Premium Chocolate Market Size
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 30.90 Billion |
| Market Size (2028) | USD 46.12 Billion |
| CAGR (2023 - 2028) | 8.34 % |
| Fastest Growing Market | South America |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Premium Chocolate Market Analysis
The Premium Chocolate Market size is estimated at USD 30.90 billion in 2023, and is expected to reach USD 46.12 billion by 2028, growing at a CAGR of 8.34% during the forecast period (2023-2028).
Seasonal demand plays an important role in the sales of premium chocolates. Various companies launch a wide range of chocolate varieties during occasions like Easter and Christmas. Although major manufacturers dominate the chocolate industry, the possibilities for high-quality and artisanal chocolates are increasing. One of the main drivers for the market studied is product innovation, which promotes awareness and customer involvement and attracts more customers. The demand for limited-edition chocolate is another factor driving the market's growth. Several chocolate manufacturers are launching a range of premium and luxury chocolate varieties with new flavors and packaging variations during occasions such as Christmas, New Year's, and other occasions. For instance, in June 2022, Purdy's Chocolatier launched the limited edition of the new maple sweet Georgia browns treat in time for summer.
The key trends that are impacting the premium chocolate market include the growing demand for organic, vegan, sugar-free, and gluten-free chocolates. With the increasing awareness of the negative effects of synthetic products on health and the environment, most health-conscious and informed consumers have started using organic products. Due to the increasing health concerns (such as diabetes) and a shift toward a healthy lifestyle, the demand for sugar-free premium chocolates has led players to focus on the ingredients used for chocolate production, along with higher quality indulgence. For example, in June 2021, with the launch of Joy Bites chocolate bars made with Fairtrade cocoa and sweetened with stevia extract, Russell Stover Chocolates, a brand owned by Lindt & Sprüngli, joined the no-sugar trend. Such innovations are also driving the premium chocolate market across the world.
Premium Chocolate Market Trends
This section covers the major market trends shaping the Premium Chocolate Market according to our research experts:
Key Players Investing in Advertising to Increase Sales
The premium chocolate industry has seen a significant shift over the past few years. With the growing importance of social media in a shopper's purchase journey, companies are evolving and stepping up their advertising and endorsement strategies across different distribution channels to garner consumer attention. Celebrity endorsements help increase brand awareness, trust, and familiarity, which are important variables in the decision-making process. Consumers feel more inclined toward a brand if its products are promoted by a celebrity they admire or relate to.
Premium chocolate companies invest a significant amount in product endorsements and advertisements. For instance, Mondelez’s advertising expense was USD 1,564 million in 2021, USD 1,376 million in 2020, and USD 1,208 million in 2019, reflecting a significant strategic investment toward advertisements. Similarly, Hershey’s advertising expenses totaled USD 511,798 in 2021, USD 516,936 in 2020, and USD 513,302 in 2019. In May 2021, the Belgian chocolate maker Godiva Chocolatier launched a new global marketing campaign, "GODIVA is Chocolate," with actor Chris Evans as the new face of the campaign. The brand aims to market its products as a premium treat with portion control sizes, sharing packages, on-the-go convenient formats, and gift boxes for special occasions. Hence, such aggressive marketing tactics employed by major players are boosting the growth of the premium chocolate market.
Europe Remains the Largest Market
The trend of premium textured chocolate, added with grains or cereals, is growing among chocolate consumers in the European region. Packaging is also playing an important role, as consumers are selecting carefully packed premium chocolate gifts with ‘high offering value.’ The supermarkets, such as Aldi and Lidl in Germany, also offer their premium brands of chocolate. For instance, Aldo offers Moser-Roth premium chocolates to cater to the growing demand for the products in the country. Consumers opt for premium chocolates, especially from supermarkets, as they offer a unique addition to the assortment, attractive shelves, ready packaging, in-store promotions, and consistent quality of chocolates. The number of private-label chocolatiers in the region is also growing, with more artisanal and specialized products (such as House of Dorchester) being launched to meet consumers’ demand in the premium chocolate market. Such companies offer premium chocolates as gifts. This factor is resulting in more people purchasing these products as luxury presents for gifting on special occasions. Hence, due to the growing demand for premium chocolates, a large number of international brands are entering the European market. For instance, in 2021, Ferrero Rocher entered the premium chocolate bars category in the United Kingdom.
