Premium Chocolate Market
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PUBLISHED: 2022 ID: SMRC22031
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Premium Chocolate Market Forecasts to 2028 - Global Analysis By Product Type (Milk Premium Chocolate, Dark Premium Chocolate and Other Product Types), Distribution Channel (Convenience Stores, Online Channel and Other Distribution Channels), Packaging Types and By Geography

4.3 (43 reviews)
4.3 (43 reviews)
Published: 2022 ID: SMRC22031

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $83.83 BN

Projected Year Value (2028)

US $159.35 BN

CAGR (2022 - 2028)

11.3%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

Europe


According to Stratistics MRC, the Global Premium Chocolate Market is accounted for $83.83 billion in 2022 and is expected to reach $159.35 billion by 2028 growing at a CAGR of 11.3% during the forecast period. A variety of unusual flavours, such as peanut butter, caramel, mint, honey, tropical fruits, espresso, and others are blended into premium chocolates, which are high-quality chocolate varieties made from extremely fine components. Premium chocolates are progressively being accepted across the world owing to the growing awareness about the benefits of premium chocolates and the growth in the branding of premium chocolates as presents by the main players. The rise in popularity of gourmet chocolates made from ultra-fine cocoa beans, the rise in demand for dark chocolates made with cocoa powder, the growing adoption of skimmed milk chocolate among young people, and the growing investment by key players in the development of premium chocolates of higher quality and health benefits.

According to the Agriculture and Horticulture Development Board, United Kingdom, the free-from food market is expected to record an average growth of 10% every year for the next three years, and the share of bakery products and cookies in the free-from food category is around 35%.



Market Dynamics:

Driver:

Rise in the demand for dark premium chocolates

The demand for dark premium chocolates manufactured with cocoa powder and cocoa beans has increased due to the growing popularity of organic and clean label movements. One of the key factors propelling the growth of the Premium Chocolate Market is the fact that consumers in developed countries are more aware of the health advantages of dark chocolate and are increasingly inclined to choose it as a dessert option.

Restraint:

Fluctuating price of cocoa beans

The major market participants are expanding their expenditure in various R&D projects to produce premium chocolates that are of high quality and are healthier. However, one of the key elements thought to be limiting the expansion of the premium chocolate market is the fluctuating price of cocoa beans. Therefore, the above factors are hindering the market growth.

Opportunity:

Demand for premium ranges

The debut of numerous new premium flavours by major businesses to boost their market position has increased demand for premium ranges. This is giving market participants the chance to grow and increase their share. Key players are also concentrating on releasing seasonal flavours and packaging, such as unique gift boxes for holidays like Valentine's Day. Long-term market benefits are also anticipated from this. Additionally, during the projected period, the market would see expansion due to the stockpiling of premium goods with cutting-edge fillings and flavours, such as grains or cereals.

Threat:

Effects of over consumption

In addition to a host of benefits, overindulging in quality chocolates can also lead to certain issues. Overindulging in sugary foods like chocolate or other meals can eventually cause weight gain, obesity, diabetes, heart disease, and other chronic illnesses. The high price of luxury chocolates, which makes them more popular during festivals and special occasions, is another reason that is impeding market growth. Therefore, the foundation market for the sales of premium ranges is solely the millennial generation. As a result, the industry's expansion is restricted to a small group of customers, which is limiting the market's growth.

Covid-19 Impact

The market has seen an increase in sales during the COVID-19 pandemic. The National Confectioners Association reports that compared to the prior year, sales of premium ranges climbed by about 13%. All distribution channels combined saw an almost 21.4% increase in grocery sales. Consumers' growing awareness about eating healthier foods has fueled the market's expansion during the pandemic. New Chocó Logic research from Cargill shows that during COVID-19, one-third of customers increased their consumption.

