Market Overview:
Premium chocolate market size is expected to rise at a CAGR of 9.5% to USD 59.95 billion by 2028, from an estimated USD 31.7 billion in 2021.
Premium chocolate can mean a variety of things, including the amount of cocoa in the bar, whether it is Fairtrade and sustainably sourced, whether it has other ingredients like raspberry bits or alcohol, and whether the packaging is more sophisticated. Luxury chocolate sales are heavily influenced by seasonal demand. Several companies offer a wide variety of chocolate varieties throughout holidays such as Easter and Christmas. Lindt Teddy, dressed in a traditional English Christmas jumper, is still a seasonal best-seller in the United Kingdom. Despite the fact that large corporations dominate the chocolate industry, the number of high-quality, artisanal chocolate options is expanding. One of the key drivers for the industry studied is product innovation, which increases consumer awareness and involvement while also attracting new customers.
The COVID-19 pandemic has wreaked havoc on a variety of industries around the world. Various public health guidelines were implemented in various nations throughout the world to limit the number of cases and decrease the spread of the coronavirus. Declaring national emergencies, enforcing stay-at-home orders, closing non-essential business operations and schools, banning public gatherings, imposing curfews, distributing digital passes, and allowing police to restrict citizen movements within a country, as well as closing international borders, are all examples of COVID-19 protocols. With the rising vaccination rate, governments are uplifting the protocols to give a improve to the stagnant economy.
Major Key Players for Premium Chocolate Market:
- Cargill Incorporated
- Nestle S.A.
- Ferrero
- Teuscher
- Yildiz Holding
- Hotel Chocolat
- Artisan Confections Company
- Mondelez International Inc.
- Neuhaus
- Mars Inc.
- Vosges Haut-Chocolate
- Meiji Holdings Co. Ltd.
- Guylian
- Chocoladefabriken Lindt & Sprüngli AG
- The Hershey Company
Market Dynamics and Factors:
The growth in demand for dark premium chocolates manufactured with cocoa powder and cocoa beans has been fuelled by the organic and clean label trends. Furthermore, as consumers become more aware of the health benefits of dark chocolate, they are increasingly inclined to choose dark chocolate as a dessert option, which is one of the primary drivers driving the Premium Chocolate Market's rise.
Premium chocolates, such as skimmed milk chocolate and dark chocolate, are increasingly being marketed as gifts to appeal to young people all around the world. Due to rising consumer demand, major manufacturers throughout the world are progressively launching dark and milk premium chocolates as gifts, thereby fuelling the Premium Chocolate Market's growth. The market's major players are expanding their expenditure in various research and development efforts in order to launch higher-quality, healthier premium chocolates. However, one of the primary issues expected to slow the growth of the Premium Chocolate Market is the fluctuating price of cocoa beans.
Premium Chocolate Market Report Highlight:
- The dark premium chocolate segment is likely to dominate the market over the forecast period, by product type.
- The Supermarkets/Hypermarkets category held the largest share by Distribution Channel, owing to factors such as rising demand for various luxury chocolates prepared with cocoa powder at supermarkets and increased investment by key companies.
- Over the forecast period, North America is expected to dominate the premium chocolate market. The United States has the largest market share in North America in terms of chocolate consumption and production.
Key Industry Development:
- In January 2021, Mondelez International Inc launched Cadbury Dairy Milk Silk Mousse as part of its premium chocolate segment for customers looking for new and exciting experiences.
- In October 2020, The Hershey Company will introduce Hershey's Unusual Dark Chocolate, bolstering the premium chocolate portfolio and allowing customers to appreciate the exotic and delicious flavour of Dark Chocolates under the Hershey's brand name.
Premium Chocolate Market Segmentation:
For this report, Introspective Market Research has segmented the Premium Chocolate Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
Latin America
- Brazil
- Argentina
- Rest of LATAM
