The chocolate confectionery market is a highly competitive and dynamic industry that is constantly evolving to meet the changing tastes and preferences of consumers. With a wide range of products available, including bars, truffles, pralines, and more, companies are constantly innovating to stay ahead of the competition.
The has experienced significant shifts in consumer preferences, with a notable emphasis on new and innovative products. One crucial aspect influencing consumer purchasing decisions is the origin of cocoa. Rising concerns about product safety, particularly regarding the presence of microorganisms like salmonella and traces of heavy metals such as cadmium and lead, have prompted consumers to pay closer attention to cocoa sourcing.
Market Size-
The SNS Insider report indicates that the Chocolate Confectionery Market was valued at USD 179.9 billion in 2022, and it is projected to achieve a market size of USD 313.90 billion by 2030, with a compound annual growth rate (CAGR) of 7.2% expected over the forecast period from 2023 to 2030.
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Some of the key players studied in this report are:
Mars, Incorporated, Mondelez International, Inc., Nestlé S.A., Ferrero Group, Meiji Co., Ltd., The Hershey Company, Chocoladefabriken Lindt & Sprüngli AG, Ezaki Glico Co., Ltd., Haribo GmbH & Co. K.G., and Pladis.
Market Report Scope –
The Chocolate Confectionery Market development of preferences for new and innovative confectionery products is a key factor in this market. The origin of cocoa is becoming an important factor in consumer purchasing decisions owing to the rising concerns regarding the safety of the product due to the presence of micro-organisms such as salmonella and heavy metal traces such as cadmium and lead. New developments in chocolate confectionery have been driven by the increasing trend towards organic and sustainably produced chocolates.
Market Growth Factors –
A variety of chocolate sweets, made primarily from cocoa, sugar and milk, are referred to as chocolates confectionery. A variety of indulgent products, such as chocolate bars, truffles, pralines and chocolates filled with chocolate, are covered by end use applications. Popular across all age groups, chocolate confectionery serves as a standalone treat, a gift item, or an ingredient in desserts. It can be used for a variety of occasions, including celebrations, snacks, and as a mood enhancer.
Segmentation Analysis –
Molded bars chocolate confectionery accounted for the largest share of 35.6% in 2022 and is expected to maintain its dominance during the forecast period. The most popular chocolate type in the world is bar chocolates. Thanks to their convenient size, they are popular with consumers. The growth of this segment is driven by product launches made by the main players. An example is the launch in January 2020 of Hershey India Private Ltd, an Indian subsidiary of a US candy firm. The largest share of 56.6% was accounted for by milk chocolate confectionery in 2022. A survey conducted by YouGov PLC in February 2021 revealed that about 49.1% of the US population is partial to milk chocolate. In order to expand the existing product range, a number of companies have introduced new products with clear labels such as organic, vegan and certified Kosher due to an increasing preference for milk types. For example, Hershey introduced a new product in October of 2020.
By Product:
- Boxed
- Molded Bars
- Chips & Bites
- Truffles & Cups
- Others
By Type:
- Milk
- Dark
- White
By Distribution Channel:
- Supermarkets & Hypermarkets
- Convenience Stores
- Online
- Others
Key Regional Development –
In 2022, Europe accounted for 32.5% of the total. In the last few years, France and Belgium have seen significant growth. Increased production of artisanal chocolates, constant innovation in the field of flavour and promotion at retail outlets are key drivers for regional market growth. Consumers are looking for high quality products that are good for their health and the environment. Market growth in this region is also likely to be stimulated by the robust European food and drink industry.
From 2023 to 2030, Asia Pacific is expected to be the fastest expanding region. The increase in the target population of youth and young people is a contributing factor for this growth. In addition, the growth of the region’s market is driven by a growing population, increasing consumer spending and an increase in awareness about such products. Moreover, with regional growth, it is likely that new product launches by international players will be positive for the region.
Key Takeaway
Manufacturers have been forced to launch new products on the market due to growing consumer preference for innovative and novelty products. A new stage has been created in the chocolate confectionery sector, thanks to new technologies for the formulation of chocolate confectionery, together with the beneficial natural flavours and other ingredients. For premium and finished products, consumers are willing to pay more. The demand for premium and luxury chocolates in developed economies is driven by a new trend of premiumization. There are significant opportunities in the growth of developing markets, especially Asia. Increasing disposable incomes and urbanization in countries like India and China have created a burgeoning middle class with a taste for premium and imported chocolates. These markets are being exploited by global chocolate producers, which seek to tap into a large consumer base.
Recent Developments –
In November 2023, Bühler, the Swiss-based equipment and industry technology group, announced the launch of its new food innovation hub in Uzwil, Switzerland, which includes advanced facilities with significant potential for chocolate confectionery product development.
In May 2023, Dharampal Satyapal Group (DS Group) completed the acquisition of The Good Stuff, owner of chocolate and confectionery brand LuvIt. The DS Group’s presence in the chocolate and confectionery market in and around India is further strengthened by this acquisition.
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