The dark premium chocolate segment is expected to be the largest during the forecast period

The dark premium chocolate segment is estimated to have a lucrative growth, due to the substantial antioxidant content of dark chocolate, which helps postpone or prevent certain ailments like cardiac disease and high cholesterol levels. Dark chocolate contains a lot of fibre and is also a good source of healthy minerals like magnesium, copper, iron, and zinc. These chocolates are created with 70% or more dark cocoa, which is a highly sought-after ingredient in the market today. After that, these minerals can boost immunity and support strong bones and teeth, which will further push the segment's expansion. Additionally, when consumed in moderation, dark chocolate can help lower blood pressure, improve mood naturally, and support heart health. Hence, these factors are driving the sales for the segment during the forecast period.

The online channel segment is expected to have the highest CAGR during the forecast period

The online channel segment is anticipated to witness the fastest CAGR growth during the forecast period. During the coronavirus epidemic, when consumers were at home and preferred to shop online, there was a significant increase in demand for the internet channel. Additionally, for the entire year, online retailers provide steep discounts on combo products, which help to support online sales channels. After then, e-commerce channels make small and big brands accessible. Additionally, people were increasingly interested in buying necessities online because it allowed them to save time and effort and have the things delivered to their homes with just one click. Therefore, it is anticipated that in the upcoming years, sales of luxury chocolate through online distribution channels will continue to rise at the quickest rate.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period. Due to the region's increasingly health-conscious population, the global industry in the Asia Pacific is expanding. Additionally, the middle-class populations' increased disposable incomes are contributing to the market's growth in the Asia Pacific area. Additionally, the growing urbanisation and rising consumer spending on high-end goods and lifestyles are boosting this region's industry's sales.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to consumers' growing knowledge of the health benefits of quality dark chocolates, which include critical nutrients and vitamins. Additionally, customers in this area make more careful product choices due to their high health consciousness. As a result, the luxurious packaging of such products motivates people to buy them throughout the holiday season. Therefore, it is anticipated that the European market for luxury chocolates would continue to rule during the projection period.



Key players in the market

Some of the key players profiled in the Premium Chocolate Market include Ferrero International S.A., Endangered Species Chocolate, The Hershey Company, Yildiz Holding Inc., Chocoladefabriken Lindt & Sprüngli AG, Godiva, Mondelez International, Mars, Inc., Champlain Chocolate Co., CEMOI Group, Nestle SA and Lake Champlain Chocolates

Key Developments:

In May 2020, Chocoladefabriken Lindt & Sprüngli AG company has announced their new product launch with salted caramel truffle in European along with other regions. The product is made with smooth textured made with milk chocolate along with a silky caramel-flavoured filling into it.

In September 2021, Ferrero International S.A. partnered exclusively with Lagardère Travel Retail for pre-launching the new premium tablet range. The new product is available in three flavors milk, dark 55% cocoa, and white, with crafted only with the highest-quality ingredients.

In October 2020, The Hershey Company has launched Hershey’s Exotic Dark Chocolate to strengthen the premium chocolate portfolio and to make customers experience the exotic and indulgent taste of Dark Chocolates under the Hershey’s brand name.

In January 2019, Nestle Japan announces volcanic Kit Kat in advance of Valentine's Day. Nestle revealed the Kit Kat Chocolatory Sublime Volcanic made with volcanic chocolate made with a rare type of cacao. Sublime Volcanic Kit Kat comes with a series of three flavors namely, Vanuatu, Papua New Guinea, and The Philippines each bringing its personality to proceedings.

Product Types Covered:
• Milk Premium Chocolate
• Dark Premium Chocolate
• White Premium Chocolate
• Crunchy Premium Chocolate
• Sugar Free Premium Chocolate
• Nutty Premium Chocolate
• Other Product Types

Distribution Channels Covered:
• Convenience Stores
• Online Channel
• Specialty Stores
• Hypermarket/Supermarket
• Other Distribution Channels

Packaging Types Covered:
• Gift Packaging
• Standard Packaging

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
 

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Premium Chocolate Market, By Product Types
5.1 Introduction
5.2 Milk Premium Chocolate
5.3 Dark Premium Chocolate
5.4 White Premium Chocolate
5.5 Crunchy Premium Chocolate
5.6 Sugar Free Premium Chocolate
5.7 Nutty Premium Chocolate
5.8 Other Product Types

