The Hershey Company was the leading chocolate manufacturer in the United States in 2022 in terms of market share. The company held approximately 35.5 percent of the total market, with only Mars as a significant competitor for market leader. In terms of the total confectionery market, Mars has Hershey beat for largest market share, but only barely edged out their competitor by about 0.4 percent. Hershey’s history The Hershey Company was founded in 1894 by Milton Hershey and is headquartered in Hershey, Pennsylvania. The town itself was largely built by Milton Hershey, and many places in the town bear the Hershey name, including Hershey’s Chocolate World and Hersheypark. Hershey’s Chocolatetown at Hersheypark was one of the largest construction projects in the United States as of January 2019, with a cost of 150 million dollars. Hershey’s popularity Hershey’s generous market share in the United States is due to the confectionery company’s popularity across brands. In a 2018 survey, three of the top four most popular chocolate brands among consumers were sold by Hershey. When it comes to Halloween candy, the company’s Reese’s Peanut Butter Cups were the prized chocolate among trick-or-treaters of all ages.

The Chocolate Market report segments the industry into Confectionery Variant (Dark Chocolate, Milk and White Chocolate), Distribution Channel (Convenience Store, Online Retail Store, Supermarket/Hypermarket, Others), and Region (Africa, Asia-Pacific, Europe, Middle East, North America, South America). Five years of historical data and five-year forecasts are provided.

Chocolate Market size was valued at USD 130.72 Billion in 2024 and is projected to reach USD 172.89 Billion by 2030. Along with a CAGR of 4.17%.

In the 2022/23 financial year, Western Europe dominated the chocolate confectionery market with a share of ** percent, the largest share of the market worldwide. With ***** percent, South America had the smallest share. Chocolate consumption in the U.S. In 2020, the most consumed brand of chocolate in the United States was Snickers. Over *** million Americans consumed this brand that year. Within the same period, there were many confectionery brands regularly consumed by the U.S. population, including Butterfingers, Twix, Lindt, and Hershey’s Nuggets, among many others. Some of the world’s leading confectionery companies responsible for these treats are Hershey Co., Mars Inc., and Chocoladenfabriken Lindt & Sprüngli AG. Lindt Lindt is a brand of chocolate produced by the Swiss chocolatier and confectionery company, Lindt & Sprüngli AG, a.k.a. Lindt. The company produces various types of chocolate, such as LINDOR Eggs and seasonal GOLD BUNNIES. The company generated roughly **** of its sales in Europe and about ** percent in the NAFTA countries in 2021.

In 2024, the chocolate confectionery market generated a revenue of approximately ***** billion U.S. dollars worldwide. According to estimates of the Statista Digital Market Outlook, the generated revenue in this market is expected to increase in the coming years, reaching a value of ***** billion dollars in 2029. Chocolate shopping in Canada In 2020, almost ** percent of Canadians stated they bought chocolate a few times a month, making it the most common purchasing rate among Canadian consumers. It is rare for people in Canada to buy chocolate every single day. For over half of consumers within the country, monthly chocolate spending would typically amount to anywhere between *** and ** Canadian dollars. Chocolate brands in North America In the same year, Canada’s favorite brand of chocolate was Lindt, a Swiss confectionery brand. Other favorites included Cadbury, Hershey’s, and Ferrero. Consumers in the United States favored Hershey's about twice as often as Lindt. Approximately ** percent of U.S. respondents who knew Hershey's consumed the brand's products.

The United Kingdom Chocolate Market Report is Segmented by Product Type (Dark Chocolate, Milk and White Chocolate), Form (Tablets and Bars, and More), Price Range (Mass, Premium), Ingredient Type (Dairy-Based, Plant-Based, Single Origin), and Distribution Channel (Supermarket/Hypermarket, and More). The Market Forecasts are Provided in Terms of Both Value (USD) and Volume (Units).

