Global Chocolate (Milk, Dark, White) Market Outlook, 2027

Chocolates are made from cacao seeds ground into powder form from Theobroma cacao tree pods. The paste is then prepared by roasting, drying, and pulverising methods. The liquid and cocoa cream are then separated using stress. It is applied to the chocolate in varying proportions as required. Chocolate's antioxidant content, blood pressure-lowering qualities and alleged anti-aging capabilities will continue to drive acceptance of chocolate and chocolate-related goods. Chocolate ingestion in moderation has been discovered to increase serotonin, a neurotransmitter that relaxes the brain and acts as an antidepressant. It also improves one's temperament by releasing toxins. Chocolates best complement the celebration, and they are available in a multitude of forms, sizes, and wrappings. Chocolate is a delight in every bite, and today it is used as a medium to display emotions like love, respect, and friendship. Chocolate is a billion dollar industry that is steadily expanding as new products are produced and advertised. The report, titled, "Global Chocolate Market Outlook, 2027," published by Bonafide Research, states that the market is projected to grow rapidly at a CAGR of 6.31% over the forecast period. The introduction of various innovations in chocolate taste, flavour, ingredients, and quantity, along with the increase in per capita income in countries like China and India, has increased the demand for chocolates. In consideration of global consumption, countries like Switzerland, Ireland, the United Kingdom, Germany, and Sweden top the list. The European market poses as the prominent market, while the United States and Germany are the largest revenue generators and Switzerland is the largest chocolate exporter. The advertising and branding activities have played an important role in changing the perception of customers from viewing chocolate as just a kid's dessert to a premium gifting option. The purchase preferences depend on the type of chocolate, which is segmented into the categories of milk chocolates, dark chocolates, and white chocolates. As time changes, consumer preference towards chocolate has shifted from milk chocolates to dark chocolates.

The U.S. is the leading country in the chocolate market, constituting over 18% of the global market, owing to the increasing availability of premium chocolates, prompted by consumers' desire to consume chocolates and rising food culture. Furthermore, a wide range of new and innovative chocolates being offered by the manufacturers and easy availability in the local market are expected to boost the demand for chocolates in the United States market. Chocolate has become one of the most popular food items which are available in different categories within the United States. Milk chocolate holds a maximum market share of around 48% in 2021, as it is high in calcium as compared to dark chocolate, which helps maintain strong bones and sustain healthy function of the heart, muscles, and nerves. Chocolates are also depicted as a sign of happiness, appreciation, and love, and they are even presented as gifts over the holiday season, which are some of the reasons for driving up the seasonal chocolate demand. The big four seasons for seasonal chocolate, including Valentine's Day, Easter, Halloween, and the winter holidays, have long led to huge spikes in sales and endless opportunities for new and innovative seasonal chocolates in the United States chocolate market. Due to a growing number of Internet users, ease of access, availability on a 24/7 basis, and several choices to choose from, the segment is anticipated to witness growth in the forecast period. Manufacturers are continuously focused on the development of new chocolate products to enhance their product portfolio and capture market share. Dark chocolates are considered a healthy option as they are rich in antioxidants that have led to their increased demand over the years. It is expected to promote the market's growth over the next few years. Furthermore, impulse buying behaviour by millennial’s and youngsters as a result of increased awareness from social websites and internet penetration by chocolate companies is projected to have a positive impact on the industry's growth. As chocolate helps in relaxing the mind and inducing happiness, it is expected that sales of chocolate will continue to witness a boost during the coming years. Sales through supermarkets and hypermarkets were over 50% in 2021, and the future sales are projected to be driven by increased internet penetration at a CAGR of 8.91%. Europe is the leading region with a 40% market share, but the United States is the leading country because chocolate making has been deeply ingrained in their culture for centuries. Belgium is the chocolate capital of the world. There are many amazing places to buy chocolate in Brussels as the city is famous for its creative chocolates and is dotted with chocolate shops. There has been a long-standing debate over whether European or American chocolate tastes better. However, the differences are the cocoa content, which is low in American chocolates and higher in European chocolates. Sugar content is higher in American chocolates as compared to bitter-tasting European ones. European chocolates are high in fat content. The last is the difference between using cocoa beans from different locations. Europeans import cocoa beans from West Africa and Americans from South America. Each country has developed its own unique way of preparing and producing the sweet treat, from growing the cocoa beans to adding milk and butter to developing different processes to temper the chocolate. While almost all countries have their own take on chocolate, these are the countries that produce the best chocolate in the world. Some of the best chocolates are made in Ecuador, Ivory Coast, Switzerland, the United Kingdom, France, Belgium, and the United States.

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Manmayi Raval

Research Consultant

Considered in this report • Geography: Global • Historical year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Global chocolate market with its value and forecast along with its segments • Region-wise chocolate market analysis • Country-wise chocolate market analysis • Various divers and challenges • Ongoing trends and developments • Five force models • Top profiled companies • Strategic recommendation Regions covered in the report • North America (US, Canada, Mexico) • Europe (UK, Germany, France, Italy, Spain) • South America (Brazil, Argentina, Chile) • Asia-Pacific (China, Japan, India, Australia) • Middle-East & Africa (UAE, Saudi Arabia, Israel, South Africa)

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Types of chocolates in the report • Milk chocolate • Dark chocolate • White chocolate Application of chocolates in the report • Everyday • Seasonal/ Box • Premium • Gourmet Sales Channel of chocolates in the report • Supermarkets & Hypermarkets • Convenience Stores • Online • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to chocolate industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.