6 Global Premium Chocolate Market, By Distribution Channel
6.1 Introduction
6.2 Convenience Stores
6.3 Online Channel
6.4 Specialty Stores
6.5 Hypermarket/Supermarket
6.6 Other Distribution Channels

7 Global Premium Chocolate Market, By Packaging Type
7.1 Introduction
7.2 Gift Packaging
7.3 Standard Packaging

8 Global Premium Chocolate Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa

9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies

10 Company Profiling
10.1 Ferrero International S.A.
10.2 Endangered Species Chocolate
10.3 The Hershey Company
10.4 Yildiz Holding Inc.
10.5 Chocoladefabriken Lindt & Sprüngli AG
10.6 Godiva
10.7 Mondelez International
10.8 Mars, Inc.
10.9 Champlain Chocolate Co.
10.10 CEMOI Group
10.11 Nestle SA
10.12 Lake Champlain Chocolates

List of Tables
1 Global Premium Chocolate Market Outlook, By Region (2020-2028) ($MN)
2 Global Premium Chocolate Market Outlook, By Product Types (2020-2028) ($MN)
3 Global Premium Chocolate Market Outlook, By Milk Premium Chocolate (2020-2028) ($MN)
4 Global Premium Chocolate Market Outlook, By Dark Premium Chocolate (2020-2028) ($MN)
5 Global Premium Chocolate Market Outlook, By White Premium Chocolate (2020-2028) ($MN)
6 Global Premium Chocolate Market Outlook, By Crunchy Premium Chocolate (2020-2028) ($MN)
7 Global Premium Chocolate Market Outlook, By Sugar Free Premium Chocolate (2020-2028) ($MN)
8 Global Premium Chocolate Market Outlook, By Nutty Premium Chocolate (2020-2028) ($MN)
9 Global Premium Chocolate Market Outlook, By Other Product Types (2020-2028) ($MN)
10 Global Premium Chocolate Market Outlook, By Distribution Channel (2020-2028) ($MN)
11 Global Premium Chocolate Market Outlook, By Convenience Stores (2020-2028) ($MN)
12 Global Premium Chocolate Market Outlook, By Online Channel (2020-2028) ($MN)
13 Global Premium Chocolate Market Outlook, By Specialty Stores (2020-2028) ($MN)
14 Global Premium Chocolate Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
15 Global Premium Chocolate Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
16 Global Premium Chocolate Market Outlook, By Packaging Type (2020-2028) ($MN)
17 Global Premium Chocolate Market Outlook, By Gift Packaging (2020-2028) ($MN)
18 Global Premium Chocolate Market Outlook, By Standard Packaging (2020-2028) ($MN)
19 North America Premium Chocolate Market Outlook, By Country (2020-2028) ($MN)
20 North America Premium Chocolate Market Outlook, By Product Types (2020-2028) ($MN)
21 North America Premium Chocolate Market Outlook, By Milk Premium Chocolate (2020-2028) ($MN)
22 North America Premium Chocolate Market Outlook, By Dark Premium Chocolate (2020-2028) ($MN)
23 North America Premium Chocolate Market Outlook, By White Premium Chocolate (2020-2028) ($MN)
24 North America Premium Chocolate Market Outlook, By Crunchy Premium Chocolate (2020-2028) ($MN)
25 North America Premium Chocolate Market Outlook, By Sugar Free Premium Chocolate (2020-2028) ($MN)
26 North America Premium Chocolate Market Outlook, By Nutty Premium Chocolate (2020-2028) ($MN)
27 North America Premium Chocolate Market Outlook, By Other Product Types (2020-2028) ($MN)
28 North America Premium Chocolate Market Outlook, By Distribution Channel (2020-2028) ($MN)
29 North America Premium Chocolate Market Outlook, By Convenience Stores (2020-2028) ($MN)
30 North America Premium Chocolate Market Outlook, By Online Channel (2020-2028) ($MN)
31 North America Premium Chocolate Market Outlook, By Specialty Stores (2020-2028) ($MN)
