Global chocolate market forecasts growth to $118 billion by 2031, says latest research

The global chocolate confectionery sector is set to rise from a present value of $77.6 billion last year to $118.6 billion by 2031, according to latest forecasts from Allied Market Research group, writes Neill Barston.

Notably, its studies projected there would be compound growth of 4% between 2022 and 2031, despite the sector facing continued major headwinds in the form of inflation for ingredients prices, as well as logistics challenges in many locations around the world.

According to the group’s latest report, the growth is anticipated to be driven by expansion of sales channels and increase in use of e-commerce, as well as innovation in processing and packaging formats that deliver new opportunities.

However, with present economic conditions remaining under pressure for many global economies, wider industry research has shown that while demand for premium chocolate ranges has remained consistent, consumer disposable income internationally remains challenged, that could prove a hurdle to heightened levels of market gains.

As the group’s study noted, the Covid-19 pandemic negatively impacted the market as governments imposed strict restrictions on the export-import of non-essential items. Curbs on the functioning of restaurants, bars, and geographically specialised sales channels hampered the market growth.
The dark chocolate segment to manifest the highest CAGR through 2031.

Significantly, by product type, the dark chocolate segment is estimated to portray the highest CAGR of 4.9% during the forecast period, due to its increased popularity among consumers due to its health benefits. However, the milk chocolate segment held the largest share in 2021, accounting for nearly three-fifths of the global chocolate confectionery market, owing to its popularity for its smooth texture, sweet taste, and increasing availability in the market.

By price point, the economy segment held the largest share in 2021, contributing to more than half of the global chocolate confectionery market, owing to its increasing availability of chocolate products at an economic price in the market. However, the mid-range segment is projected to manifest the highest CAGR of 4.5% during the forecast period, owing to its increased popularity in western countries because of the availability of unique packaging for gifting.

By age group, the adult segment held the lion’s share in 2021, accounting for nearly three-fifths of the global chocolate confectionery market, due to increasing consumption in adults because of easy accessibility. However, the geriatric segment is expected to showcase the highest CAGR of 5.2% during the forecast period, owing to increasing popularity of functional chocolates with health benefits among the elderly population

By distribution channel, the e-commerce segment is estimated to register the highest CAGR of 6.9% during the forecast period, due to increased association of the internet and e-shopping with consumers in developing regions. However, the supermarkets/hypermarkets segment held the largest share in 2021, contributing around two-fifths of the global chocolate confectionery market, owing to increased availability of chocolate confectionery in hypermarkets around the globe.