The global chocolate products market was valued at USD 100.2 billion in 2022 and is projected to expand at a CAGR of 8.7% from 2023 to 2030. The rising demand for chocolate products has been driven by the increased awareness of health benefits associated with its consumption, such as improved heart health and increased energy levels. In addition, the rising trend of premiumization has further bolstered the demand for chocolate products.

Manufacturers are introducing new products with innovative flavors and packaging to cater to the needs of consumers. For instance, in February 2021, Nestlé launched KitKat Chocolatory Sublime Ruby in Japan. This was the first chocolates made from Ruby cocoa beans to be sold in the country. Furthermore, the growing demand for convenience products, such as chocolate bars and ready-to-eat snacks, is propelling the growth of the market. The increasing number of on-the-go consumers is driving the demand for convenient and easy-to-eat snacks, such as chocolate bars and energy bars.

In addition, the increasing use of chocolate products in the food and beverage industry is further driving the market. For instance, in April 2021, Starbucks introduced the Frappuccino blended beverage made with ruby chocolate. Moreover, the increasing demand for dark chocolate is expected to act as an opportunity for the market as dark chocolate is considered healthier due to its high content of cocoa and antioxidants.

Furthermore, the rising demand for organic chocolate products is expected to drive the market. Organic chocolate is made from cocoa beans that have been farmed organically, without the use of any synthetic fertilizers or pesticides. It is also free from preservatives, artificial colors, and flavors, and is considered to be healthier than regular chocolate products. For instance, in June 2021, Hershey’s introduced new organic chocolate chips in the U.S. market.

Furthermore, the increasing demand for vegan-friendly chocolate products is one of the major drivers of the market. These products are made using plant-based ingredients, such as rice and almond milk, instead of dairy milk. The growing popularity of veganism across the globe is driving the demand for vegan-friendly chocolate products. For instance, in July 2021, Mars launched vegan-friendly chocolate bars in the U.K. market.

The dark chocolate segment led the market in 2022 and accounted for a share of around 37.2%. The premiumization trend in the chocolate industry has led to an increase in the demand for dark chocolates. Increasing health consciousness among consumers and the presence of antioxidants and minerals in dark chocolate are some of the factors driving the growth of this segment. According to an article published by Market Research Future, in April 2020, the dark chocolate segment is expected to exhibit the highest CAGR of 5.9% over the forecast period.

The milk chocolate segment is projected to register a CAGR of 5.1% during the forecast period. Increasing demand for milk chocolate among consumers, due to its creamy texture and sweet taste, is driving the growth of this segment. Furthermore, the increasing popularity of milk chocolates as a gift item is also driving the growth of this segment. In addition, the presence of flavanols, which are known to reduce the risk of cardiovascular diseases, is propelling the demand for milk chocolate.

The supermarkets and hypermarkets segment captured the major share of over 51.3% in 2022. Supermarkets and hypermarkets provide a wide range of chocolates and chocolate-related products, from dark and white chocolate to candy bars and cocoa powder. The availability of superior quality products, along with promotional offers and discounts, is the primary factor driving the growth of the segment. In addition, the in-store experience of the supermarkets and hypermarkets, with product displays and a variety of chocolate products to choose from, is another factor that drives demand for these outlets.

The online segment is anticipated to expand at the highest CAGR of 14.2% over the forecast period. With the rise of online shopping, customers are now able to find and purchase chocolate products from the comfort of their homes. E-commerce websites offer a wide variety of chocolate products, including dark and white chocolates, candy bars, and cocoa powder. Moreover, with the growing popularity of social media and the increasing trend of influencer marketing, manufacturers are utilizing these platforms to advertise their products and attract the attention of customers. This is expected to drive the growth of the segment over the forecast period.

The dark chocolate segment accounted for the highest revenue share of around 48% in the year 2022. The increasing health consciousness among consumers has increased the demand for dark chocolates, as dark chocolates are known to be rich in antioxidants and minerals. Furthermore, dark chocolates are gaining popularity among consumers due to their potential health benefits, such as reducing the risk of stroke, improving blood flow, and lowering blood pressure. This is leading to the growth of the dark chocolate segment in the market.