32 North America Premium Chocolate Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
33 North America Premium Chocolate Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
34 North America Premium Chocolate Market Outlook, By Packaging Type (2020-2028) ($MN)
35 North America Premium Chocolate Market Outlook, By Gift Packaging (2020-2028) ($MN)
36 North America Premium Chocolate Market Outlook, By Standard Packaging (2020-2028) ($MN)
37 Europe Premium Chocolate Market Outlook, By Country (2020-2028) ($MN)
38 Europe Premium Chocolate Market Outlook, By Product Types (2020-2028) ($MN)
39 Europe Premium Chocolate Market Outlook, By Milk Premium Chocolate (2020-2028) ($MN)
40 Europe Premium Chocolate Market Outlook, By Dark Premium Chocolate (2020-2028) ($MN)
41 Europe Premium Chocolate Market Outlook, By White Premium Chocolate (2020-2028) ($MN)
42 Europe Premium Chocolate Market Outlook, By Crunchy Premium Chocolate (2020-2028) ($MN)
43 Europe Premium Chocolate Market Outlook, By Sugar Free Premium Chocolate (2020-2028) ($MN)
44 Europe Premium Chocolate Market Outlook, By Nutty Premium Chocolate (2020-2028) ($MN)
45 Europe Premium Chocolate Market Outlook, By Other Product Types (2020-2028) ($MN)
46 Europe Premium Chocolate Market Outlook, By Distribution Channel (2020-2028) ($MN)
47 Europe Premium Chocolate Market Outlook, By Convenience Stores (2020-2028) ($MN)
48 Europe Premium Chocolate Market Outlook, By Online Channel (2020-2028) ($MN)
49 Europe Premium Chocolate Market Outlook, By Specialty Stores (2020-2028) ($MN)
50 Europe Premium Chocolate Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
51 Europe Premium Chocolate Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
52 Europe Premium Chocolate Market Outlook, By Packaging Type (2020-2028) ($MN)
53 Europe Premium Chocolate Market Outlook, By Gift Packaging (2020-2028) ($MN)
54 Europe Premium Chocolate Market Outlook, By Standard Packaging (2020-2028) ($MN)
55 Asia Pacific Premium Chocolate Market Outlook, By Country (2020-2028) ($MN)
56 Asia Pacific Premium Chocolate Market Outlook, By Product Types (2020-2028) ($MN)
57 Asia Pacific Premium Chocolate Market Outlook, By Milk Premium Chocolate (2020-2028) ($MN)
58 Asia Pacific Premium Chocolate Market Outlook, By Dark Premium Chocolate (2020-2028) ($MN)
59 Asia Pacific Premium Chocolate Market Outlook, By White Premium Chocolate (2020-2028) ($MN)
60 Asia Pacific Premium Chocolate Market Outlook, By Crunchy Premium Chocolate (2020-2028) ($MN)
61 Asia Pacific Premium Chocolate Market Outlook, By Sugar Free Premium Chocolate (2020-2028) ($MN)
62 Asia Pacific Premium Chocolate Market Outlook, By Nutty Premium Chocolate (2020-2028) ($MN)
63 Asia Pacific Premium Chocolate Market Outlook, By Other Product Types (2020-2028) ($MN)
64 Asia Pacific Premium Chocolate Market Outlook, By Distribution Channel (2020-2028) ($MN)
65 Asia Pacific Premium Chocolate Market Outlook, By Convenience Stores (2020-2028) ($MN)
66 Asia Pacific Premium Chocolate Market Outlook, By Online Channel (2020-2028) ($MN)
67 Asia Pacific Premium Chocolate Market Outlook, By Specialty Stores (2020-2028) ($MN)
68 Asia Pacific Premium Chocolate Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
69 Asia Pacific Premium Chocolate Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
70 Asia Pacific Premium Chocolate Market Outlook, By Packaging Type (2020-2028) ($MN)
71 Asia Pacific Premium Chocolate Market Outlook, By Gift Packaging (2020-2028) ($MN)
72 Asia Pacific Premium Chocolate Market Outlook, By Standard Packaging (2020-2028) ($MN)
