Dark Chocolate to be the Torchbearer for Chocolate Market

Chocolate Market 2022

The global chocolate market is worth US$ 47.5 Bn as of now and expected to reach US$ 80 Bn by the year 2032 at a CAGR of 5%.

With dark chocolate being looked upon as a healthier product (especially in confectionery) as it constitutes antioxidants rendering protection against dreadful UV rays, the chocolate market is expected to grow on an unstoppable note in the forecast period.

Another factor contributing to the massive growth of chocolate market in the near future is the impulsive behaviour of the millennials, especially after awareness being spread through social media and various satellite television channels by branded corporations like Mars Inc. and Nestle SA.

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Health experts are stating that chocolate being consumed in moderate quantity does boost serotonin, which helps in calming the brain, thereby acting as an anti-depressant. Also, chocolate does enable releasing endorphins all through the body, which helps in elevation of mood. As per the WHO, the country undergoing maximum depression at the moment is “Chile”.

Research states that chocolate, if taken in adequate proportion, does subvert cortisol’s release. Cortisol is known as a stress hormone. Staying stress-free is anytime preferred as compared to staying on medications.

Chocolates are exchanged as a symbol of happiness, love, and appreciation. They are produced in diverse sizes, shapes, product materials, and colors according to the occasion. National Confectioners Association states that close to 150 Mn Santa-shaped chocolates get manufactured all across North America at the time of Christmas.

Good fats and flavonoids present in dark chocolate are known for curtailing risk of cardiovascular diseases by lowering level of bad cholesterol.

The factors mentioned above are bound to help the chocolate market grow unabatedly in the forecast period.

Key Takeaways from the Report

• Conventional chocolate accounts for more than 90% of the market share and the status quo is expected to remain the same even in the forecast period.
• Artificial chocolate is expected to witness the quickest CAGR (11.9%) between 2022 and 2027.
• Brick and Mortar stores account for more than 60% of the overall market share and would continue to do so even in the forecast period.
• Europe holds more than 35% of the overall market share.
• MEA is expected to grow at the fastest rate in the chocolate market between 2022 and 2032.

“With chocolate continuing to be one amongst the most commonly used ingredients in beverages and sweets, the chocolate market is bound to grow manifold in the forecast period”, says an analyst from Persistence Market Research.

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Market Competition

Persistence Market research has captured the key developments in chocolate market as follows –

• The Hershey Company, in March 2020, tabled a novel product under brand name “Hershey’s Cookies ‘N’ Chocolate Bar”, which constitutes milk chocolate bar along with cookie crunches.
• Barry Callebaut, in March 2022, did announce expanding its factory in Campbellfield (Melbourne, Australia). The factory is capable of serving the entire food sector in Australia.
• Blommer Chocolate Company, in January 2022, did announce opening of R&D applications lab in downtown Chicago.
• Walmart is planning to add 50 stores in India by the end of the year 2023.

What does the Report Cover?

• Persistence Market Research offers a unique perspective and actionable insights on the chocolate market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
• The research study is based on the type of chocolate (white chocolates, dark chocolates, and milk chocolates), and by frequency of sales (daily chocolates, premium chocolates, and seasonal chocolates).
• For additional insights on how growth of the chocolate market will unfold over the next decade, write to the analyst at media@persistencemarketresearch.com

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