The higher rate of conscious consumerism and the subsequent push for sustainability and ethical sourcing in chocolate production will drive the industry development. To cite an instance, in October 2022, Mars Wrigley disclosed that 100% of cocoa purchased from its direct factory operations in Europe would be responsibly sourced from 2023.
Multiple companies are investing in sustainable farming practices, biodiversity conservation, as well as community development in cocoa-producing regions for environmental preservation and supporting the livelihoods of farmers. Increasing collaboration with certification programs, such as Fair Trade, Rainforest Alliance, or UTZ to cater to consumers seeking verified ethical products will play a key role in the market growth.
Chocolate market from dark segment is expected to account 26% revenue share by 2032, driven by the rising number of individuals with dietary restrictions and reduced sugar intake. With growing consumer appreciation for bittersweet tastes, ranging from mildly bitter to rich, dark chocolate is recording significant popularity as it has more intense and complex flavor profile given its higher cocoa content. The surging interest in premium and specialty chocolates is another important factor driving the product update.
Chocolate market from the high cocoa content segment is anticipated to exhibit 4.1% growth rate from 2024 to 2032, led by the growing need for more intense and complex flavour profiles. High cocoa content chocolate contributes to overall well-being and health benefits as it offers improved heart health, better blood flow, and potential antioxidant properties. With increasing health-conscious consumers and the subsequent need for products offering indulgence and potential health benefits, high cocoa content chocolate is witnessing demand for both taste and health considerations.
North America chocolate market will record 2.9% CAGR through 2032. The growth can be attributed to the rising interest in sugar-free, organic, low-calorie, and functional chocolates incorporated with superfoods, such as acai and matcha. Numerous chocolate makers in the region are constantly innovating with flavors and ingredients for introducing exotic or unconventional flavors. For instance, in May 2023, U.S.-based Kind Snacks introduced Chocolate Chip Cashew, its new chocolate bar featuring a combination of almonds, cashews as well as peanuts, topped with chocolate chips.
Some of the leading companies involved in the chocolate market are Mars, Inc., Mondelez International, Nestlé S.A., Ferrero Group, Hershey Company, Lindt & Sprüngli AG, and Ghirardelli Chocolate Company. These industry players are focusing on collaboration strategies to widen their customer base and product portfolio. For instance, in September 2023, Nestle bought a majority stake in Grupo CRM, a Brazilian premium chocolate maker, in a bid to foray into the luxury confectionary space.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope 1.1 Market scope & definition 1.2 Base estimates & calculations 1.3 Forecast calculation 1.4 Data sources 1.4.1 Primary 1.4.2 Secondary 1.4.2.1 Paid sources 1.4.2.2 Public sources Chapter 2 Executive Summary 2.1 Chocolate market 3600 synopsis, 2018 - 2032 2.2 Business trends 2.2.1 Total Addressable Market (TAM), 2023 - 2032 2.3 Regional trends 2.4 Type trends 2.5 Cocoa content trends 2.6 Distribution channels trends Chapter 3 Chocolate Insights 3.1 Impact of COVID-19 3.2 Impact of the Russia-Ukraine war 3.3 Industry ecosystem analysis 3.4 Technology & innovation landscape 3.5 Patent analysis 3.6 Key news and initiatives 3.6.1 Partnership/Collaboration 3.6.2 Merger/Acquisition 3.6.3 Investment 3.6.4 Product launch & innovation 3.7 Regulatory landscape 3.8 Impact forces 3.8.1 Growth drivers 3.8.1.1 Changing consumer preferences 3.8.1.2 Expanding chocolate consumption in emerging markets 3.8.1.3 Innovative product developments 3.8.2 Industry pitfalls & challenges 3.8.2.1 Fluctuating cocoa bean prices 3.8.2.2 Health concerns 3.9 Growth potential analysis 3.10 Porter’s analysis 3.11 PESTEL analysis Browse our Reports Store - GMIPulse @https://www.gminsights.com/gmipulse
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