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Dark Chocolate Market Segmented By Organic Dark Chocolate, Conventional Dark Chocolate Product in Modern Trade, Specialty Stores, Departmental Stores, Online Sales
The market for dark chocolate can be expected to expand at a value based CAGR of 7.2% and show an increase in revenue from US$ 65,615.7 Mn to around US$ 1,31,934.4 Mn by 2033.
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Dark Chocolate Market Size (2023E) |
US$ 65,615.7 Mn |
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Projected Sales of Dark Chocolate (2033F) |
US$ 1,31,934.4 Mn |
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Value CAGR (2023-2033) |
7.2% |
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Value Share of Top 4 Countries (2022E) |
41.3% |
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The global dark chocolate market has witnessed significant growth in the historical period registering a CAGR of 8.5% in the historical period and was valued at US$ 65,615.7 Mn in 2023. The market is expected to grow steadily with increasing consumption of dark chocolate.
Dark Chocolate, also referred to as ‘semisweet’ or ‘bittersweet’ chocolate refers to the type of chocolate that is not prepared from fats such as coconut oils or palm but from cocoa butter. Dark chocolate is an excellent source of flavonoids that contribute to its pigment and also provide it the rich and intense flavour. Dark chocolate consists of more than 60% cocoa solids with little or no added sugar. Dark Chocolates are available in the form of baking chocolate, candies or chocolate bars. Owing to the wide range of benefits offered by Dark Chocolates, they are becoming widely popular. Some of these benefits include protecting the brain from age-induced stress and inflammation which has an important role in the gradual neurodegenerative disorders such as Alzheimer’s disease.
The pervasive health and wellness trend continues to influence dark chocolate market, with manufacturers incorporating organic ingredients and natural sweeteners. The preference for dark chocolate over milk chocolates on accounts its health benefits continues to remain intact.
However, as the global chocolate industry is going through a perception crisis, with demand for healthy products witnessing an increase, it is highly likely that the dark chocolate industry may have to cop some of the downward spiral. The global market for dark chocolate is estimated to reach an approximate valuation of US$ 1,31,934.4 Mn in the forecast period.
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Economists often describe chocolate as recession-proof. Even at the time of economic crisis, consumers may cut down on most of the luxuries but they are less likely to resist less-costly luxury items such as cosmetics and chocolates. This is known as ‘Lipstick Effect’. Chocolates are in demand all time of the year across all regions. The demand for chocolates increases specially during festivals. This is one of the major factors that is attributed to the growth of Dark Chocolate market globally.
“Dark Chocolate Manufacturers Go Organic and Clean Label”
The organic and clean label trend has swept industries across the broader food and beverage landscape. The influence of the organic and clean label trend is palpable among dark chocolate manufacturers as well, with demand for premium and organic ingredients witnessing a spike. Manufacturers are also focusing on incorporating natural sweeteners, such as stevia and coconut sugar to position their products to a consumer base that is highly conscious about the food choices they make. The pronounced focus on quality has meant that manufacturers are now focusing on including unique cocoa beans from Latin American countries. Although sourcing these premium ingredients from far off places increases the price of the end-product, growing demand for gourmet chocolate among consumers is paying off the dividend.
“Flavours and Packaging – Two Key Focus Areas for Manufacturers”
As the global demand for dark chocolate continues to evolve, manufacturers are listening to the overt and covert needs and preferences of consumers. The focus has invariably shifted to incorporation of advanced packaging that conveys the brand message. As manufacturers are focusing on inducing a sense and perception of ‘healthy’ in their offerings, the packaging designs and materials have also witnessed changes. In addition to packaging, offering a range of flavored chocolates and ‘superfoods’ is another key prevailing trend. In the recent past, the demand for dried fruits, as well as blueberries and cranberries has witnessed steady growth in the manufacture of dark chocolate. It is likely that adoption of spices, flower petals, and acai berry in the manufacture of dark chocolate will witness steady growth in the future.
