Latest sector research finds global chocolate market forecasts a rise to €312 billion by 2030
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With the confectionery sector showing sustained growth throughout the pandemic, the global chocolate market is forecast to reach a total of $312.6 billion by 2030, according to latest studies from Researchandmarkets.
In its new report, the organisation said that the industry is being driven by growth linked to gifting occasions, which is especially notable within Asian countries, alongside a notable rise in premium bar ranges.
Furthermore, according to the insights group, strong advertising and marketing campaigns for vegan, gluten-free, low-sugar chocolates are also another significant factor driving the demand.
According to its research, manufacturers are launching a wide range of chocolate confectionery in the healthier segment, with claims such as vegan, gluten, and dairy-free to cater to the rising customer demand, which is increasing the scope of chocolate confectionery in the global market. For instance, in September 2020, Chocoladefabriken Lindt & Sprungli AG inaugurated the Lindt Home of Chocolate in Switzerland. The facility showcases a unique chocolate competence center, attractive museum, and open-view production plant.
The dark chocolate segment is expected to be the fastest-growing segment during the forecast period. Product launches in this segment by key players in the market are likely to supplement the overall segment growth. For instance, in November 2020, Sugar-Free (low-calorie sweetener manufacturer) ventured into the premium dark chocolate category with the launch of Sugar-Free D’lite chocolates.
The supermarkets & hypermarkets distribution channel segment held the largest segment in 2021 and is expected to maintain dominance during the forecast period. The rise in demand for chocolate confectionery by the consumers has made retailers hold greater shelf spaces for chocolate confectionery, especially in developed countries, such as the U.S. and the U.K. For instance, in June 2020, Wicked Kitchen, a vegan brand in the U.K., launched its first-ever vegan cupcakes through Tesco supermarkets in the U.K.
According to its report, Asia Pacific is anticipated to witness substantial growth during the forecast period, owing to rising demand for bars iwith confectionery. In addition, several large international players are setting up local manufacturing, production & storage facilities in this region such as in India and China.
Dark chocolate is likely to witness the fastest growth during the forecast period as it is considered a healthier option with lower calories as compared to milk and white chocolates. The online distribution channel segment is expected to register the fastest growth during the forecast period. The recent outbreak of COVID-19 has increased the penetration of online retailers in the chocolate confectionery segment.
