iConnectHub
Access
Login/Register
Supplier Login
The global market for chocolate is expected to grow at a CAGR of 4.48% from 2024 to 2032 and reach a value of USD196.79 billion by 2032.
The rise of flexitarianism, vegetarianism, and veganism has increased demand for specific components, according to the report, from Market and Research which cited Kerry's global product director for nutritional and functional proteins as saying a quarter of consumers worldwide find vegan-friendly confectionery enticing. Over the past four years, the percentage of gelatin-free sugar confectionery claims has increased to 9.3%. The increasing demand for specialized chocolate that satisfies a wide range of dietary requirements and health-conscious lifestyles drives the growth of the global chocolate market.
Manufacturers innovate by using delicious ingredients and cutting-edge processing techniques. For example, the Hershey Company introduced two new plant-based, dairy-free chocolate products in March 2023: Hershey's Plant-Based Extra Creamy with Almonds and Sea Salt and Reese's Plant-Based Peanut Butter Cups. Oats are used in the production of both goods instead of milk.
There are health benefits to chocolate, especially dark chocolate, thanks to the phenolic antioxidants found in cocoa. The report mentions studies that show how chocolate intake can improve mood: Scientists from the University of Calgary, Alberta Health Services Canada, and UCL worked with researchers who discovered that subjects that consumed any dark chocolate within 24 hours were 70% less likely than those who reported consuming no chocolate at all, to experience clinically significant depressed symptoms. Compared to those who did not, the 25% of chocolate eaters who ate the most chocolate (of any type, not just dark) were also less likely to convey depression signs.
Increased seasonal demand for chocolates
Demand for chocolate is always higher during holidays anywhere in the world. According to a report from the Associated Chambers of Commerce & Industry of India (ASSOCHAM), demand for chocolate increases by 40% during India's festival season due to concerns about contaminated sweets and unusually high prices for dried fruit. Since most chocolate is sold during these few seasonal periods (including Valentine's Day, Easter, Halloween, and Christmas), many chocolate makers invest a lot of effort and resources in these events.
The worldwide chocolate industry's seasonality refers to more than satisfying consumer demand. It involves using flavours, packaging, and presentation to create a story. For example, Valrhona has prepared an assortment of 140g of Christmas chocolates for all ages, a classic advent calendar with 24 days of treats, and the ideal package of 15 chocolate bonbons for various delectable sensations for the 2023 Christmas and New Year celebrations. With 28 premium Valrhona palettes with classic tastes, this imaginative chocolate gift box is filled with delight.
The food industry's continuous innovation and increased distribution and marketing initiatives enhance chocolate's appeal and accessibility to a broader range of consumers. For instance, print and TV advertisements are used by Cadbury to advertise their Dairy Milk bars. They also engage younger audiences with emotionally charged digital advertisements such as "Tastes Like This Feels."
European chocolatiers are celebrated for their traditional techniques and revolutionary approaches. Switzerland, Belgium, and France are well known for their top-notch chocolate services. They have set the standard for flavour and presentation. According to OEC World, in 2022, Switzerland exported USD 913 million worth of chocolate, making it the region's tenth-largest chocolate exporter. The European chocolate market prospers despite demanding situations, changing client choices, and expanding health awareness. This is due to its dedication to quality innovation and a rich heritage spanning generations.
