Expanding Chocolate Market Forecasted to Hit USD 185.8 Billion by 2034, with a 4.4% Compound Annual Growth Rate (CAGR)
In the sweet world of confectionery, Europe stands tall as the dominant player in the global chocolate industry. With a market share of approximately 45.79% in 2024, Europe is home to some of the world's most renowned chocolate-producing nations.
Switzerland, Belgium, France, and Germany are at the forefront of this cocoa-rich continent. Switzerland, in particular, boasts a per capita chocolate consumption of 10.5 kg per person per year, making it one of the highest worldwide. Germany follows closely with 9.2 kg per person per year.
Key European players in the chocolate market include Barry Callebaut AG, Cémoi Group, Nestlé, Mondelez, and Ferrero. These companies are not only shaping the industry with their innovative products but also prioritising sustainability and ethical sourcing.
Nestlé, for instance, has introduced a carbon-neutral chocolate bar and plant-based milk chocolate alternatives. They have also invested in regenerative agriculture to ensure sustainable production. Mondelez, on the other hand, has expanded its Cocoa Life sustainability program and launched a naturally pink chocolate. Ferrero has committed to 100% sustainable cocoa by 2025 and introduced Kinder Vegan Chocolate to cater to the growing demand for vegan products.
Cargill, another major player, has expanded its sustainable cocoa sourcing program and launched a new cocoa butter alternative. Meanwhile, Cascade Chocolate has made strides with its bean-to-bar organic chocolate line and low-sugar chocolate bars, expanding distribution in specialty grocery stores.
By application, the Confectionery segment accounted for the largest market share of 43.3% in 2024. Bars & blocks dominated the market with a 56.7% market share, making them the preferred choice for consumers.
The global chocolate market was valued at USD 120.8 billion in 2024 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.4%. By 2034, the market is estimated to reach USD 185.8 billion. This growth is driven by the demand for high-quality, sustainable, and innovative chocolate products, a trend that Europe's leading chocolate manufacturers are keen to cater to.
Europe's dominance in the global chocolate market is a testament to its rich chocolate tradition and commitment to quality and sustainability. As the industry evolves, we can expect to see more exciting innovations and sustainable practices from Europe's leading chocolate manufacturers.
){kind=link}