The milk chocolate segment is likely to expand at a CAGR of 4.6% over the forecast period. The growing popularity of milk chocolate due to its sweet flavor is driving the segment’s growth. Increasing demand for affordable indulgence and convenience snacks is also driving the segment’s growth. Furthermore, the increasing number of chocolate shops and cafes across the world are providing a wider range of milk chocolate products. All these factors are driving the segment’s growth.

Europe dominated the market and accounted for the largest revenue share of over 35% in 2022. This growth can be attributed to the presence of major chocolate manufacturers in the region, such as Nestlé, Mars, and Lindt & Sprüngli. Furthermore, consumers in the region have a preference for dark chocolate products, which is a key factor driving the growth of the market. Additionally, the rising trend of gifting chocolates for special occasions is also expected to fuel the growth of the market in the region.

The Asia Pacific region is expected to witness the fastest growth in the coming years. The growing presence of small-scale manufacturers, who are offering a wide range of products, is expected to be the key factor behind the rapid growth in the region. The consumers in the region are more focused on the nutritional value of chocolate products, which is further expected to drive the market growth. Additionally, the increasing disposable income in the region is also expected to propel the growth of the market in the region.

In this part of the chocolate products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your chocolate products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenue for a chocolate products business comes from the sale of chocolates, either at a physical store or online. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, sponsored events, and partnerships.

Projecting Expenses
In this section, all the regular expenses related to keeping the chocolate products business running will be described. The list of operating expenses includes ingredients and supplies, wages, rent, utilities, insurance policies, advertising, and others.

Some of the key companies operating in the chocolate products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Mars Incorporated launched the Galaxy Truffles, a new range of chocolates with a range of flavors.

– In August 2022, Hershey’s launched a range of new chocolate bars with unusual flavors such as chili pepper and sea salt.

– In October 2022, Lindt & Sprüngli AG launched a range of dark chocolate bars with cocoa content of up to 99%.

Some of the prominent players in the chocolate products market include:

– Mars Incorporated
– Mondelez International, Inc.
– Ferrero Group
– The Hershey Company
– Nestlé S.A.
– Lindt & Sprüngli AG
– Ghirardelli Chocolate Company
– Guylian
– Godiva Chocolatier, Inc.
– Mars Wrigley Confectionery

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global chocolate products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Chocolate Bars
– Chocolate Drinks
– Chocolate Confectionery
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Milk Chocolate
– Dark Chocolate
– White Chocolate
– Others

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Key Drivers of the Chocolate Products Market?
[A]: Key drivers of the chocolate products market include the rising demand for premium and organic chocolates, increasing health benefits associated with dark chocolate, and an increase in the number of health-conscious consumers. Additionally, growing demand for convenience, convenience packaging, and the introduction of innovative flavors are also driving market growth.

[Q]: Who are the Major Players in the Chocolate Products Market?
[A]: Major players in the chocolate products market include Mars, Inc., Nestlé S.A., Mondelez International, Inc., The Hershey Company, Swiss Chocolates, Ferrero Group, and Lindt & Sprüngli AG.

[Q]: What are the Factors Restraining the Growth of the Chocolate Products Market?
[A]: Factors restraining the growth of the chocolate products market include the rising cost of raw materials and the threat of substitute products. Additionally, the growing health concerns associated with high sugar content in chocolates and the availability of low-cost alternatives are also expected to hamper market growth.

[Q]: What are the Key Regions for the Chocolate Products Market?
[A]: Key regions for the chocolate products market include North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to be the largest regional market, due to the presence of a large number of consumers who prefer premium and organic chocolates.

[Q]: What are the Recent Developments in the Chocolate Products Market?
[A]: Recent developments in the chocolate products market include new product launches, mergers & acquisitions, and strategic collaborations between key players. Additionally, manufacturers are focusing on the introduction of innovative flavors, convenience packaging, and new product formats to attract consumers.