Premium chocolate market set for substantial growth by 2032
The Brainy Insights has announced that the global premium chocolate market generated USD 34.18 billion revenue in 2023 and is anticipated to grow at a CAGR of 9.26% from 2024 to 2033. The market is estimated to reach USD 82.87 billion by 2033.
According to the The Brainy Insights report, growing consumer demand for high-end chocolates and an increasing preference for healthier products are major factors that are driving the premium chocolate market. The rising availability of custom-made chocolates from online channels and on-the-go packaging are other significant factors propelling the market's growth. Moreover, manufacturers in the market are focusing on introducing new products to attract more customers. For example, Nestle SA, a Switzerland-based manufacturer, launched a series of premium dark chocolates in 2020. According to Avinash D, “The growing demand for limited-edition chocolates is another crucial factor propelling the market's expansion. Europe emerged as the most prominent global premium chocolate market, with a 42.91% market revenue share in 2023.” In Asia Pacific, the market is expected to grow at a CAGR of 12.93% through 2033. The high growth is attributed to the increasing consumer expenditure on packaged confectionery products, especially premium chocolates. Furthermore, the growing eCommerce and mCommerce sales are expected to influence the market's growth positively. The penetration of internet-enabled devices has enabled easy access to multiple digital platforms and given customers easy access to premium chocolate products.
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The growing demand for premium chocolates due to a preference for healthier products, the availability of custom-made chocolates from online channels, the introduction of new products by manufacturers, and the increasing eCommerce and mCommerce sales are major factors propelling the growth of the global premium chocolate market, particularly in Europe and Asia Pacific.
With the current market trends, The Brainy Insights can help companies leverage the opportunities available in the premium chocolate market. The Brainy Insights is committed to providing actionable insights to its clients and helping them make informed decisions for managing market risks.