Market Size of Premium Chocolate Industry
| 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.
