According to Bonafide Research, the chocolate market will reach USD 180.62 billion by 2027

The global chocolate market size is expected to grow to over USD 180.62 billion by 2027, expanding at a CAGR of 6.31% during the forecast period, according to the recent research report published by Bonafide Research. The increased chocolate market sales may be attributed to the rising population and corresponding demands in Asian countries as well as the increased number of emigrants in the Middle East region. Dark chocolate demand is expected to be the major driving force for generating revenues around the globe. Further, with the launch of vegan chocolates, dairy-free chocolates, and sugar-free versions, the sales of chocolates are expected to accelerate in the future years.

Supermarkets and hypermarkets are the destinations for chocolate shopping as they display a variety of options to choose from and consumers can make wise purchases. The impulsive buying behaviours of the millennials are further expected to increase the sales of chocolates. Online sales of chocolates are increasing due to busy lifestyles and lucrative offers given by the retailers. Premium chocolates would be in high demand as consumers' rising disposable income levels. Additionally, the limited-edition premium chocolates launched by various players during Halloween, Christmas, and Easter are further expected to bolster sales of chocolates.

Cargill opened House of Chocolate in Belgium, a place for inspiration, co-creation, and innovation with customers. It is a 6200 square metre complex where customers can explore the entire world of chocolate under one roof, enabling them to taste, feel, smell, and see chocolate in every form. At the House of Chocolate, customers can collaborate with their experts and leverage the resources to create products inspired by the latest trends. It is a place designed to bring ideas to life and quickly move them to the market.

The chocolate market is being impacted by the rising prevalence of lifestyle-related health disorders such as obesity and diabetes. This is due to excessive sugar consumption, and consuming chocolate acts as an add-on. The world's population is increasingly being diagnosed with diabetes every year. Further, the increased number of obese people is also on the rise due to sedentary lifestyles. A modest treat can supply the body of a consumer with a lot of energy. As a result, eating sweets leads to the consumption of more calories per day, resulting in obesity. Hence, consumers are switching over to dark chocolate.

The chocolate 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, Nestle, Meiji Holdings, Barry Callebaut, Ezaki Glico Co. Ltd, Godiva Chocolatier, and LOTTE are among the prominent players in the global market.