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Chocolate Confectionery Market to Reach $118.6 Bn, Globally, by 2031 at 4.0% CAGR: Allied Market Research
Expansion of sales channels and increase in use of e-commerce across the globe drive the growth of the global chocolate confectionery market. Moreover, innovation in processing and packaging supplement the market growth. In addition, advent of various packaging and promotional activities would open new opportunities in the future.
By product type, the dark chocolate segment is estimated to portray the highest CAGR of 4.9% during the forecast period, due to its increased popularity among consumers due to its health benefits. However, the milk chocolate segment held the largest share in 2021, accounting for nearly three-fifths of the global chocolate confectionery market, owing to its popularity for its smooth texture, sweet taste, and increasing availability in the market.
By price point, the economy segment held the largest share in 2021, contributing to more than half of the global chocolate confectionery market, owing to its increasing availability of chocolate products at an economic price in the market. However, the mid-range segment is projected to manifest the highest CAGR of 4.5% during the forecast period, owing to its increased popularity in western countries because of the availability of unique packaging for gifting.
By age group, the adult segment held the lion's share in 2021, accounting for nearly three-fifths of the global chocolate confectionery market, due to increasing consumption in adults because of easy accessibility. However, the geriatric segment is expected to showcase the highest CAGR of 5.2% during the forecast period, owing to increasing popularity of functional chocolates with health benefits among the elderly population
By distribution channel, the e-commerce segment is estimated to register the highest CAGR of 6.9% during the forecast period, due to increased association of the internet and e-shopping with consumers in developing regions. However, the supermarkets/hypermarkets segment held the largest share in 2021, contributing around two-fifths of the global chocolate confectionery market, owing to increased availability of chocolate confectionery in hypermarkets around the globe.
By region, the global chocolate confectionery market across Europe held the largest share in 2021, accounting for around half of the market, due to existence of chocolate confectionery operations in Europe and the availability of chocolate confectionery in different variants. However, the market across Asia-Pacific is expected to register the highest CAGR of 5.4% during the forecast period, owing to increase in demand and adaption of innovative chocolate confectionery products among consumers in the region.
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