World - Chocolate And Cocoa Products - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Apr 1, 2024

World - Chocolate And Cocoa Products - Market Analysis, Forecast, Size, Trends and Insights

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Chocolate Market

The article discusses the increasing demand for chocolate and cocoa products worldwide, with projections showing continued growth over the next eight years. Consumption and market value are forecasted to increase, with China, the United States, and Nigeria being key players in the market. The article also covers production trends, import and export volumes, and average prices, providing a comprehensive overview of the global chocolate industry.

Market Forecast

Driven by increasing demand for chocolate and cocoa products worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.2% for the period from 2022 to 2030, which is projected to bring the market volume to 46M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $278.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Chocolate And Cocoa Products

After two years of growth, consumption of chocolate and cocoa products decreased by -3.6% to 39M tons in 2022. The total consumption volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2018 with an increase of 5.1%. Over the period under review, global consumption reached the maximum volume at 40M tons in 2021, and then reduced modestly in the following year.

The global chocolate market size shrank to $196.5B in 2022, waning by -5.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when the market value increased by 8% against the previous year. As a result, consumption attained the peak level of $207.3B, and then fell in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (7M tons), the United States (3.7M tons) and Pakistan (1.6M tons), together accounting for 32% of global consumption. Germany, Nigeria, Russia, Bangladesh, Indonesia, Brazil, Mexico, Ethiopia, the UK and South Korea lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Nigeria (with a CAGR of +6.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest chocolate markets worldwide were China ($37.5B), the United States ($19B) and Nigeria ($17.9B), with a combined 38% share of the global market.

In terms of the main consuming countries, Nigeria, with a CAGR of +5.5%, saw the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of chocolate per capita consumption in 2022 were Germany (15 kg per person), South Korea (12 kg per person) and the UK (11 kg per person).

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +5.8%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Chocolate And Cocoa Products

After two years of growth, production of chocolate and cocoa products decreased by -3.9% to 38M tons in 2022. The total output volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2018 when the production volume increased by 4.9%. Over the period under review, global production attained the maximum volume at 40M tons in 2021, and then contracted modestly in the following year.

In value terms, chocolate production shrank to $192.9B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the production volume increased by 9.7%. Over the period under review, global production reached the peak level at $219.6B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (6.9M tons) remains the largest chocolate producing country worldwide, accounting for 18% of total volume. Moreover, chocolate production in China exceeded the figures recorded by the second-largest producer, the United States (3.3M tons), twofold. Germany (1.7M tons) ranked third in terms of total production with a 4.5% share.

In China, chocolate production expanded at an average annual rate of +3.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-0.3% per year) and Germany (+1.3% per year).

Imports

World Imports of Chocolate And Cocoa Products

In 2022, the amount of chocolate and cocoa products imported worldwide amounted to 6.8M tons, surging by 2.6% on 2021. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 7.5%. Over the period under review, global imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, chocolate imports stood at $32.8B in 2022. The total import value increased at an average annual rate of +3.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 12%. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports By Country

The United States (780K tons), France (547K tons), the UK (534K tons), Germany (505K tons), the Netherlands (350K tons), Belgium (313K tons), Canada (245K tons), Poland (243K tons), Japan (182K tons), Spain (162K tons), Italy (140K tons) and Russia (101K tons) represented roughly 60% of total imports in 2022.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Poland (with a CAGR of +8.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.7B), the UK ($2.6B) and Germany ($2.5B) were the countries with the highest levels of imports in 2022, together accounting for 27% of global imports. France, the Netherlands, Canada, Belgium, Poland, Spain, Japan, Italy and Russia lagged somewhat behind, together accounting for a further 31%.

In terms of the main importing countries, Poland, with a CAGR of +8.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average chocolate import price stood at $4,830 per ton in 2022, stabilizing at the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 5.1%. As a result, import price attained the peak level of $4,983 per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Russia ($5,906 per ton), while Belgium ($3,530 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Chocolate And Cocoa Products

For the seventh consecutive year, the global market recorded growth in overseas shipments of chocolate and cocoa products, which increased by 0.6% to 6.6M tons in 2022. The total export volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 8.2% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, chocolate exports amounted to $33.3B in 2022. The total export value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 13%. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in years to come.

Exports By Country

Germany (992K tons), Belgium (663K tons), the Netherlands (484K tons), Poland (456K tons), Canada (425K tons), Italy (413K tons), the United States (334K tons), France (334K tons), Turkey (252K tons), Russia (174K tons), the UK (171K tons) and Spain (145K tons) represented roughly 73% of total exports in 2022. Switzerland (132K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +7.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest chocolate supplying countries worldwide were Germany ($5.4B), Belgium ($3.3B) and Italy ($2.4B), together comprising 33% of global exports. Poland, the Netherlands, Canada, the United States, France, the UK, Switzerland, Turkey, Spain and Russia lagged somewhat behind, together comprising a further 41%.

