Chocolate is a preparation of roasted and ground cacao seeds that are made in the form of a liquid, paste, or in a block, which may also be used as a flavoring ingredient in other foods. The earliest signs of use are associated with Olmec sites (within what would become Mexico’s post-colonial territory) suggesting consumption of chocolate beverages, dating from 19 centuries BCE. The majority of Mesoamerican people made chocolate beverages, including the Maya and Aztecs. Chocolate is one of the most popular food types and flavors in the world, and many foodstuffs involving chocolate exist, including cakes, pudding, mousse, chocolate brownies, and chocolate chip cookies. Many candies are filled with or coated with sweetened chocolate. Chocolate bars, either made of solid chocolate or other ingredients coated in chocolate, are eaten as snacks. Chocolate is also used in cold and hot beverages, such as chocolate milk and hot chocolate, and in some alcoholic drinks, such as creme de cacao. Although cocoa originated in the Americas, West African countries, particularly Côte d'Ivoire and Ghana, are the leading producers of cocoa in the 21st century, accounting for some 60% of the world cocoa supply. You can find Chocolate Industry Market Size, Chocolate Industry Market Share, and other trends and statistics below and you can learn more about T4's strategy consulting services here.
The chart shows the Chocolate Industry Market Size from 2020 to 2023. In 2020, the size of the Chocolate Industry is estimated to equal $124B and is projected to grow 3% in 2021. From 2020 to 2023 the Chocolate Industry Industry growth is projected to average 3% per year. These estimates were made before the Coronavirus (COVID-19) pandemic. The short term impact of COVID-19 on the Chocolate Industry market growth will likely be Medium because as consumers face the prospect of weeks at home, retailers are reporting a move away from reduced calorie and sugar free snacks in favor of non-perishable and long-lasting options. Mainstream chocolate consumption is stable, but the craft chocolate segment is having difficulties. In cocoa-producing countries, lockdowns may disrupt the supply chain. However, the consequences of COVID-19 for cocoa businesses will vary per the lockdown measures in individual countries. The long term impact of COVID-19 on the Chocolate Industry market growth beyond the COVID-19 pandemic will likely be Medium because In the long term, when people return to their normal activities, it is likely that people will return to older habits and look for healthier options, leading to a possible slight decrease in the demand. Request help with obtaining the source for this data and learn more about T4's strategy consulting services here.
The chart shows the Chocolate Industry Market Share in 2019. The Chocolate Industry Market is Highly Fragmented among many vendors. The leading Vendor in the Chocolate Industry market share was Mars with $18B net sales in 2019, followed by Ferrero with $13B Chocolate Industry net sales, Mondelez with $12B net sales, Meiji with $10B, Hershey market share was $8B, Nestlé with $7.9B, Lindt & Sprüngli with $4.6B, Pladis with $4.5B, and Ezaki Glico with $3.1B. Get help with market research for the Chocolate Industry market, including the source for this Chocolate Industry Market Share chart and learn more about T4's strategy consulting services here.
The rising income levels of consumers and changing lifestyles are the key factors increasing the impulse purchase of consumers. Children and grown-ups keep buying chocolates irrespective of their economic situation because chocolates are related to impulse purchases and are correlated with rewards and moments of happiness. Consumers in the shopping store might not specifically be shopping for confectionery goods like chocolates. However, related confectionery items displayed at prominent places attract buyers’ attention and cause impulse buying behavior in them. The color and packaging of the chocolates play an important role in their purchase. The attractive packaging and color help the manufacturer in gaining a prompt spontaneous response from consumers. Rising awareness regarding dark chocolate as a healthier confectionery product, which consists of antioxidants that protect the skin from harmful ultraviolet rays, is expected to promote the market growth also. As per the health experts, moderate consumption of chocolate boosts serotonin that calms the brain and acts as an antidepressant. It also releases endorphins in the body, which instantly elevates mood. Consumption of chocolate also suppresses the release of cortisol, a stress hormone. Chocolates are also associated with a token of appreciation, love, and happiness, which are given as gifts during the festive season, thereby propelling the product demand.
Learn about T4's Consulting servicesThe Chocolate Industry is a Mature market composed of many competitors. Mars market share was the largest with $18B of the Chocolate Industry net sales in 2019. Mars chocolates are available in 80 countries around the world. Mars Chocolate brand portfolio includes the brands Snickers, M&M, Twix, Dove, Goodness Knows, Musketeers, Milky Way, Combos, and Maltesers. Ferrero's market net sales were $13B of the Chocolate Industry market in 2019. Ferrero Rocher chocolates include a single product offer with different packaging sizes. Mondelez market net sales were $12B of the Chocolate Industry market in 2019. Mondelez products are available in 150 countries around the world. The main chocolate brands are 5 Star, Cadbury, Alpen Gold, Cadbury Dairy Milk, Cote d´Or, Freia, Lacta, Marabou, Milka, and Toblerone. Meiji market net sales were $10B of the Chocolate Industry market in 2019. Meiji has the largest market share in the chocolate industry in Japan, with 24% of the chocolate industry market share. Meiji offers a variety of 6 different chocolate products on its portfolio.
T4's research team can help you learn more about the Chocolate Industry industry with market analysis, competitive analysis, commercial Due Diligence, and other market research needs. This includes deeper analysis on competitors in the Chocolate Industry market, including: Mars, Ferrero, Mondelez, Nestlé, Hershey, Meiji, Kellogg’s, Lindt; research into related topics such as Food & Beverages, Restaurants, Fast Food, Potato Chips, Bakery Snacks, Convenience Stores, Nut-Based Snacks, Sustainable Packaging, Cereal; or additional support in the Food & Beverages Sector or other Sectors. Learn more about T4's strategy consulting services here.
