Dublin, Oct. 03, 2024 (GLOBE NEWSWIRE) – The latest report, “Global Chocolate Confectionery Market: Analysis by Category, Product Type, Price Point, Age Group, Distribution Channel, and Region – Trends and Forecast (2024-2029)”, has been added to ResearchAndMarkets.com.
In 2023, the global chocolate confectionery market was valued at $148.54 billion and is projected to reach $213.22 billion by 2029, growing at a CAGR of 6.21%. The market remains an integral part of the food industry, with established regions benefiting from premiumization while emerging markets present significant expansion opportunities.
Key Growth Drivers:
- Rising demand for premium & dark chocolates, driven by health consciousness and indulgence trends.
- Urbanization & higher disposable incomes in emerging markets, fueling spending on high-quality chocolates.
- Consumer preference for healthier options, such as reduced-sugar, dairy-free, and organic chocolates.
- Innovations in flavors, textures, and ethical sourcing, boosting demand for artisanal and sustainable products.
Market Segmentation:
- By Category – Tablets/Molded Bars lead due to convenience and nostalgia, while Chocolates with Toys are the fastest-growing segment, appealing to children.
- By Product Type – Milk Chocolate dominates, while Dark Chocolate sees the fastest growth, driven by health benefits and premiumization.
- By Price Point – Economy chocolates hold the largest share, while Mid-Range chocolates are growing rapidly due to affordability and perceived quality.
- By Age Group – Adults are the largest and fastest-growing consumer group, driven by increased disposable income and demand for gourmet chocolates.
- By Distribution Channel – Supermarkets/Hypermarkets remain the primary sales channel, while E-commerce is expanding rapidly due to convenience and variety.
- By Region – Europe leads the market, benefiting from strong chocolate traditions, while Asia Pacific is the fastest-growing, driven by rising disposable incomes and evolving consumption habits.
Competitive Landscape:
The market is moderately consolidated, featuring industry leaders competing through brand strength, innovation, and distribution networks. Major players include:
- Mondelez, Nestlé, Meiji Holdings, Hershey, Lindt & Sprüngli, Mars, Ferrero, Barry Callebaut, and Yildiz Holding (Pladis Global).
Emerging Trends & Challenges:
- Technological innovations & AI in production
- Sustainable practices & ethical sourcing
- Growing demand for sugar-free & vegan chocolates
- Regulatory challenges & fluctuating raw material costs
Conclusion:
With increasing demand for premium, healthy, and ethically sourced chocolates, the global chocolate confectionery market is set for substantial growth. Companies that leverage innovation, cater to evolving consumer preferences, and expand in emerging markets will lead the industry through 2029.
