Dark chocolate is one of the most popular and commercially successful confectionery products worldwide. Dark chocolate contains cocoa solids and is rich in antioxidants like flavonoids which helps in improving heart health and reducing blood pressure. It is also attributed with anti-aging properties and providing mental & emotional wellbeing.
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 key trends:
Increasing health benefits awareness
The key factor driving the growth of the dark chocolate market is the rising awareness regarding the health benefits associated with its consumption. Dark chocolate contains flavonoids which help in improving cardiovascular health by reducing blood pressure and decreasing risk of heart diseases. Regular dark chocolate intake also helps in lowering stress and anxiety levels by influencing brain neurotransmitters and mood. Various social media campaigns by brands and articles by health experts have led more people to switch to dark chocolate for its anti-aging properties and other health advantages compared to sugary milk or white chocolates. This growing perception of dark chocolate being a healthier indulgence option compared to other chocolates is expected to boost the demand over the forecast period.
SWOT Analysis
- Strength: Dark chocolate contains high nutrients and antioxidants that provide various health benefits such as reducing stress levels, improving heart health, lowering blood pressure etc. The increasing health awareness among consumers globally is contributing to the growth of the market.
- Weakness: Dark chocolate has a strong bitter taste that some consumers may not prefer. The higher cocoa content makes dark chocolate more expensive compared to other alternatives.
- Opportunity: Growing vegan and organic food trend represents an opportunity for market players to launch organic and vegan dark chocolate varieties. Rising disposable incomes in developing economies will support the demand.
- Threats: Presence of substitutes like milk chocolate and availability of low-cost local brands are key threats. Fluctuations in cocoa bean prices can impact profit margins of manufacturers.
Key Takeaways
The global dark chocolate market is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated at US$ 144.71 billion and anticipated to reach over US$ 246 billion by 2031, exhibiting a CAGR of around 8%.
Regional analysis: Asia Pacific dominates the global market and is projected to maintain its lead over the forecast period. Countries like China, India, Japan, and Australia are major demand generators in the region. Increasing health consciousness and rising living standards support the market growth.
Key players analysis: Key players operating in the dark chocolate market are Mars Inc., The Hershey Company, Nestlé S.A., Godiva, Amul, Lindt & Sprüngli AG, Ghirardelli Chocolate Co., Patchi, Harry & David Holdings, Inc., and Mondelez International. These companies focus on new product launches, acquisitions, and expansion strategies to strengthen their market presence and benefit from the opportunities in developing economies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
