The Latest Global Chocolate Industry Statistics Explained
The global chocolate market size was valued at USD 130.56 billion in 2020.
This statistic indicates that the total value of the global chocolate market, in terms of sales revenue, was estimated to be USD 130.56 billion in the year 2020. The market size represents the total revenue generated by the sale of various chocolate products worldwide during that specific year. This figure reflects the significant economic importance and popularity of chocolate as a consumer product on a global scale. It suggests a high level of demand for chocolate products and indicates the industry’s substantial contribution to the overall economy.
The market is expected to grow at a CAGR of 4.6% from 2021 to 2028.
The statement “The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.6% from 2021 to 2028” indicates the projected average annual growth rate of the market over the specified period. CAGR is a useful measure to understand the steady year-over-year growth rate of an investment or market. In this context, a 4.6% CAGR suggests that the market is anticipated to increase by an average of 4.6% annually between 2021 and 2028, providing insights into the expected expansion and likely trajectory of the market’s size and value over the next seven years. This statistic serves as a valuable indicator for businesses, investors, and stakeholders to anticipate and plan for potential growth opportunities or challenges in the market.
North America dominated the market in 2020, with a share of over 30%.
The statistic ‘North America dominated the market in 2020, with a share of over 30%’ indicates that North America had the largest market share compared to other regions in 2020. This implies that over 30% of the total market activity, sales, or production in the industry was generated within North America during that year. This dominance suggests that North America played a significant role in the market dynamics, potentially leading to a greater influence on industry trends, pricing, and competition compared to other regions. The statistic highlights the importance of North America as a key player in the market landscape for that particular year.
The Asia Pacific region is expected to have the fastest growth, from 2021 to 2028.
The statement “The Asia Pacific region is expected to have the fastest growth, from 2021 to 2028” indicates that based on current trends and projections, the countries within the Asia Pacific region are anticipated to experience the highest rate of economic expansion compared to other regions globally during the specified time period. This could be influenced by various factors such as population growth, increasing levels of industrialization, advancements in technology, and expanding markets. As a result, businesses, investors, and policymakers may pay closer attention to this region for potential opportunities and strategic decisions to capitalize on its rapid growth prospects in the coming years.
Dark chocolate held a market revenue share of over 30% in 2020.
The statistic ‘Dark chocolate held a market revenue share of over 30% in 2020’ indicates that out of the total revenue generated within the chocolate market in 2020, more than 30% of it was attributed to sales of dark chocolate products. This suggests that dark chocolate was a prominent player in the chocolate industry that year, with a substantial portion of consumer spending allocated towards dark chocolate products specifically. The high market revenue share held by dark chocolate reflects a strong demand and popularity for this particular type of chocolate among consumers in 2020, possibly driven by factors such as the perceived health benefits of dark chocolate or changing consumer preferences towards more premium or gourmet chocolate options.
The per capita consumption of chocolate in the United States is estimated to be 4.5 kg, as of 2017.
The statistic stating that the per capita consumption of chocolate in the United States is estimated to be 4.5 kg as of 2017 signifies the average amount of chocolate consumed by each individual in the population. This statistic provides an insight into the popularity and widespread consumption of chocolate in America, highlighting the cultural significance and sweet tooth enjoyed by many. The figure of 4.5 kg indicates the amount of chocolate each person is estimated to consume annually, indicating a significant demand for chocolate products in the country. This statistic is likely based on extensive market research or sales data and serves as a measure of the overall chocolate consumption habits of the U.S. populace.
Switzerland had the highest per capita consumption of chocolate, exceeding 8.5 kg per person in 2017.
The statistic indicates that Switzerland had the highest average consumption of chocolate per person in 2017, with each individual consuming over 8.5 kilograms of chocolate throughout the year. This data point highlights Switzerland’s strong affinity for chocolate and suggests that chocolate plays a significant role in the country’s culture and diet. The high per capita consumption could be attributed to several factors such as the availability of high-quality Swiss chocolate, cultural traditions, and possibly even the country’s higher income levels that may allow for more spending on luxury items like chocolate. Overall, this statistic emphasizes Switzerland’s status as a top consumer of chocolate globally.
Mars Inc is the global leader in chocolate with over 18% market share in 2020.
The statistic ‘Mars Inc is the global leader in chocolate with over 18% market share in 2020’ indicates that Mars Inc is the top company in the chocolate industry worldwide, holding a significant portion of the market compared to its competitors. With a market share of over 18%, Mars Inc has a strong presence and influence in the chocolate sector, implying that it is a trusted and popular choice among consumers. This statistic highlights Mars Inc’s dominance in the industry and suggests that the company is a key player driving the global chocolate market in 2020.
The organic chocolate market is growing at a CAGR of 2.38% from 2021 to 2026.
This statistic indicates that the organic chocolate market is experiencing a Compound Annual Growth Rate (CAGR) of 2.38% between the years 2021 and 2026. The CAGR is a useful measure of the growth rate of an investment or market over multiple periods, in this case, five years. A CAGR of 2.38% suggests a steady, albeit modest, growth rate for the organic chocolate market during this period. This statistic is important for stakeholders in the organic chocolate industry as it provides insights into the overall trends and potential opportunities for growth in the market. It can be used to inform strategic decision-making, assess market performance, and forecast future demand and profitability within the organic chocolate sector.
The premium chocolate segment was valued at $7.42 billion in 2017.
The statistic indicates that the market for premium chocolates was estimated to be worth $7.42 billion in 2017. This suggests that there is a substantial demand for higher-end chocolates among consumers, potentially driven by factors such as increasing disposable income, changing consumer preferences towards premium and artisanal products, and a growing interest in indulgent treats. The value of the premium chocolate segment highlights the significant market opportunity for manufacturers and retailers operating in this space, and it underscores the potential for continued growth and innovation within the premium chocolate industry.