“Popularity of Specialty Chocolate Fueling Demand for Fine Flavor Cocoa”
Although fine flavour cocoa accounts for a single-digit share of the overall cocoa production, its demand has witnessed a spike in the recent past. This is primarily on account of growing popularity of specialty or premium chocolate among end-users. Demand for premium chocolate is particularly higher in North America and Western Europe. Although high-prices of these chocolates have meant that only a small percentage of consumers currently buy these premium products, the penetration is growing at a steady pace. This has led leading chocolate companies, such as Ferrero and Mars to invest in broadening their range of offerings.
“Low preference in under-developed countries”
Dark Chocolate is still a growing trend in the developing regions of the world. It will take some time for acceptance of Dark Chocolate in under-developed regions. Also, owing to the taste preferences of people, there is a wide diversity over the types of chocolates consumed in these regions. In these countries, most people still prefer milk and white chocolates over the dark ones.
What is the outlook for North American Dark Chocolate Market?
Dark Chocolate Market is already flourishing in the North America region. The growing trend of premiumization is driving the growth of Dark Chocolate Market further. This trend is helping artisanal and craft chocolate brands to come up in the value chain. The best examples of these chocolate brands include Rogue Chocolatier and Mast Brothers. The demand for Premium Dark Chocolates has increased in the US as these chocolates are preferred by the consumers during festivals such as Halloween, Christmas and Easter, for personal consumption or for gifting purposes.
How is the Latin American Dark Chocolate Market Faring?
Ivory Coast and Ghana continue to maintain their position as the leading suppliers of cocoa beans to Europe and North America. These companies usually supply the Forastero variety of beans to manufacturers. In addition to these two countries, supply is also witnessing an increase from Liberia and Guinea. In addition to West Africa, supply of cocoa beans to international manufacturers is also growing from Latin American countries. Equador and Peru are among the leading exporters of cocoa beans to Europe and North America. The outlook on the global dark chocolate market remains positive for the assessment period 2017-2026. Catering to evolving consumer trends and complying with cocoa and chocolate certification will be key to maintaining and consolidating market position during the assessment period.
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What is the Outlook for Sales Segment for Dark Chocolate?
Modern Trade dark chocolate segment is expected to expand at 9.5% CAGR over the forecast period and to be valued at US$ 34,933.0 Mn by 2032 end. Modern trade segment is estimated to account for 38.4% revenue share of the sales channels segment by 2018 end and is expected to gain 320 BPS in its market share by 2033 over 2018. Modern trade segment is expected to create absolute $ opportunity of US$ 19,517.3 Mn between 2018 and 2033.
What is the Global Outlook for Product Type of Dark Chocolate?
Organic Dark Chocolate dark chocolate segment is expected to expand at 8.6% CAGR over the forecast period and to be valued at US$ 31,048.2 Mn by 2033 end. Organic dark chocolate segment is estimated to account for 36.7% revenue share of the product type segment by 2018 end and is expected to gain 30 BPS in its market share by 2033 over 2018.
Leading players in the dark chocolate market are focusing on developing cost-efficient and new production techniques. Reduction of manufacturing costs and penetration into new application areas are the other key focus areas for manufacturers. Some of the leading players in the market include The Hershey Company, Mondelez International, Agostoni Chocolate, GCPPL Ltd., Chocolatiers (UK) Ltd, Barry Callebaut, Nestle SA, Blommer Chocolate Company, Ferrero, Ghirardelli Chocolate Co., Unilever and Mars Incorporated.
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Attribute |
Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2018-2022 |
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Market analysis |
USD million for value |
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Key regions covered |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
Available upon request |
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The global market for dark chocolate has a value of US$ 65,615.7 Mn in 2023.
The global market for dark chocolate has a value CAGR of 8.5% from 2018-2022.
The global market for dark chocolate has a value of US$ 1,31,934.4 Mn in 2033.
The global market for dark chocolate has a value CAGR of 7.2% from 2023-2033.
The top players in the global dark chocolate market includes Nestlé S.A., The Hershey Co., Lindt & Sprüngli AG, Mars, Incorporated.
