Chocolate Confectionery Market Analysis Based On Product, Type, Distribution Channel, And Region
Chocolate Confectionery Industry Overview
The global chocolate confectionery market size was valued at USD 178.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. According to the National Confectioners Association (NCA), sales of chocolate confectionery products through supermarkets increased by 17.9% between March 2020 to August 2020 as compared to the same period last year. Furthermore, demand for high-quality products is getting stronger among the consumers, which is likely to propel market growth. According to the survey conducted by Cargill’s North America Cocoa & Chocolate team of 600 U.S. grocery shoppers in February 2021, approximately one-third of the Americans in the country increased chocolate consumption during the pandemic. Approximately 72% of surveyed consumers claimed that chocolate uplifted their moods, while 59% stated it supports their energy while working from home during the lockdown. Such facts are likely to bode well for future market growth.
Consumers in the market are looking out for premium confectionery products, which include a wide range of textures and premium quality. According to a report by Barry Callebaut proprietary study 2019, approximately 55% of consumers globally are willing to pay for products with multiple flavors, textures, and premium quality. The key brands in the market are capitalizing on such demands. For instance, in September 2021, premium brand Baron Chocolatier launched a product line of bars exclusively at Dollar Stores in the U.S. The product range consists of five bars in three flavors such as peanut butter, milk mousse, and creamy caramel. These bars are certified Kosher, trans-fat-free, and non-GMO.
Gather more insights about the market drivers, restrains and growth of the Global Chocolate Confectionery market
Furthermore, an increasing number of consumers globally are following healthy eating lifestyles that have specialized needs and demand “better-for-me” alternatives, as health & wellbeing have become a top priority. According to Cargill’s ChocoLogic research in February 2021, 52% of consumers in the U.S. purchase dark chocolate confectionery products due to the perception of health benefits associated with it. Such factors are likely to complement the overall market growth for healthier products.
Consumers consider a variety of factors when shopping for confectionery products, with many purchasing premium items. The premium confectionery products in the chocolate segment have been growing in recent years as brands launch products with label claims such as vegan, cruelty-free, organic, and paleo, aimed at differentiating their offerings with healthier titles. For instance, in October 2021, Cadbury announced the launch of a vegan milk bar in Britain in two flavors such as Cadbury Plant Bar Smooth Chocolate and Cadbury Plant Bar Smooth Chocolate with Salted Caramel pieces.
Many key companies have been acquiring premium chocolate brands to expand their brand portfolio. For instance, in January 2021, MondelÄ“z International acquired Hu Master Holdings, a manufacturer of premium snacks made from simple ingredients, at USD 340 million. The brand is paleo-friendly and clean-label, which would further expand the company’s product offerings in the U.S.
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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 Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- July 2021: Barry Callebaut announced the acquisition of Europe Chocolate Company (ECC), a Belgian-based private B2B chocolate specialties manufacturer.
- July 2021: Harbinger Foods launched a new premium brand in India called Kokoma, which offers artisanal chocolates. The product range would comprise premium ingredients such as saffron, chili, almonds, and rose with Belgian dark.
Key Companies profiled:
Some of the key players operating in the global chocolate confectionery market are:
- The Hershey Company
- Ferrero
- Chocoladefabriken Lindt & Sprüngli AG
- Mars, Incorporated
- Mondelēz International
- Nestlé
- CEMOI Group
- Barry Callebaut
- Lake Champlain Chocolates
- LOTTE
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About Grand View Research
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