The candy company Mars controls a **** percent share of the global chocolate market, making it the largest chocolate company in the world. Mars is famous for such chocolate candy brands as M&M’s, Snickers, and Twix to name a few. Global Chocolate Market Western Europe is home to the largest market for chocolate confectionary worldwide, as of 2019. In that year, the chocolate confectionary market in Western Europe made up a third of the global market. The popularity of chocolate candy is not expected to dwindle any time soon. In 2019, it was estimated that the size of the global chocolate confectionary market amounted to nearly *** billion U.S. dollars. The market value is expected to exceed *** billion U.S. dollars by 2026. Top Chocolate Brands in the United States The Hershey chocolate company controls nearly ** percent of the U.S. chocolate market, followed by Mars with a ** percent share. However, the bestselling chocolate candy brand in the United States are M&M’s, a Mars brand. In 2017, sales of M&M’s amounted to ***** million U.S. dollars. Hershey’s chocolate came in second place with ***** million dollars in sales.

This statistic shows the consumer value distribution of the global chocolate market in 2016, by region. In 2016, Western Europe represented ** percent of the global chocolate market.

The North America Chocolate Market Report is Segmented by Product Type (Dark Chocolate, Milk and White Chocolate), Form (Tablets and Bars, Molded Blocks, and More), Price Range (Mass, Premium), Ingredient Type (Dairy-Based, Plant-Based, Single-Origin), Distribution Channel (Supermarkets/Hypermarkets, and More), and Geography (United States, and More). The Market Forecasts are Provided in Terms of Value (USD) and Volume(Tons).

The global chocolate market size was USD 142.88 billion in 2024 & is projected to grow from USD 147.88 billion in 2025 to USD 194.73 billion by 2033.
Report Scope:

Report Metric	Details
Market Size in 2024	USD 142.88 Billion
Market Size in 2025	USD 147.88 Billion
Market Size in 2033	USD 194.73 Billion
CAGR	3.5% (2025-2033)
Base Year for Estimation	2024
Historical Data	2021-2023
Forecast Period	2025-2033
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered	By Type,By Application,By Distribution Channel,By Region.
Geographies Covered	North America, Europe, APAC, Middle East and Africa, LATAM,
Countries Covered	U.S., Canada, U.K., Germany, France, Spain, Italy, Russia, Nordic, Benelux, China, Korea, Japan, India, Australia, Taiwan, South East Asia, UAE, Turkey, Saudi Arabia, South Africa, Egypt, Nigeria, Brazil, Mexico, Argentina, Chile, Colombia,

In 2020, the Mars Inc. owned the chocolate confectionary brands with the second highest market share in the United States. Those brands include M&M's, Snickers, Mars,Galazy/Dove, Twix, Milky Way and * Muskateers. Together they amounted to approximately **** percent of market share.

The global white chocolate market size is projected to grow from USD 18.7 billion in 2025 to USD 28.6 billion by 2033, exhibiting a CAGR of 5.4%.
Report Scope:

Report Metric	Details
Market Size in 2024	USD 17.9 Billion
Market Size in 2025	USD 18.7 Billion
Market Size in 2033	USD 28.6 Billion
CAGR	5.4% (2025-2033)
Base Year for Estimation	2024
Historical Data	2021-2023
Forecast Period	2025-2033
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered	By Product Type,By Application,By Distribution Channel,By End-User,By Region.
Geographies Covered	North America, Europe, APAC, Middle East and Africa, LATAM,
Countries Covered	U.S., Canada, U.K., Germany, France, Spain, Italy, Russia, Nordic, Benelux, China, Korea, Japan, India, Australia, Taiwan, South East Asia, UAE, Turkey, Saudi Arabia, South Africa, Egypt, Nigeria, Brazil, Mexico, Argentina, Chile, Colombia,

The Chocolate and Confectionery Production industry can be divided into three categories: cocoa products, sugar confectionery products and chewing gum. The industry has struggled in recent years as rising health consciousness undermines long-term demand for chocolate and sweets, with consumers instead turning to functional alternatives like protein bars, fruit and plant-based snacks to satisfy their cravings. As consumer attitudes shift, there has been a resurgence in luxury chocolate, with moderated consumption boosting demand for more indulgent experiences when people choose to treat themselves. However, this trend is fuelling imports of foreign chocolate, particularly from Switzerland and France, which leverage long-standing associations for quality chocolate making to appeal to Brits, undermining domestic revenue.

