Brazil Chocolate Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| Market Size (2023) | USD 3.24 Billion |
| Market Size (2028) | USD 3.98 Billion |
| CAGR (2023 - 2028) | 4.22 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Brazil Chocolate Market Analysis
The Brazil Chocolate Market size is expected to grow from USD 3.24 billion in 2023 to USD 3.98 billion by 2028, at a CAGR of 4.22% during the forecast period (2023-2028).
The chocolate market was impacted by low sales volume due to the COVID-19 pandemic, including supply-side issues linked to quality and certification. Thus, disruption in the supply chain of raw materials, followed by lockdown, is resulting in an increasing number of specialty stores remaining closed for a long time and a decreased volume consumption of premium chocolates. Chocolate makers are offering unprecedented price cuts in an attempt to stem the weak demand during the Key easter season. For instance, Lindt & Spruengli AG is offering online price cuts of 30% on its entire Easter assortment. Ferrero, another high-end chocolate chain, abandoned its practice of avoiding discounts this year. Retailers across South America are also offering promotions of as much as 50%. This, in turn, has impacted their profit margin.
Brazilian consumers have been showing greater concerns about the health implications of high sugar consumption. Therefore, the rise of the health and wellness trend continues to spur the sales of reduced sugar chocolate confectionery in general and dark premium chocolate tablets. Therefore, health and premiumization trends are exclusively driving the market studied.
The country's middle-class population has grown significantly in recent years, fueling consumer demand for premium products in the process. Therefore, global companies, such as Mondelēz International Inc., Nestle SA, and Principado de Asturias SA (Carozzi), are making inroads in the country with various product types and increased production channels.
Brazil Chocolate Market Trends
This section covers the major market trends shaping the Brazil Chocolate Market according to our research experts:
Super Premium Chocolates and Limited-Edition Variants Gaining Momentum
Consumers in Brazil are becoming more sophisticated and are increasingly searching for premium chocolate products that are differentiated from common brands found in the retail sector. This resulted in a surge in demand for high-quality premium chocolate products. For instance, the presence of Lindt and Ferrero a little over a decade ago considerably raised the profile of premium chocolates in Brazil. According to ABICAB (Brazilian Association of the Chocolate Industry), 88% of consumers buy high-quality chocolates for their own consumption. With 2.2 kg of chocolate consumed per person, annually, chocolate is the most consumed food in Brazil. As per confectionery news, the Brazilian premium chocolate market is expected to grow by 26%, by 2020, due to the ever-increasing demand for chocolate among the Brazilian population.
Dark Chocolate Holds a Prominent Share
As per data by the Brazilian Association of the Chocolate Industry, over 75% of the Brazilian population consumes chocolates, and 35% of the Brazilian population are likely to prefer chocolate over any food or drink. Another factor, which is expected to further increase the consumption of dark chocolate, is that the Brazilian consumers’ perception of premium chocolates is increasing. Therefore, companies may strategize to launching more premium dark chocolates in the future, as these consumptions are likely to be centered around occasions of gifting.
Brazil Chocolate Industry Overview
The market studied is highly competitive, along with a strong presence of regional small-medium scale players and key global players. An advanced distribution network gives an upper edge to the manufacturers to expand their range of products across the country. Moreover, it is crucial for players to continuously innovate, operate, and grow in the market due to the rapidly changing consumer demands and preferences. Some of the major players are Nestle SA, Hershey Co., Mondalez International, and Yildiz Holding, among others. Product innovation and expansion are some of the most preferred strategies adopted by players operating in the global chocolate market. The major players in the market are also adopting marketing campaigns as a key strategy to strengthen their positions in the market studied.
Brazil Chocolate Market Leaders
Mars Incorporated
Ferrero Group
Mondalez International
Nestle SA
Grupo Arcor
*Disclaimer: Major Players sorted in no particular order
Brazil Chocolate Market News
- In 2021, Hershey's manufacturing plant in São Roque, Brazil, partnered with ENERGY STAR and joined the ENERGY STAR Challenge for Industry, committing to reducing energy intensity in their facilities by 10 percent within five years.
- In April 2019, Nestle launched a sugar-free milk chocolate Easter Egg in 100% recyclable packaging in Brazil. It is a sugar-free Easter egg in response to consumer demand and to offer products that provide health, nutrition, and well-being.
- In 2019, Nestlé Brazil announced its partnership with Landor & Fitch, taking the wonderland experience online and allowing customers to 'Have a Break, Have a KitKat' wherever they are. Enabled through the use of WebGL technology, KitKatchocolatory.com.br became the first Brazilian e-commerce "digital flagship," delivering the ultimate omnichannel break experience for KitKat Brazil.
Brazil Chocolate Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Degree Of Competition
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Softlines/Selflines
5.1.2 Boxed Assortments
5.1.3 Countlines
5.1.4 Molded Chocolates
5.1.5 Other Product Types
5.2 By Category
5.2.1 Milk/White Chocolate
5.2.2 Dark Chocolate
5.3 By Distribution Channel
5.3.1 Supermarkets/Hypermarkets
5.3.2 Convenience Stores
5.3.3 Specialty Retail Stores
5.3.4 Online Retail Stores
5.3.5 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Most Active Companies
6.3 Strategies Adopted by Key Players
6.4 Company Profiles
6.4.1 Mars Incorporated
6.4.2 Ferrero Group
6.4.3 Mondalez International
6.4.4 Hershey Co.
6.4.5 Nestle SA
6.4.6 Florestal Alimentos SA
6.4.7 Lindt & Sprungli AG
6.4.8 Grupo Arcor
6.4.9 Barry Callebaut
6.4.10 Dori Alimentos SA Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
Brazil Chocolate Industry Segmentation
Chocolates are well-known, most consumed, and highly profitable components in the confectionery industries. Different types of chocolate are produced around the world, depending on the amount of cocoa. Brazil's chocolate market is segmented by product type, category, and distribution channel. By product type, the market has been segmented as soft lines/selflines, boxed assortments, countlines, molded chocolates, and other product types. By category, the market has been segmented into milk/white chocolate and dark chocolate. By distribution channel, the market studied has been segmented as supermarkets/hypermarkets, convenience stores, specialist retailers, online retail channels, and other distribution channels. The report offers market size and forecasts for Brazil Chocolate Market in value (USD million) for all the above segments.
| By Product Type | |
| Softlines/Selflines | |
| Boxed Assortments | |
| Countlines | |
| Molded Chocolates | |
| Other Product Types |
| By Category | |
| Milk/White Chocolate | |
| Dark Chocolate |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Specialty Retail Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
Brazil Chocolate Market Research FAQs
How big is the Brazil Chocolate Market?
The Brazil Chocolate Market size is expected to reach USD 3,239.17 million in 2023 and grow at a CAGR of 4.22% to reach USD 3,982.80 million by 2028.
What is the current Brazil Chocolate Market size?
In 2023, the Brazil Chocolate Market size is expected to reach USD 3,239.17 million.
Who are the key players in Brazil Chocolate Market?
Mars Incorporated, Ferrero Group, Mondalez International, Nestle SA and Grupo Arcor are the major companies operating in the Brazil Chocolate Market.
Chocolate in Brazil Industry Report
Statistics for the 2023 Chocolate in Brazil market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Chocolate in Brazil analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