Premium Chocolate Industry Overview
The premium chocolate market is consolidated, with the top players holding a significant share of the market across the world. Global players with a prominent market share include Chocoladefabriken Lindt & Sprüngli AG, Ferrero SpA, the Hershey Company, Mondelēz International, and Yildiz Holding. Major players in the market have been aiming to offer higher-priced chocolates among young consumers by increasing accessibility and innovative products. Tourists and travelers are major consumers of premium chocolates across different regions worldwide. Hence, players in the market have been expanding their presence and offerings in the travel retail sector.
Premium Chocolate Market Leaders
Chocoladefabriken Lindt & Sprüngli AG
Ferrero Spa
The Hershey Company
Mondelēz International
Yıldız Holding Inc.
*Disclaimer: Major Players sorted in no particular order
Premium Chocolate Market News
- JUN 2022: Mars teamed up with Perfect Day to introduce its first animal-free, "earth-positive" chocolate. The product, CO2COA, capitalizes on the flexitarian and vegan consumer trend by simulating the flavor and texture of traditional chocolate without using any animal products.
- MAY 2022: The premium chocolate brand Guylian from Belgium partnered with Fairtrade to convert all of its cocoa in line with the growing ethical movement worldwide. Guylian is shifting its focus to sustainability as part of a rebranding strategy that includes a transition to more sustainable production. As a result, the chocolate with hazelnut praliné, which is sold in 120 countries across four continents, now has a new recipe, new packaging, and the distinctive blue and green Fairtrade logo.
- APR 2022: Lake Champlain Chocolates released a new creation based on the latest work from a Vermont best-selling author. Only 1,000 handcrafted chocolate bars were initially available in stores for USD 10 each.
Premium Chocolate Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and 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 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Dark Premium Chocolate
5.1.2 White and Milk Premium Chocolate
5.2 Distribution Channel
5.2.1 Hypermarkets/Supermarkets
5.2.2 Convenience Stores
5.2.3 Online Stores
5.2.4 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 Germany
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 South Africa
5.3.5.2 United Arab Emirates
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Chocoladefabriken Lindt & Sprungli AG
6.3.2 Ferrero SpA
6.3.3 The Hershey Company
6.3.4 Mondelez International Inc.
6.3.5 Yildiz Holding
6.3.6 Nestle SA
6.3.7 Mars Incorporate
6.3.8 Cemoi Chocolatier SA
6.3.9 Lake Champlain Chocolates
6.3.10 Pierre Marcolini Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
Premium Chocolate Industry Segmentation
Premium chocolates are high-end/luxury chocolates that are priced higher than the other chocolates in the market due to their unique features. The premium chocolate market is segmented based on product type, distribution channel, and geography. By product type, the market is segmented into dark and white and milk premium chocolates. By distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, online retail stores, and other distribution channels. By geography, the report provides an analysis of the established and emerging economies across the world, including North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million)
| Product Type | |
| Dark Premium Chocolate | |
| White and Milk Premium Chocolate |
| Distribution Channel | |
| Hypermarkets/Supermarkets | |
| Convenience Stores | |
| Online Stores | |
| Other Distribution Channels |
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Premium Chocolate Market Research FAQs
How big is the Premium Chocolate Market?
The Premium Chocolate Market size is expected to reach USD 30.90 billion in 2023 and grow at a CAGR of 8.34% to reach USD 46.12 billion by 2028.
What is the current Premium Chocolate Market size?
In 2023, the Premium Chocolate Market size is expected to reach USD 30.90 billion.
Who are the key players in Premium Chocolate Market?
Chocoladefabriken Lindt & Sprüngli AG, Ferrero Spa, The Hershey Company, Mondelēz International and Yıldız Holding Inc. are the major companies operating in the Premium Chocolate Market.
Which is the fastest growing region in Premium Chocolate Market?
South America is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Premium Chocolate Market?
In 2023, the Europe accounts for the largest market share in the Premium Chocolate Market.
Premium Chocolate Industry Report
Statistics for the 2023 Premium Chocolate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Premium Chocolate analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
