugar-free confectionery market size is expected to reach USD 2.81 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.1% from 2020 to 2027. Rising awareness regarding health and wellness among millennials as a result of an increasing number of advertising campaigns aimed at fitness improvement is expected to increase spending on sugar-free confectionery.
Browse through Grand View Research's Consumer F&B Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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