Market Trends of chocolate Industry
The rising per capita consumption of chocolates supported by the gifting culture, coupled with growing indulgence in sweets among consumers, increases the demand for chocolates across the globe
- Europe is the leading chocolate-consuming region, followed by North America and Asia-Pacific. Europe processed 35% of the world’s cacao and accounted for 47.67% of world chocolate consumption in 2023. The UK and Switzerland recorded high per capita chocolate consumption of 10.7 kg and 8.9 kg, respectively, as of 2023
- Flavors, texture, and taste are key attributes that influence consumer buying behavior in the global chocolate market. Chocolates with labels such as organic, Fairtrade-certified, and Rainforest Alliance/UTZ-certified are gaining significant traction across European countries. In Asia-Pacific, consumers have a strong preference for textural chocolates, such as crunchy, fruity, and nutty variants.
- Retail prices of chocolates are influenced by the fluctuations in prices of key raw materials, including milk, cocoa beans, cocoa butter, and sugar. Based on economic status, consumers' chocolate choices are categorized as follows: specialty/premium, middle-end, and low-end chocolates constituting 8-10%, 18-20%, and 75-80%, respectively.
- Globally, the consumption of chocolate is generally viewed from a health perspective with a mix of opinions. Chocolate is widely consumed as a popular indulgence, particularly in the form of candy bars, chocolate desserts, and beverages like hot chocolate.
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Major manufacturers are avoiding the use of artificial flavors, preservatives, or sweeteners to cater to a larger market