Chocolate and Confectionery Production revenue is expected to swell at a compound annual rate of 0.6% to £4.2 billion over the five years through 2025-26, with revenue expected to dip by 2.9% in the current year. A major shortage of cocoa drove prices sharply higher in 2024-25, prompting widespread price hikes across the industry. While the initial surge lifted revenue, it has since weighed on long-term demand as consumers turned away from costly chocolate in favour of cheaper alternatives, dragging on sales. Producers have adapted to unpredictable costs through measures like shrinkflation. Mars reduced the size of its Galaxy Minstrels More to Share bags from 215 grams to 197 grams in February 2025 while keeping the price unchanged. Profit is expected to nudge upwards to 17.3% of revenue in 2025-26, reflecting easing cocoa prices and producers' efforts to cut per-unit costs of their chocolates and confectionery.

Revenue is set to decline modestly in the coming years as manufacturers adapt to evolving consumer trends by developing healthier and more ethically sourced products. In anticipation of upcoming bans on TV and online advertisements for high-fat, salt or sugar products from 2026, chocolate manufacturers are gearing up to introduce healthier products and adapt their marketing strategies. Companies will also stoke consumer demand through product innovation, especially in the market's premium segment, where customers perceive better value for money. A heightened focus on sustainability is also expected as the industry works to shed its negative environmental image and strengthen its appeal among increasingly eco-conscious consumers. Revenue is expected to push downwards at a compound annual rate of 0.4% over the five years through 2030-31 to £4.1 billion.

The global premium chocolate market size is projected to grow from USD 42.30 billion in 2025 to USD 85.61 billion by 2033, exhibiting a CAGR of 9.2%.
Report Scope:

Report Metric	Details
Market Size in 2024	USD 38.74 Billion
Market Size in 2025	USD 42.30 Billion
Market Size in 2033	USD 85.61 Billion
CAGR	9.2% (2025-2033)
Base Year for Estimation	2024
Historical Data	2021-2023
Forecast Period	2025-2033
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered	By Product,By Distribution Channel,By Region.
Geographies Covered	North America, Europe, APAC, Middle East and Africa, LATAM,
Countries Covered	U.S., Canada, U.K., Germany, France, Spain, Italy, Russia, Nordic, Benelux, China, Korea, Japan, India, Australia, Taiwan, South East Asia, UAE, Turkey, Saudi Arabia, South Africa, Egypt, Nigeria, Brazil, Mexico, Argentina, Chile, Colombia,

The premium chocolate market is on a strong growth trajectory, expected to expand significantly from an estimated value of USD 7,400 million in 2025 to a projected USD 17,100 million by 2035. This represents a CAGR of 8.7% over the next few years.

Metric	Value
Industry Size (2025E)	USD 7,400 million
Industry Value (2035F)	USD 17,100 million
CAGR (2025 to 2035)	8.7%

Analyzing Premium Chocolate Market by Top Investment Segments

Segment	Value Share (2025)
Dark Chocolate (By Product Typ)	62.6%

Segment	Value Share (2025)
Online Retail (By Distribution Channel)	27%

Semi-Annual Market Update

Particular	Value CAGR
H1 (2024 to 2034)	8.4%
H2 (2024 to 2034)	8.5%
H1 (2025 to 2035)	8.6%
H2 (2025 to 2035)	8.7%

Country-wise Insights

Countries	CAGR, 2025 to 2035
USA	7.4%
Germany	7.9%
China	9.5%
Japan	8.3%
India	10.2%

This statistic depicts the market share of the leading non-chocolate companies in the United States in 2018. Mars held a market share of about 18.4 percent of U.S. non-chocolate sales in that year. The Hershey Company and Ferrara were the two key competitors in the market.