73 South America Premium Chocolate Market Outlook, By Country (2020-2028) ($MN)
74 South America Premium Chocolate Market Outlook, By Product Types (2020-2028) ($MN)
75 South America Premium Chocolate Market Outlook, By Milk Premium Chocolate (2020-2028) ($MN)
76 South America Premium Chocolate Market Outlook, By Dark Premium Chocolate (2020-2028) ($MN)
77 South America Premium Chocolate Market Outlook, By White Premium Chocolate (2020-2028) ($MN)
78 South America Premium Chocolate Market Outlook, By Crunchy Premium Chocolate (2020-2028) ($MN)
79 South America Premium Chocolate Market Outlook, By Sugar Free Premium Chocolate (2020-2028) ($MN)
80 South America Premium Chocolate Market Outlook, By Nutty Premium Chocolate (2020-2028) ($MN)
81 South America Premium Chocolate Market Outlook, By Other Product Types (2020-2028) ($MN)
82 South America Premium Chocolate Market Outlook, By Distribution Channel (2020-2028) ($MN)
83 South America Premium Chocolate Market Outlook, By Convenience Stores (2020-2028) ($MN)
84 South America Premium Chocolate Market Outlook, By Online Channel (2020-2028) ($MN)
85 South America Premium Chocolate Market Outlook, By Specialty Stores (2020-2028) ($MN)
86 South America Premium Chocolate Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
87 South America Premium Chocolate Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
88 South America Premium Chocolate Market Outlook, By Packaging Type (2020-2028) ($MN)
89 South America Premium Chocolate Market Outlook, By Gift Packaging (2020-2028) ($MN)
90 South America Premium Chocolate Market Outlook, By Standard Packaging (2020-2028) ($MN)
91 Middle East & Africa Premium Chocolate Market Outlook, By Country (2020-2028) ($MN)
92 Middle East & Africa Premium Chocolate Market Outlook, By Product Types (2020-2028) ($MN)
93 Middle East & Africa Premium Chocolate Market Outlook, By Milk Premium Chocolate (2020-2028) ($MN)
94 Middle East & Africa Premium Chocolate Market Outlook, By Dark Premium Chocolate (2020-2028) ($MN)
95 Middle East & Africa Premium Chocolate Market Outlook, By White Premium Chocolate (2020-2028) ($MN)
96 Middle East & Africa Premium Chocolate Market Outlook, By Crunchy Premium Chocolate (2020-2028) ($MN)
97 Middle East & Africa Premium Chocolate Market Outlook, By Sugar Free Premium Chocolate (2020-2028) ($MN)
98 Middle East & Africa Premium Chocolate Market Outlook, By Nutty Premium Chocolate (2020-2028) ($MN)
99 Middle East & Africa Premium Chocolate Market Outlook, By Other Product Types (2020-2028) ($MN)
100 Middle East & Africa Premium Chocolate Market Outlook, By Distribution Channel (2020-2028) ($MN)
101 Middle East & Africa Premium Chocolate Market Outlook, By Convenience Stores (2020-2028) ($MN)
102 Middle East & Africa Premium Chocolate Market Outlook, By Online Channel (2020-2028) ($MN)
103 Middle East & Africa Premium Chocolate Market Outlook, By Specialty Stores (2020-2028) ($MN)
104 Middle East & Africa Premium Chocolate Market Outlook, By Hypermarket/Supermarket (2020-2028) ($MN)
105 Middle East & Africa Premium Chocolate Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
106 Middle East & Africa Premium Chocolate Market Outlook, By Packaging Type (2020-2028) ($MN)
107 Middle East & Africa Premium Chocolate Market Outlook, By Gift Packaging (2020-2028) ($MN)
108 Middle East & Africa Premium Chocolate Market Outlook, By Standard Packaging (2020-2028) ($MN)

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