February 24, 2024

Dark Chocolate Market is expected to be Flourished by Growing Demand for Health Benefits

Dark chocolate is a food made from roasted and ground cacao beans, commonly mixed with sugar or other ingredients. It contains nutrients such as fiber, iron, magnesium, copper, manganese, potassium, and phytochemicals such as flavonoids which provide various health benefits when consumed in moderation. Some key applications and uses of dark chocolate include confectionery, bakery and processed food ingredients, beverages, and cosmetics.

The global dark chocolate market is estimated to be valued at US$ 144.71 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing Demand for Health Benefits: As mentioned in the heading, the growing awareness among consumers regarding the various health benefits of dark chocolate is expected to act as a major driver for the market growth over the forecast period. Dark chocolate contains compounds like flavonoids which reduce risks of heart diseases and help in lowering blood pressure. Consumption of dark chocolate also provides anti-inflammatory, antioxidant, and anticoagulant properties. The health promoting effects help in boosting energy levels and improving mood which is increasing its popularity globally.

Flourishing Confectionery Industry: Another factor fueling the demand is the flourishing confectionery industry worldwide. Increasing disposable income, growth of retail sector, and rising number of supermarkets and hypermarkets are augmenting sale of confectionery products. Dark chocolate holds significant position in this industry. Expanding distribution channels along with introduction of innovative products by manufacturers are propelling consumption of dark chocolate confectionery items around the world.

Segment Analysis

The dark chocolate market is dominated by the premium dark chocolate segment. This segment accounts for over 40% of the market share as consumers are willing to pay a higher price for better quality and processing methods. Premium dark chocolates often use certified organic and fairtrade cocoa which attracts health conscious consumers. The segment is expected to grow at a faster rate in the forecast period due to increasing preference for specialty foods.

PEST Analysis

  • Political: There are no significant political risks impacting the dark chocolate market currently. Various trade agreements have ensured steady supply of key raw materials.
  • Economic: The global economy has been recovering post pandemic which is encouraging consumer spending on premium products. Rising disposable incomes in developing nations will foster market growth.
  • Social: Health awareness and focus on wellness is driving the demand for dark chocolate due to perceived benefits of cocoa antioxidants. Increased social media marketing is also popularizing dark chocolates.
  • Technological: Advanced processing techniques help manufacturers improve cocoa content and minimise sugar levels to provide consumers with better tasting products matching their nutritional preferences. Blockchain technology is being adopted to ensure supply chain transparency.

Key Takeaways

The global dark chocolate market is expected to witness high growth over the forecast period supported by health awareness, premiumization trends and expansion in distribution channels. The premium segment dominates currently due to consumer willingness to pay more for specialty products offering organic, fairtrade certifications and unique flavours. The global dark chocolate market is estimated to be valued at US$ 144.71 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Regional analysis: Europe accounts for the largest share currently due to high per capita consumption especially in Germany, Switzerland, Belgium and France. Asia Pacific is poised to be the fastest growing region led by countries like China, India and Indonesia where chocolate consumption is rising rapidly with economic development.

Key players operating in the dark chocolate market are Mars Inc., The Hershey Company, Nestl√© S.A., Godiva, Amul, Lindt & Spr√ľngli AG, Ghirardelli Chocolate Co., Patchi, Harry & David Holdings, Inc., and Mondelez International. The major players are focusing on new product launches catering to regional tastes and optimizing distribution to strengthen their positioning.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it