Chocolate and Confectionery Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Outlook (Boxed, Molded Bars, Chips & Bites, Truffles & Cups, and Others), By Type Outlook (Milk, Dark, and White), By Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online and Others) and Region Forecast 2019-2030

Chocolate and Confectionery market size was valued at US$ 176,293.2 million in 2023 and is projected to reach a value of US$ 272,161.7 million by 2030, at a CAGR of 6.4% from 2024-2030. Moreover, the U.S. Chocolate and Confectionery market is projected to grow significantly, reaching an estimated value of US$ 90,277.1 million by 2032.

Chocolate and confectionery are categories of sweets and treats made primarily from sugar, cocoa, milk, and various flavorings. The Chocolate and Confectionery Market is witnessing positive growth that reflects the increasing consumer interest in premium, artisanal, and innovative products, growing health consciousness increases the demand for dark chocolate. New product development, together with the availability of healthier alternatives, are key reasons the market is growing. Despite the increase in raw material prices and supply chain problems, the market growth is still positive because there is a pursuit for sustainability driven by consumer interest in qualitative confectionery.

Key Players

The Chocolate and Confectionery market share is inclusive of several companies such as The Hershey Company; Ferrero; Chocoladefabriken Lindt & Sprüngli AG; Mars, Incorporated; MondelÄ“z International; Nestlé; CEMOI Group; Barry Callebaut; Lake Champlain Chocolates; LOTTE.

Some of its brands include Hershey's Milk Chocolate Bar, Reese's Peanut Butter Cups, and Kit Kat. The thrusts of the company are innovation and product diversification as it expands its portfolio to include healthier and premium products. Hershey also stresses sustainability and responsible sourcing as it ensures that the product is made with quality ingredients. Still, the historical context of trends in cocoa prices and fluctuating demand from consumers does not seem to have derailed Hershey's reliance on brand strength and operational efficiencies to regain market leadership.

Key Takeaways

• The fastest-growing region is Asia-Pacific
• Based on product, the molded bars segment holds the 32.1% market share
• Based on type, the milk segment holds the 47.3% market share
• Based on distribution channel, supermarkets & hypermarkets segment holds the 38.2% market share

Facts & Figures

• Halloween rakes in nearly 10% of annual chocolate sales in the U.S., with Americans spending over $3 billion on chocolate products for Halloween in October 2023.
• Almost 58 million pounds of chocolate were sold in U.S. for Valentine's Day in February of this year. It's a great holiday for the confectionery industry.
• In April 2023, chocolate accounted for about 70% of Easter baskets sent to America. Americans spent an estimated $1.5 billion on Easter chocolates.
• Swiss is reported to be the world's biggest consumer of chocolate per capita. In December 2022 data, reportedly around 19 pounds a year are consumed.

Key Developments

• In 2024, Mars Inc. acquired British chocolate retailer Hotel Chocolat for roughly £534 million. The acquisition was expected to help Hotel Chocolat grow in the UK and eventually enter other geographies.
• In 2024, Nassau Candy launched a series of chocolate bars and mint tins featuring Kamala Harris as part of its 2024 Election Collection.

Chocolate and Confectionery Market Segmentation

By Product Type: Market segment-wise, the chocolate and confectionery market is dominated by molded bars. The reason is again that a majority of consumers still prefer conventional chocolate bars, as they are widely available in various flavors and sizes. The extensive marketing and goodwill also support this portion of consumers during the consumption of molded bars.

By Type: The Milk Chocolate segment holds the largest market share in the Chocolate and Confectionery Market. This is because most consumers prefer milk chocolate, which is creamy in texture and sweet in taste. Milk chocolate is also very common and easily available in the market as compared to dark and white chocolate, making it the most preferred choice among consumers.

By Distribution Channel: Supermarkets & Hypermarkets is the largest segment in the Chocolate and Confectionery Market as this is the place where consumers can purchase a wide variety of chocolate products under one roof at fairly competitive prices. Also, supermarkets and hypermarkets run many offers and season- based deals, which attract customers to more sale of chocolates.