Global chocolate market will reach $118 billion

November 25, 2022

The global chocolate confectionery market was pegged at US$77.6 billion in 2021 and is expected to reach a total value of $118.6 billion by 2031, according to a report put out by Allied Market Research, growing at a CAGR of 4% from 2022 to 2031.

The expansion of sales channels and increase in use of e-commerce across the world are driving the growth of the global chocolate confectionery market. Innovation in processing and packaging are also supplementing the market growth, with various packaging and promotional activities expected to open new opportunities in the future.

The Covid-19 pandemic impacted the market negatively, according to the report, as strict restrictions were imposed on the export-import of non-essential items as well as restrictions imposed on restaurants and bars.

The dark chocolate segment is expected to register the highest CAGR of 4.9% during the forecast period, due to its increased popularity among consumers owing to its health benefits. In 2021, the milk chocolate segment held the largest share in 2021, accounting for three-fifths of the market due to its popularity for its smooth texture, sweet taste and increasing availability in the market.

By age group, the adult segment held the lion’s share in 2021 accounting for three-fifths of the global market due to increasing consumption in adults because of easy accessibility. The elderly segment is expected to showcase the highest CAGR of 5.25% during the forecast period due to increasing popularity of functional chocolates with health benefits.

By distribution, the e-commerce segment is estimated is expected to register the highest CAGR thanks to the Internet and e-shopping with consumers in developing regions. However, the supermarkets/hypermarkets segment held the largest share in 2021 thanks to increased availability of confectionery in hypermarkets worldwide.

Region-wise, the market across Europe held the largest share and account for half of the market, but the market across Asia-Pacific is expected to register the highest CAGR of 5.4% during the forecast due to increase in demand and the creation of innovative chocolate products among consumers in the region.

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