Chocolate Industry Projected to Grow at 5.1% CAGR (2024-2030)

• Posted by preeti mmr Mon at 11:42 PM Filed in Other #Chocolate Industry  #Chocolate Industry Growth  #Chocolate Industry Trends  #Chocolate industry Share  #Chocolate industry Size  6 views
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  Market Estimation & Definition

  The Chocolate Industry was valued at approximately USD 119 billion in 2023 and is anticipated to reach USD 156–162 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.1% to 5.1%. The market encompasses a diverse range of products including milk chocolate, dark chocolate, and white chocolate, distributed through various channels such as supermarkets, hypermarkets, convenience stores, and online platforms. The chocolate market’s definition spans not only the traditional confectionery segment but also functional and premium variants, making it a dynamic and evolving industry.

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  Market Growth Drivers & Opportunity

  Several factors are propelling the chocolate market’s robust growth. Rising disposable incomes, especially in emerging economies, are increasing the consumption of premium and artisanal chocolates. Health-conscious consumers are gravitating towards dark chocolate, recognized for its antioxidant properties and lower sugar content. Additionally, the expansion of vegan, organic, and sugar-free chocolate products is opening up new opportunities. The rapid growth of e-commerce platforms is further boosting sales, as consumers increasingly prefer online shopping for convenience and a wider product selection. Innovation in packaging, product customization, and seasonal offerings also contribute to market growth.

   

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  Segmentation Analysis

  The chocolate market is segmented based on 

  by Product

  Milk Chocolate
  Dark Chocolate
  White Chocolate

  by Distribution Channel

  Online Channel
  Departmental Store
  Supermarket
  Hypermarket
  Others

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  Regional Insights:

  North America held the second largest market share of xx% in 2023. As a result of the increased demand for chocolate confectionary. It is a major supplier of cocoa to fulfill the requirements of chocolate confectioneries; growth can be attributed to the increase in consumption. Asia Pacific is expected to grow at a higher CAGR of 6.9% in the global chocolate market during the forecast period. Due to an increase in customers' expendable income in developing world, as well as a shift in people's lifestyles based on western culture.

   

  Key Players are:

  1. Heinz
  2. Nestle
  3. Moonstruck Chocolatier Co.
  4. Mars Inc.
  5. Ghirardelli Chocolate Co.
  6. Ferrero Group
  7. Hershey Foods Corp.
  8. Cadbury
  9. Meiji Co Ltd
  10. Arcor
  11. Ezaki Glico Co Ltd
  12. August Storck KG.
  13. Barry Callebaut
  14. Amul
  15. Lindt & Sprüngli Ag.
  16. Chocoladefabriken Lindt & Sprungli
  17. Cargill
  18. Olam International
  19. Fuji Oil Company Ltd.
  20. ECOM Agroindustrial Corporation Ltd.

   

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