by The global dark chocolate market comprises chocolate variants prepared using cocoa of at least 60–99% cocoa solids content. Dark chocolate is considered healthier compared to milk or white chocolate owing to its high concentration of cocoa solids and nutritional profile comprising antioxidants, fiber, iron, magnesium, copper among others. Dark chocolate consumption is associated with reduced risk of heart disease, enhanced mental wellbeing and skin benefits. The growing awareness regarding the health benefits of dark chocolate due to its antioxidant and stress-relieving properties along with rising disposable incomes is driving the market growth.
The global dark chocolate market is estimated to be valued at US$ 65615.7 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fueling the global dark chocolate market is growing consumer preference for premium and organic dark chocolate products. Premium and organic variants offer better quality cocoa, fairtrade certification and are free from artificial ingredients and additives. Manufacturers are introducing innovative flavors and formats to cater to evolving tastes and busy lifestyles. Additionally, clean label and vegan certified products are gaining popularity among health-conscious consumers. Industry players are adopting sustainable packaging solutions to appeal to environmentally responsible buyers. Rapid penetration of online retail channels along with aggressive promotional strategies by companies will further support the market growth in the coming years.
Porter’s Analysis
Threat of new entrants: The dark chocolate market has significant barriers for new entrants such as high capital requirements and the market being dominated by some key established players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes however loyalty towards brands minimizes it.
Bargaining power of suppliers: A few major suppliers tightly control the global cocoa supply which gives them strong bargaining power over chocolate manufacturers.
Threat of new substitutes: The threat is low as there are very few substitutes that can replicate the taste of dark chocolate.
Competitive rivalry: The market is highly competitive with major players focusing on new product innovations, marketing campaigns and expanding geographical reach.
Key Takeaways
The Global Dark Chocolate Market Size is expected to witness high growth over the forecast period of 2023-2030. The global Dark Chocolate Market is estimated to be valued at US$ 65615.7 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Regional analysis European region accounts for the largest share of the global market due to the high consumption of chocolates in countries like Germany, France and the UK. North America is expected to grow at a significant rate supported by rising health consciousness.
Key players operating in the dark chocolate market are 3M Company, Johnson & Johnson, Procter & Gamble, Reckitt Benckiser Group plc, Ecolab Inc. 3M Company and Reckitt Benckiser Group plc have a broad portfolio of cleaning solutions and anticipate gaining market share through continuous product innovations and expanded distribution networks.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