The market size for Switzerland Chocolate in 2021 was estimated at around USD 1.63 Bn. Whereas it will reach USD 2.11 Bn by 2029 with a significant growth rate of 3.28% Market Dynamics of Switzerland Chocolate Market

Key Drivers of Chocolate Market

Increasing Consumption in Developing Economies

The expansion of the middle class and urbanization in nations such as India, China, and Brazil is driving up the demand for chocolate. As disposable incomes rise, so does the desire for premium and imported chocolate varieties. The growth of modern retail and the penetration of e-commerce are making chocolates more accessible, particularly in tier-2 and tier-3 cities. Furthermore, the increasing youth demographic and the culture of gifting during festivals and holidays are contributing to significant volume growth in these emerging markets.

Innovation in Flavors, Formats, and Functional Ingredients

Brands are persistently innovating with unique flavors (such as chili, matcha, and sea salt), inclusions (like nuts, berries, and cereals), and health-oriented ingredients (including probiotics, protein, and plant-based sweeteners). Dark, vegan, sugar-free, and organic chocolates are becoming more popular among health-conscious consumers. Formats such as bite-sized chocolates, drinkable options, and filled bars are also appealing to millennials and Gen Z. These innovations foster product differentiation and enhance brand loyalty in competitive retail settings.

Increasing Demand for Premium and Artisanal Products

Consumers are progressively looking for high-quality, ethically sourced chocolate that features unique textures and rich cocoa content. Premium chocolate brands that provide bean-to-bar traceability, single-origin sourcing, and artisanal presentation are flourishing, particularly in North America and Western Europe. Chocolatiers and gourmet brands are expanding their reach through online platforms and boutique stores to connect with affluent consumers who value indulgence, brand storytelling, and quality over quantity.

Key Restraints in Chocolate Market

Fluctuations in Cocoa Prices and Disruptions in the Supply Chain

Cocoa bean prices are subject to variations due to climatic factors, political unrest in key producing nations such as Côte d'Ivoire and Ghana, and imbalances in global supply and demand. The increasing costs of inputs like sugar, milk, and energy further elevate production expenses. Smaller manufacturers, operating on narrow profit margins, find it challenging to absorb these rising costs, resulting in pricing pressures, reformulations, or diminished profitability, particularly during global shipping delays or agricultural disruptions.

Health Issues Associated with Sugar and Caloric Intake

As consumers grow more health-conscious, worries regarding obesity, diabetes, and sugar consumption are impacting the regular consumption of traditional milk and white chocolates. In some regions, regulatory measures now require front-of-pack nutrition labeling and the implementation of sugar taxes, which may sway consumer preferences. This trend is shifting demand towards dark, low-sugar, or functional alternatives, thereby constraining growth in the mass-market confectionery sector.

Challenges in Environmental and Ethical Sourcing

The cocoa industry faces challenges such as deforestation, child labor, and unethical trade practices, which have resulted in reputational risks for chocolate manufacturers. Brands are increasingly under scrutiny from consumers and advocacy groups regarding their sustainability credentials. Ensuring that cocoa is traceable and ethically sourced (for instance, through certifications like Rainforest Alliance and Fairtrade) introduces additional operational complexity and costs. Failing to meet Environmental, Social, and Governance (ESG) expectations can damage brand equity and lessen appeal, particularly in Western markets where there is a growing emphasis on ethical consumption.

Key Trends of Chocolate Market

Plant-Based and Vegan Chocolate Surge

With the increasing popularity of vegan and flexitarian diets, brands are innovating by creating dairy-free chocolates made from almond, oat, or rice milk. Vegan chocolates have transitioned from a niche market to mainstream availability, offering a diverse range of flavors and premium branding. Companies are also reformulating their products to...

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Chocolate Market Size 2025-2029

The chocolate market size is forecast to increase by USD 52.7 billion, at a CAGR of 5.1% between 2024 and 2029. Increasing premiumization of chocolates will drive the chocolate market.

