The chocolate market size was estimated to be valued at USD 120.4 billion in 2021 and is poised to grow at a significant CAGR of 6.5% over 2022-2028. Chocolate is a food product made from roasted and ground cacao pods, that is available as a liquid, solid or paste, on its own or as a flavoring agent in others. Dark chocolate is expected to have a considerable market share in the chocolate business based on product type. This increase can be due to a growing understanding of the health benefits of dark chocolates, such as a lower risk of cardiovascular disease, lower cholesterol, and lower blood pressure, and others. Dark chocolate also contains a lot of cocoa, which is good for preventing aging and disorders like cardiovascular disease. Furthermore, studies show that eating chocolate might help to relax. Moreover, players are focusing on product launches to maintain the growth in the market. For instance, In January 2022, Hershey launched its KIT KAT, with two different flavor, which were “Duos Strawberry” and ‘ Duos Dark Chocolate”. Rapid growth in population, change in lifestyle, development of newer products by the market players, increase in awareness about the health benefits with dark chocolates, and wide distribution network and e-commerce channels are anticipated to propel the growth of chocolate market over the forecast years.
Recent Market Developments:
In September 2021, Ferrero pre-launched the new Ferrero Rocher Tablets into the travel-retail channel in partnership with Lagardère. The new product introduces Ferrero into the chocolate tablet category, available in three flavors: milk, dark 55% cocoa, and white.
In January 2021, Mars expanded its vegan range with two brand new chocolate bars just in time for Veganuary. After launching its first free-from chocolate with Galaxy Vegan in 2019, it has released a vegan version of two of its most iconic chocolate bars, Bounty and Topic.
In Feb 2021, The Grupo Arcor, Argentina’s largest food firm, has inked a joint venture agreement with Ingredion Incorporated, a major worldwide ingredient solutions provider to the food and beverage sector. To enhance food and beverage ingredient offers to customers in Argentina, Chile, and Uruguay, the two firms will combine their manufacturing experience, complementing geographic footprints, and commercial capabilities. Arcor and Ingredion will own 51% and 49% of the company, respectively. The overall turnover of the joint venture will be more than US$ 300 million.