In this article, we will take a look at the 20 best chocolate brands in the world. If you want to skip our detailed analysis of the chocolate industry, you can go directly to 5 Best Chocolate Brands in the World.
According to a report by IMARC, the global chocolate market was valued at $156.8 billion in 2022. The global chocolate market is expected to grow to $181.8 billion by 2028 at a compound annual growth rate (CAGR) of 2.4%. According to the report, North America upholds dominance in the chocolate market. You can also check out some of the countries that produce the most chocolate.
What's New in the Chocolate Industry
Cocoa prices have been volatile recently. On October 17, Reuters reported that the cocoa prices hit an all-time high. The post suggests the hike can be attributed to the Intercontinental Exchange in London, where the March contract hit 3,155 pounds per metric ton, the highest price since cocoa started trading in 1920. However, despite rising prices and costs, experts suggest there is little impact on the demand for cocoa or chocolate. Cocoa processing data for the third quarter suggests that the processed volume in Europe fell less than expected at 0.9% from a year earlier. The report also suggests that the slow arrival of cocoa at ports in West Africa aggravates imbalances in the demand and supply equilibrium. The report concludes by mentioning that the rising cocoa prices may persist, which may have a long-term impact on chocolate and chocolate products.
On October 25, Reuters reported that the Ivory Coast is in deep waters regarding the sale of cocoa contracts for the 2024/25 season. As multinational companies demand lower prices, cocoa-producing regions struggle to meet global demand. As per the report, Ivory Coast, the world's top cocoa producer, expects harvest to decline by 25%. With London's cocoa futures hitting an all-time high on October 17, experts bet on prices to rise further.
Renowned Names in the Chocolate Industry
Despite the rising prices and costs, a few companies in the chocolate industry stand strong. Some of the notable companies in the global chocolate industry include The Hershey Company (NYSE:HSY), Mondelez International, Inc. (NASDAQ:MDLZ), and Chocoladefabriken Lindt & Sprüngli AG (OTC:LDSVF).
Mondelez International, Inc. (NASDAQ:MDLZ) is a leading food company known for its chocolate products. Some popular chocolate brands by Mondelez International, Inc. (NASDAQ:MDLZ) include Cadbury Dairy Milk, Milka, and Toblerone. On November 1, Mondelez International, Inc. (NASDAQ:MDLZ) reported earnings for the fiscal third quarter of 2023. Mondelez International, Inc. (NASDAQ:MDLZ) reported earnings per share of $0.82, outperforming EPS estimates by $0.04. The company also reported revenue worth $9.03 billion, up 16.31% year over year and ahead of market consensus by $223.97 million.
On July 14, Chocoladefabriken Lindt & Sprüngli AG (OTC:LDSVF) announced the grand reopening of the Ghirardelli Chocolate Company's second flagship store in San Francisco. The new design commemorates the true essence of chocolate with the largest chocolate flowing wall in North America. Other than the classic legacy, consumers will be able to experience an enhanced retail journey. Consumers or visitors can enjoy or participate in a redesigned Pick n' Mix space, allowing them to collect and customize souvenirs depending on their favorite chocolate squares. Engaging in such activities or events enables the company to attract tourists and regular visitors to the outlet.
On September 14, The Hershey Company (NYSE:HSY) introduced new flavors to its Ice Breaker refreshment. The new mint-flavored Ice Breaker, Raspberry Lemon Seltzer Sparkling Mints, combines classic flavors with a seltzer sensation to make consumers' taste buds tingle. To further discuss the new flavor, Taylor Schwartz, senior associate manager of brand refreshment at The Hershey Company (NYSE:HSY), stated:
"We've truly pushed the boundaries of refreshment with our Raspberry Lemon Seltzer Sparkling Mints. This innovative product delivers a completely new sensorial experience that will redefine consumers' expectations of mints."
The Hershey Company's (NYSE:HSY) commitment to introducing new products explains the strong financial results of the company. On October 26, The Hershey Company (NYSE:HSY) reported earnings for the fiscal third quarter of 2023. The Hershey Company (NYSE:HSY) reported earnings per share of $2.60, outperforming EPS estimates by $0.15. The Hershey Company (NYSE:HSY) generated a revenue of $3.03 billion and beat market consensus by $79.55 million. The company also posted a year-on-year revenue growth of 11.06%.
Chocolate is one of the most popular confectionery items in the world among people of all ages. You can also check out some of the most consumed candies in the world. With that, let's take a look at the 20 best chocolate brands in the world.
20 Best Chocolate Brands in the World
20 Best Chocolate Brands in the World
Our Methodology
Our methodology for identifying the 20 best chocolate brands in the world employed a consensus approach. We consulted 4 reports, including Oak and Rowan, BrandBoy, Next Luxury, and Restaurant Clicks. This process was a pivotal step in curating our initial pool of 30 chocolate brands. We determined the top 20 names through an assessment based on the item count across all our 4 sources. We then sourced the trailing 12-month sales figures for publicly listed parent companies and estimated annual or reported sales revenue of private parent companies, depending on what was available. The sales figures were used as a tiebreaker between two items with the same item count. The trailing 12-month figures were sourced from Yahoo Finance, estimated sales were sourced from Growjo or Zoominfo, and official sales figures were sourced from official company reports. Items with estimated sales figures from Growjo or Zoominfo can be identified with the subhead of "estimated annual sales revenue."
