Chocolate Confectionery Global Market Report 2023
Major players in the chocolate confectionery market are Barry Callebaut, The Hershey Company, Nestle SA, Mars Incorporated, Lotte Corporation, Mondelez International Inc., Chocoladefabriken Lindt & Sprüngli AG, Ferrero SpA, Lake Champlain Chocolates, Cémoi Group, Olam International, Koninklijke DSM N.
New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Chocolate Confectionery Global Market Report 2023" - https://www.reportlinker.com/p06463966/?utm_source=GNW
V., Kerry Group PLC, Delfi Limited, and Tate & Lyle PLC.
The global chocolate confectionery market is expected to grow from $175.83 billion in 2022 to $185.09 billion in 2023 at a compound annual growth rate (CAGR) of 5.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The chocolate confectionery market is expected to reach $216.81 billion in 2027 at a CAGR of 4.0%.
The chocolate confectionery market consists of sales of chocolate-covered candies, chocolate bars, and chocolate-covered fruits.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Chocolate confectionery includes ready-to-eat foods containing chocolate, cocoa, or non - fat cocoa solids, along with foods with a coating that is either covered in chocolate or has a chocolate flavour.
Europe was the largest region in the chocolate confectionery market in 2022. The regions covered in chocolate confectionery report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of chocolate confectionery are milk chocolate, dark chocolate, and white chocolate, which come under several categories, including premium, seasonal, and everyday.Milk chocolate is a variety of chocolate created from chocolate bars comprising cocoa, sugar, and milk.
These are sold through various distribution channels, such as supermarkets and hypermarkets, convenience stores, pharmaceutical and drug stores, specialty stores, duty-free stores, e-commerce, and others.
The increased chocolate consumption is expected to propel the growth of the chocolate confectionery market going forward.Chocolate consumption refers to the total amount of chocolate that an individual or population consumes over a given time frame.
People of all ages consume chocolate, and its increasing consumption will help chocolate confectioneries produce more chocolate and related products. For instance, in December 2020, according to statistics shared by the National Confectioners Association (NCA), a US-based trade organization that promotes chocolate, candy, gum, and mint, In 2021, overall chocolate sales were $16.7 billion, a 9.2% increase over the previous year. Furthermore, total chocolate sales in 2022 were $18.2 billion. Therefore, increased chocolate consumption is driving the growth of the chocolate confectionery market going forward.
Product innovations have emerged as a key trend gaining popularity in the chocolate confectionery market.Major companies operating in the chocolate confectionery market are focused on innovating new products to sustain their position in the market.
For instance, in November 2022, Fabelle (a brand from ITC Limited), an India-based maker of luxury chocolate, launched Fabelle Finesse, the world’s finest chocolate.Chocolate as thin as seven microns may now be produced by Fabelle thanks to a ground-breaking technological advancement by ITC called the Cocoa Finesser.
This method assists in bringing chocolate particle size down to a new benchmark level that is impossible to accomplish with just the traditional refining process.
In June 2021, The Hershey Company, a US-based chocolate manufacturer, acquired Lily’s Sweets LLC for $ 425 million.With this acquisition, Lily’s well-liked low-sugar products are expected to be a wonderful fit for Hershey’s multifaceted better-for-you snacking strategy and are anticipated to enhance its current iconic BFY offerings.
Lily’s Sweets LLC is a US-based producer of confectionery products, including chocolate bars.
The countries covered in the chocolate confectionery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The chocolate confectionery market research report is one of a series of new reports that provides chocolate confectionery market statistics, including chocolate confectionery industry global market size, regional shares, competitors with a chocolate confectionery market share, detailed chocolate confectionery market segments, market trends and opportunities, and any further data you may need to thrive in the chocolate confectionery industry. This chocolate confectionery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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