Major Market Trends & Insights

North America dominated the market and accounted for a 32% growth during the forecast period.
By Product - Milk chocolate segment was valued at USD 70.70 billion in 2023
By Distribution Channel - Offline segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 44.26 billion
Market Future Opportunities: USD 52.70 billion 
CAGR : 5.1%
North America: Largest market in 2023

Market Summary

The market is a dynamic and evolving industry, marked by continuous innovation and shifting consumer preferences. Premiumization of chocolates, driven by the increasing demand for high-quality, artisanal, and ethically sourced products, is a significant trend shaping the market. Simultaneously, advancements in chocolate packaging technology, such as biodegradable and reusable materials, are gaining traction, addressing consumer concerns around sustainability. However, the market faces challenges, including unstable cocoa prices and declining per capita consumption in key markets. According to recent studies, The market accounted for over 30% of the total confectionery market share in 2020.
Looking ahead, the market is expected to remain robust, with opportunities in emerging regions and the continued expansion of e-commerce platforms. For related markets, explore the dynamic world of the Nut Butter Market and the evolving trends in the Confectionery Coatings Market.

What will be the Size of the Chocolate Market during the forecast period?

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How is the Chocolate Market Segmented and what are the key trends of market segmentation?

The chocolate industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Milk chocolate
  Dark chocolate
  White chocolate


Distribution Channel

  Offline
  Online


Type

  Traditional
  Artificial


Cocao Content

  Low (<30%)
  Medium (30-60%)
  High (>60%)


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By Product Insights

The milk chocolate segment is estimated to witness significant growth during the forecast period.

In the dynamic the market, mass production techniques have significantly evolved, enabling the industry to cater to increasing demand. Traceability systems ensure product authenticity and consumer trust, while sensory evaluation methods maintain consistent taste and quality. Shelf life extension is a crucial focus, with quality assurance procedures and rheological properties ensuring optimal texture and preventing fat bloom. Tempering methods, process monitoring systems, and ingredient sourcing are essential components of the chocolate manufacturing process. Waste reduction strategies and sustainable sourcing practices are gaining importance, as is colorimetric analysis for maintaining uniform color. Conching techniques refine the chocolate's flavor, and microbial contamination control is vital for food safety.

Aroma compound profiling and melting point determination contribute to the unique taste experiences consumers expect. Supply chain management and energy efficiency improvements are essential for maintaining profitability and competitiveness. The market's continuous evolution includes product diversification, flavonoid quantification, sugar crystallization, and viscosity measurement. Quality control parameters, packaging optimization, and process optimization strategies ensure product excellence. Cocoa bean fermentation and shear thinning behavior influence the final product's flavor and texture. Flavor compound analysis and polyphenol content are essential for product differentiation and health benefits. According to recent studies, milk chocolate accounts for approximately 60% of the market.

Its popularity is attributed to its smoother and creamier taste. However, the health concerns surrounding milk chocolates have resulted in a decrease in demand, with sales projected to account for 57% of the market by 2027. Meanwhile, dark chocolate, with its higher cocoa solids content, is expected to capture a larger market share, growing from 32% to 39% during the same period. Another trend is the increasing focus on antioxidant capacity and product formulation, with chocolate liquo

The Asia Pacific Chocolate Market Report is Segmented by Product Type (Dark Chocolate, White and Milk Chocolate), Form (Tablets and Bars, Molded Blocks, Pralines and Truffles, Other Forms), Price Range (Mass, Premium), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, and More), and Geography (China, Japan, India, Thailand, and More). The Market Forecasts are Provided in Terms of Value (USD).

The Germany Chocolate Market is segmented by Confectionery Variant (Dark Chocolate, Milk and White Chocolate) and by Distribution Channel (Convenience Store, Online Retail Store, Supermarket/Hypermarket, Others). Market Value in USD and Volume are both presented. Key data points observed include market segmental split by confections, confectionery variant, sugar content, and distribution channel.