20 Best Chocolate Brands in the World
20. Whitakers
Number of Mentions: 2
Estimated Annual Sales Revenue: $7 Million
Whitakers Chocolate is among the best chocolate brands in the world, with an estimated annual sales revenue of $7 million. The brand was founded in 1889 and offers a range of chocolate types such as dark chocolate, milk chocolate, and white chocolate to name a few, under the umbrella brand name.
The Hershey Company (NYSE:HSY), Mondelez International, Inc. (NASDAQ:MDLZ), and Chocoladefabriken Lindt & Sprüngli AG (OTC:LDSVF) are among the leading chocolate producers in the world.
18. L.A. Burdick
Number of Mentions: 2
Estimated Annual Sales Revenue: $21.8 Million
L.A. Burdick is a leading chocolate brand in the world. The brand specializes in selling premium handmade chocolates. Some of the best selling chocolates of the brand include assorted chocolates, the chocolate penguins, and the chocolate mice to name a few.
17. Scharffen Berger Chocolate
Number of Mentions: 2
Estimated Annual Sales Revenue: $39.3 Million
Scharffen Berger Chocolate was acquired by The Hershey Company (NYSE:HSY) in 2005 but later returned to private ownership in 2020. Some of the most popular chocolates of the brand include the Extra Rich Milk Chocolates collection, the Semisweet Dark Chocolates collection, and the Dark Chocolate with almonds collection to name a few.
19. Hotel Chocolat
Number of Mentions: 2
Revenue (TTM) as of October 12, 2023: $204.5 Million
Hotel Chocolat Group plc (OTC:HCHOF) is one of the best chocolate brands in the world. Hotel Chocolat Group plc (OTC:HCHOF) sells different types of chocolates under its brand name including their single origin chocolates, boozy chocolates, and caramel chocolates to name a few. Hotel Chocolat Group plc (OTC:HCHOF) had a trailing 12 month revenue of $204.5 million as of October 12, 2023
16. Ritter Sport
Number of Mentions: 3
Estimated Annual Sales Revenue: $21.1 Million
Ritter Sport is owned by Alfred Ritter GmbH & Co. KG. The Ritter Sport chocolate brand is among the most popular chocolate brands in the world.
15. Dove
Number of Mentions: 3
Estimated Annual Sales Revenue: $1.6 Billion
Dove is owned by Mars, Incorporated, and is one of the best chocolate brands in the world. The Dive chocolate collection includes the Dove Promises Chocolate and the Dove Chocolate Bars.
14. Guylian
Number of Mentions: 3
Annual Revenue for the Year Ended 2021: $1.91 Billion
Guylian is a subsidiary of Lotte Confectionery. Lotte Confectionery posted annual revenue of $1.91 billion (KRW 25.14 billion) for the year ended 2021. The dollar exchange rate as of November 3, 2023 was applied.
13. Green & Black's
Number of Mentions: 3
Revenue (TTM) as of November 3, 2023: $35.4 Billion
Green & Black's by Mondelez International, Inc. (NASDAQ:MDLZ) is one of the leading chocolate brands in the world. Green and Black's is known to be one of the most ethical and organic chocolate brands in the world.
12. Toblerone
Number of Mentions: 3
Revenue (TTM) as of November 3, 2023: $35.4 Billion
Toblerone by Mondelez International, Inc. (NASDAQ:MDLZ) is one of the best chocolate brands in the world. Toblerone is sold around the world and is particularly famous due to its unique shape.
11. Godiva
Number of Mentions: 4
Estimated Annual Sales Revenue: $921.6 Million
Godiva is a leading chocolate brand in the world, with an estimated annual sales revenue of $921.6 million. The company sells different types of chocolates under the Godiva brand including dark chocolate, white chocolate, assorted chocolate, and milk chocolate.
10. Mars
Number of Mentions: 4
Estimated Annual Sales Revenue: $1.6 Billion
Mars owned by Mars Incorporated is one of the leading chocolate brands in the world. The American food company has an estimated annual sales revenue of $1.6 billion. The bar is available in more than 80 countries.
9. Ghirardelli
Number of Mentions: 4
Revenue (TTM) as of November 3, 2023: $5.09 Billion
Ghirardelli is owned by Chocoladefabriken Lindt & Sprüngli AG (OTC:LDSVF) and is one of the most popular and top chocolate brands in the world. Ghirardelli was originally founded in 1852 in California, United States.
8. Lindt
Number of Mentions: 4
Revenue (TTM) as of November 3, 2023: 5.09 Billion
The Lindt Brand is one of the most popular brands of Chocoladefabriken Lindt & Sprüngli AG (OTC:LDSVF). Popular chocolates under Lindt include the Lindt GOLD BUNNY and the LINDOR truffle. Lindt chocolates are sold in more than 120 countries.
7. Valrhona
Number of Mentions: 4
Annual Revenue as of December 31, 2022: $6.96 Billion
Valrhona is owned by Savencia Fromage & Dairy Group. The company posted annual sales revenue of EUR 6.551 billion, as of December 31, 2022. The dollar exchange rate as of November 3, 2023 was applied.
6. Hershey's
Number of Mentions: 4
Revenue (TTM) as of November 3, 2023: $11.16 Billion
Hershey's Chocolates by The Hershey Company (NYSE:HSY) is one of the best chocolate brands in the world. The company offers a wide range of chocolates under the umbrella brand of Hershey's. Among them, Hershey's Kisses is quite popular.
In addition to The Hershey Company's (NYSE:HSY) chocolates, you can also check out chocolate bars by Mondelez International, Inc. (NASDAQ:MDLZ) and Chocoladefabriken Lindt & Sprüngli AG (OTC:LDSVF).