Europe accounted for nearly half of the chocolate revenues in the global market in 2016.
The statistic “Europe accounted for nearly half of the chocolate revenues in the global market in 2016” indicates that European countries collectively generated a significant portion of the total revenue in the global chocolate market during the specified year. This suggests that Europe was a key player in the chocolate industry, with its market contributing substantially to the overall sales and economic performance of the industry worldwide. The strong presence of European countries in the global chocolate market highlights the importance of this region as a significant consumer and producer of chocolate products, influencing trends and market dynamics on a global scale.
The growth in the chocolate industry is driven by festive sales, with nearly 30% chocolates bought during festive season.
The statistic about the growth in the chocolate industry being driven by festive sales, with nearly 30% of chocolates being bought during the festive season, indicates a significant trend in consumer behavior impacting the chocolate market. Festive seasons like holidays and special occasions often see a surge in consumer spending on chocolates as they are popular gifts and treats during these times. This high demand during festive periods not only boosts sales for chocolate manufacturers but also influences marketing strategies and product promotions in the industry. Understanding and capitalizing on the seasonal buying patterns can be crucial for businesses in the chocolate industry to maximize their profits and market share.
Western Europe consumes the largest amount of chocolate globally, consuming 35% of all chocolate.
The statistic stating that Western Europe consumes the largest amount of chocolate globally, consuming 35% of all chocolate, highlights the significant preference and consumption habits of the region towards chocolate products. Western Europe’s consumption dominance in the global chocolate market is indicative of both the cultural significance and economic strength of the region. This statistic suggests that chocolate holds a prominent place in the diets and lifestyles of individuals in Western Europe, potentially influenced by factors such as historical traditions, marketing efforts, and availability of a wide variety of chocolate products. Additionally, the high consumption rate could also reflect the relatively higher standard of living in Western European countries, enabling consumers to afford and indulge in chocolate treats more frequently compared to other regions.
The demand for vegan chocolate is on the rise and the global vegan chocolate market is expected to reach $2.31 billion by 2027.
The statistic indicates the increasing popularity and growth of the vegan chocolate market globally, with an expected market value of $2.31 billion by 2027. This suggests a significant increase in consumer demand for vegan chocolate products, driven by factors such as a growing interest in plant-based diets, ethical considerations related to animal welfare, and health consciousness among consumers. The projected market value reflects the anticipated expansion of the vegan chocolate industry, presenting opportunities for businesses to capitalize on the rising trend and cater to the evolving preferences of consumers seeking sustainable, cruelty-free, and healthier alternatives to traditional chocolate products.
The U.S. represents the largest market for chocolate globally, accounting for more than 20% of the total global consumption.
The statistic that the U.S. represents the largest market for chocolate globally, accounting for more than 20% of the total global consumption, indicates the significant impact of chocolate consumption within the country. This suggests that American consumers have a high demand for chocolate products, leading to a substantial portion of the world’s chocolate supply being consumed in the U.S. This statistic highlights the cultural and economic significance of chocolate within the U.S., as well as the country’s influence on the global chocolate industry. It underscores the importance of the U.S. market for chocolate producers and their strategic considerations in meeting the preferences and demands of American consumers.
COVID-19 had an impact on global chocolate consumption, with a drop of -0.5% in 2020.
The statistic suggests that the global consumption of chocolate experienced a decrease of 0.5% in 2020 as a result of the COVID-19 pandemic. This drop in consumption can be attributed to various factors, such as disruptions in supply chains, changes in consumer behavior due to lockdown measures, and economic uncertainties brought about by the pandemic. The reduced demand for chocolate could be a reflection of people’s shifting priorities during a time of crisis, as well as potential impacts on the confectionery industry. This statistic highlights how external events, such as a global health crisis, can have a significant influence on consumption patterns and overall market trends.
The global white chocolate market is expected to reach USD 23.99 billion by 2027, growing at a CAGR of 6.5%.
This statistic indicates that the global white chocolate market is forecasted to expand significantly, with an estimated value of USD 23.99 billion by the year 2027. The growth in this market is projected to occur at a compound annual growth rate (CAGR) of 6.5%, reflecting a steady increase in demand for white chocolate products over the coming years. Factors driving this growth could include changing consumer preferences, innovations in white chocolate formulations, and increasing awareness of white chocolate as a desirable confectionery choice. This projection suggests opportunities for businesses operating within the white chocolate market to capitalize on this anticipated growth and adapt their strategies to meet the evolving demands of consumers worldwide.
The compound chocolate market is expected to grow at a CAGR of 4.9% between 2021 and 2026.
The statistic indicates that the compound chocolate market is projected to experience a steady growth over the period from 2021 to 2026 at a compound annual growth rate (CAGR) of 4.9%. This means that the market size for compound chocolate products is anticipated to increase by an average of 4.9% annually during this time frame. This growth rate suggests a positive outlook for the industry, reflecting increasing consumer demand, potentially expanding market reach, and advancements in production and distribution capabilities. Companies operating in the compound chocolate market may benefit from this expected growth by capitalizing on emerging opportunities, adapting to changing consumer preferences, and strategically positioning themselves for sustainable success in the market.
Conclusion
The global chocolate industry continues to demonstrate steady growth and popularity, with consumer demand showing resilience even in challenging economic times. The statistics outlined in this blog post highlight the significance of chocolate in various aspects of our lives, from consumption trends to sustainability practices. As the industry evolves and innovates, it will be essential for stakeholders to keep abreast of these changing dynamics to navigate future opportunities and challenges effectively.
References
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