In terms of the main exporting countries, Poland, with a CAGR of +7.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average chocolate export price stood at $5,048 per ton in 2022, approximately reflecting the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 5.1% against the previous year. As a result, the export price attained the peak level of $5,092 per ton. From 2015 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($6,685 per ton), while Turkey ($3,342 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+2.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global chocolate market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 10821400 - Cocoa powder, containing added sugar or other sweetening matter
  • Prodcom 10822130 - Chocolate and other food preparations containing cocoa, in blocks, slabs or bars > 2 kg or in liquid, paste, powder, g ranular or other bulk form, in containers or immediate packings of a content > 2 kg, containing . .18 % by weight of
  • Prodcom 10822150 - Chocolate milk crumb containing .18 % or more by weight of cocoa butter and in packings weighing > 2 kg
  • Prodcom 10822170 - Chocolate flavour coating containing .18 % or more by weight of cocoa butter and in packings weighing > 2 kg
  • Prodcom 10822190 - Food preparations containing <18 % of cocoa butter and in packings weighing > 2 kg (excluding chocolate flavour coating, chocolate milk crumb)
  • Prodcom 10822233 - Filled chocolate blocks, slabs or bars consisting of a centre (including of cream, liqueur or fruit paste, excluding chocolate biscuits)
  • Prodcom 10822235 - Chocolate blocks, slabs or bars with added cereal, fruit or nuts (excluding filled, chocolate biscuits)
  • Prodcom 10822239 - Chocolate blocks, slabs or bars (excluding filled, with added cereal, fruit or nuts, chocolate biscuits)
  • Prodcom 10822243 - Chocolates (including pralines) containing alcohol (excluding in blocks, slabs or bars)
  • Prodcom 10822245 - Chocolates (excluding those containing alcohol, in blocks, s labs or bars)
  • Prodcom 10822253 - Filled chocolate confectionery (excluding in blocks, slabs or bars, chocolate biscuits, chocolates)
  • Prodcom 10822255 - Chocolate confectionery (excluding filled, in blocks, slabs or bars, chocolate biscuits, chocolates)
  • Prodcom 10822260 - Sugar confectionery and substitutes therefor made from sugar substitution products, containing cocoa (including chocolate nougat) (excluding white chocolate)
  • Prodcom 10822270 - Chocolate spreads
  • Prodcom 10822280 - Preparations containing cocoa for making beverages
  • Prodcom 10822290 - Food products with cocoa (excluding cocoa paste, butter, p owder, blocks, slabs, bars, liquid, paste, powder, granular, o ther bulk form in packings > 2 kg, to make beverages, c hocolate spreads)

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

  • Global market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Global production, split by region and country
  • Global trade (exports and imports)
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Company coverage:

Société pour l'exportation des Produits Nestlé S.A. , Mondelez Schweiz Production GmbH, Chocolat Frey AG, Hershey Company, Barry Callebaut Cocoa AG, Cargill B.V., CONFECTIONARY, BISCUIT AND CHOCOLATE MAKERS COOPERATIVE COMPANY, Chocoladefabriken Lindt & Sprüngli (Schweiz) AG, FERRERO SPA, NESTLE FRANCE, Orion Corp., NESTLE ROSSIYA, OOO, FERRERO FRANCE, BARRY CALLEBAUT COCOA ASIA PACIFIC PTE. LTD., MARS CHOCOLATE UK LIMITED, Unilever de México, S. de R.L. de C.V., NESTLE' ITALIANA SPA, Euromar Commodities GmbH, FUJIYA CO., LTD., INTERCONTINENTAL SPECIALTY FATS SDN. BHD., Wilh. Schmitz-Scholl GmbH, Godiva Chocolatier, Inc., PERFETTI VAN MELLE ITALIA SRL, Alfred Ritter GmbH & Co. KG, Frischli Milchwerke GmbH, FERRERO RUSSIYA, AO, LINDT ET SPRUNGLI

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS
  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030
  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT
  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES
  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS
  7. 7. GLOBAL PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY
  8. 8. GLOBAL IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY
  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY
  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
    • Italy
    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
    • Turkey
    • Saudi Arabia
    • Switzerland
    • Sweden
    • Nigeria
    • Poland
    • Belgium
    • Argentina
    • Norway
    • Austria
    • Thailand
    • United Arab Emirates
    • Colombia
    • Denmark
    • South Africa
    • Malaysia
    • Israel
    • Singapore
    • Egypt
    • Philippines
    • Finland
    • Chile
    • Ireland
    • Pakistan
    • Greece
    • Portugal
    • Kazakhstan
    • Algeria
    • Czech Republic
    • Qatar
    • Peru
    • Romania
    • Vietnam
  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Imports, In Physical Terms, By Country, 2012–2023
    7. Imports, In Value Terms, By Country, 2012–2023
    8. Import Prices, By Country Of Destination, 2012–2023
    9. Exports, In Physical Terms, By Country, 2012–2023
    10. Exports, In Value Terms, By Country, 2012–2023
    11. Export Prices, By Country Of Origin, 2012–2023
  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2023
    18. Production, In Value Terms, 2012–2023
    19. Production, By Country, 2023
    20. Production, In Physical Terms, By Country, 2012–2023
    21. Imports, In Physical Terms, 2012–2023
    22. Imports, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, By Country, 2023
    24. Imports, In Physical Terms, By Country, 2012–2023
    25. Imports, In Value Terms, By Country, 2012–2023
    26. Import Prices, By Country, 2012–2023
    27. Exports, In Physical Terms, 2012–2023
    28. Exports, In Value Terms, 2012–2023
    29. Exports, In Physical Terms, By Country, 2023
    30. Exports, In Physical Terms, By Country, 2012–2023
    31. Exports, In Value Terms, By Country, 2012–2023
    32. Export Prices, 2012–2023
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