The global chocolate market continues to expand steadily, with its value estimated between $130 billion and $148 billion in 2024. Analysts at Grandview Research forecast that by 2030-2034, the market could climb to $170 billion–$255 billion, reflecting a compound annual growth rate (CAGR) of 4% to 6% over the next decade.

This growth is largely fuelled by changing consumer behaviours, innovative retail channels, and the rising preference for health-conscious and ethically sourced products.

Drivers of Growth


Consumer demand for organic, vegan, sugar-free, and plant-based chocolates such as oat- and almond-based varieties continues to reshape the market. In addition, premiumisation plays a major role as buyers increasingly seek high-quality, artisanal, and ethically sourced chocolates that combine indulgence with purpose.

At the same time, the e-commerce boom provides a convenient platform for consumers to access a wider array of products, particularly appealing to younger, digitally savvy shoppers.

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Complementing these trends, product innovation is thriving: chocolate now features prominently in beverages, baked goods, and other culinary creations, driving further expansion.

Market Trends and Regional Insights


Europe remains the largest market for chocolate consumption and exports, with Germany leading as a top exporter. Online and e-commerce channels are experiencing the fastest growth, transforming how chocolate reaches consumers worldwide.

Despite these positive trends, the industry must navigate challenges from volatile cocoa prices and supply shortages, which continue to impact production costs and margins.

Segment Performance and Opportunities


Dark and milk chocolate dominate the product landscape, while white chocolate maintains a steady niche following. Bars and tablets remain the most consumed forms; however, chips and chunks are growing rapidly, particularly for baking and confectionery applications.

Outlook
As the chocolate industry adapts to evolving consumer preferences and global market dynamics, innovation, premiumisation, and digital retail strategies will remain critical. These drivers will ensure long-term growth while maintaining profitability and resilience across the sector