The global chocolate confectionery market size is expected to reach USD 312.6 billion by 2030, expanding at a CAGR of 6.4% during the forecast period, according to a report by ResearchAndMarkets.com. The chocolate confectionery market growth is attributed to the increasing tradition of gifting chocolates, especially in Asian countries.
Further, strong advertising and marketing campaigns for vegan, gluten-free, low-sugar chocolates are also driving the demand. Manufacturers are launching a wide range of chocolate confectionery in the healthier segment, with claims such as vegan, gluten, and dairy-free to cater to the rising customer demand, which is increasing the scope of chocolate confectionery in the global market. For instance, in September 2020, Chocoladefabriken Lindt & Sprungli AG inaugurated the Lindt Home of Chocolate in Switzerland. The facility showcases a unique chocolate competence center, attractive museum, and open-view production plant.
The dark chocolate segment is expected to be the fastest-growing segment during the forecast period. Product launches in this segment by key players in the market are likely to supplement the overall segment growth. For instance, in November 2020, Sugar-Free (low-calorie sweetener manufacturer) ventured into the premium dark chocolate category with the launch of Sugar-Free D’lite chocolates.
The supermarkets & hypermarkets distribution channel segment held the largest segment in 2021 and is expected to maintain dominance during the forecast period. The rise in demand for chocolate confectionery by the consumers has made retailers hold greater shelf spaces for chocolate confectionery, especially in developed countries, such as the U.S. and the U.K. For instance, in June 2020, Wicked Kitchen, a vegan brand in the U.K., launched its first-ever vegan cupcakes through Tesco supermarkets in the U.K.
The chocolate confectionery market is consolidated in nature with the presence of many international players and a few regional players. The Hershey Company, Ferrero, Chocoladefabriken Lindt & Sprungli AG, Mars, Incorporated, Mondelez International, Nestle, CEMOI Group, Barry Callebaut, Lake Champlain Chocolates, and LOTTE are among the prominent players in the global market.
Chocolate Confectionery Market Report Highlights
- Asia Pacific is anticipated to witness substantial growth during the forecast period, owing to rising demand for bars confectionery. In addition, several large international players are setting up local manufacturing, production & storage facilities in this region such as in India and China.
- Dark chocolate is likely to witness the fastest growth during the forecast period as it is considered a healthier option with lower calories as compared to milk and white chocolates.
- The online distribution channel segment is expected to register the fastest growth during the forecast period. The recent outbreak of COVID-19 has increased the penetration of online retailers in the chocolate confectionery segment.
Editor: Kiran Grewal email@example.com