The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increasing internet penetration for online sales is likely to boost chocolate manufacturing innovation, driving the market during the forecast period.

The global chocolate market is expected to grow from $129.04 billion in 2022 to $134.29 billion in 2023 at a compound annual growth rate (CAGR) of 4.1%. The chocolate market size is expected to grow to $155.52 billion in 2027 at a CAGR of 3.7%.

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Global Chocolate Market Segments Include:

• By Type: Milk Chocolate, Dark Chocolate, White Chocolate
• By Application: Food, Beverages
• By Distribution: Supermarkets/ Hypermarkets, Specialist Retailers, Convenience Stores, Online Channel, Other Distributions
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe is the largest region in the global chocolate market in 2021.

Major Market Players in the chocolate market include Barry Callebaut AG, Mondelez International Inc., Nestlé S.A., The Hershey Company, Ferrero Group, Mars Incorporated, Meiji Holdings Co. Ltd., Arcor, Chocoladenfabriken Lindt & Sprungli AG.

Product innovations are a prominent trend in the chocolate business. To strengthen their market position, major chocolate firms are focusing on product innovation. For example, Ferrero SpA, an Italian manufacturer of branded chocolate and confectionery items, will debut Ferrero Rocher tablets in September 2021. With the introduction of Ferrero Rocher Tablets into the rapidly increasing premium chocolate tablet sector, Ferrero’s competitive position in the premium chocolate business will be strengthened. Fans of Ferrero Rocher will recognise the characteristic chocolate form as being true to the brand, as well as the multisensory flavour. This new product innovation represents yet another step forward in the chocolate sector.

The Chocolate Global Market Report 2023  provides a chocolate market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The chocolate market forecast analyzes chocolate market size, chocolate market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Chocolate is a roasted, husked, and ground cacao seed preparation; it is frequently sweetened and flavoured, like with vanilla. It is used to make beverages, flavour, and cover various confections and baked goods. Dark chocolate lowers blood pressure, protects the skin from dryness, aids heart function, and has numerous additional benefits.

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