Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global chocolate market is projected to witness a CAGR of 4.5% during the forecast period (2021 - 2026).

The chocolate market was impacted by COVID-19 during its onset in 2020. However, the market became more stable post the ease of restrictions across both importing and exporting countries. Consumers’ in-home consumption of chocolates witnessed a steep rise during the lockdown; Chocolates, among other consumables, were bought in bulk, which led to higher volume sales through supermarkets and hypermarkets.

On the other hand, the premium sector of the global chocolate market was severely affected by low sales volume due to the COVID-19 pandemic, partly due to supply-side issues linked to quality and certification. Consequently, varied public sectors provided support to the strengthening partnership between fine cocoa producers and chocolate companies to enhance the resilience of marketing infrastructure. This is expected to provide an important means of assistance to the recovery of the market.

In 2020, the chocolate market witnessed an inclination toward the darker varieties of chocolate, as consumers showed preference for them over other varieties, on account of better health benefits, lower in calories, and altering perception toward premiumization.

Over the medium term, the global chocolate market will become highly competitive, with the presence of numerous leading players accounting for the major share. The increasing demand and growing popularity of dark and organic chocolates are fueling the market’s growth. Europe holds the largest share of the global chocolate market. In Europe, Russia is the largest market for chocolate, followed by Germany, the United Kingdom, and France.

Scope of the Report

In the market studied, consumers have shown an inclination toward premium chocolates in most of the countries. Premium chocolates are mostly purchased from the supermarkets and hypermarkets, owing to the unique variety of attractive products being offered in such places, ready packaging of products, appealing in-store promotions, and consistent quality. Additionally, consumers are willing to pay for high-end chocolates.​ In Europe, the sales of chocolate has been hindered by attempts to fight against health concerns (caused by over consumption of chocolates) such as obesity and dietary issues, and greater cost and commodity prices. Hence, chocolate manufacturers are increasingly turning toward premium chocolates.​

The global chocolate market is segmented by type into white/milk chocolateand dark chocolate. By product the market has been segmented into softlines/selflines, countlines, molded chocolates, and other products. By distribution channel, the market has been segmented into supermarkets/ hypermarkets, specialist retailers, convenience stores, online channels, and other distribution channels. The report also provides an analysis of the emerging and established economies across the global market, including regions like North America, Europe, Asia-Pacific, South America, and Middle East and Africa.

Report scope can be customized per your requirements. Click here.

Key Market Trends

Impulse Purchasing Behaviour of Consumers

The phenomenon of impulse buying is boosting the sales of chocolates across the world. An impulse purchase is a sudden and unplanned decision to buy a certain product or service. While shopping for groceries, consumers mostly do not intend to purchase confectionaries such as chocolates. However, confectionery items displayed at prominent places in shops and supermarkets attract buyers’ attention and cause them to indulge in impulse purchases. Besides attractive display mechanisms adopted by stores, rising income levels of consumers and their changing lifestyle are the key factors increasing impulse purchase. Both children and grown-ups want chocolates irrespective of their economic situation as clever marketing and advertising have correlated chocolates with rewards and moments of happiness. Over the years, the color and packaging of chocolates have played important roles in their purchase. Witnessing the change in perception toward products, manufacturers have invested heavily into product designing and labeling. This has further led manufacturers to gain a prompt and spontaneous response from consumers. Purple was ranked as the most influential color, followed by red and blue, in stimulating the purchase of chocolates.

To understand key trends, Download Sample Report