Chocolate confectionery products belong to one of the most traditional and popular types of sweets in the world. Despite the great popularity of flour confectionery products, chocolate products occupy an important place in the consumer basket due to their taste characteristics.
The expansion of the range of chocolate confectionery products by manufacturers also supports a steady demand for these products, including through various innovations (addition of micronutrients, products with a reduced content of added sugar, organic ingredients, etc.). At the same time, the instability of world prices for cocoa beans and limited price availability of finished products hinder the development of the chocolate confectionery market products.
For consumers in Asia, chocolate is still an exotic product, so its consumption is at a relatively low level. Nevertheless, this perception of these products determines the popularity of chocolate confectionery as gifts. For this reason, in Asian countries, the most stable demand is observed for categories such as boxed chocolates and packaged chocolate confectionery in the middle and high price segments. So, in 2017, the Swiss company Barry Callebaut announced the release of Ruby chocolate, which has a unique ruby color obtained naturally during the processing of a special type of cocoa beans. At the same time, chocolate became available to the mass consumer for the first time in the Asian market in Japan, where Nestlé, which received from Barry Callebaut the exclusive right to use the new production technology, began selling KitKat waffle bars with ruby chocolate. In addition, vegan confectionery products that meet the trend for a healthy diet (for example, chocolate using vegetable milk), as well as products with a reduced content of added sugar, are in particular demand.
The European region is a leader in the consumption of chocolate confectionery products. Consumers' concern for their own health is driving demand for dark chocolate, chocolate with natural additives such as fruits and nuts, as well as products with a reduced sugar and fat content.
In many countries of the region, there is a popularization of premium chocolate confectionery products (handmade, using high-quality and unique ingredients). The most popular are bar-shaped chocolates and packaged chocolate confectionery. For many consumers, the origin of cocoa beans is important, as well as the conformity of finished products with the principles of ethical production.
In North America, there has traditionally been a high level of consumption of chocolate confectionery products. There is an increase in demand for premium chocolate on the market, due to an increase in the purchasing power of the population, as well as active marketing and advertising campaigns.
Awareness of health risks encourages consumers to switch to chocolate confectionery products with low sugar content, as well as dark chocolate (without the addition of milk with a cocoa content of more than 60%). The popularization of various healthy diets in American society affects the dynamics of the confectionery market. At the same time, despite the sugar and fat content, many consumers consider chocolate confectionery products to be part of their balanced diet, even under strict diets.
Global consumption of chocolate confectionery in volume in 2022 amounted to 7.6 million tons, which is approximately the same as in 2021, while sales of this type of product increased by 1.9%, reaching 116.9 billion US dollars. The average annual growth rates in 2018-2022 were 0.9% in volume and 2.4% in value terms.
The dynamics of the chocolate confectionery market largely depends on the price situation for cocoa beans, the main raw material used in the production of chocolate. More than half of the world's cocoa beans are grown in Ivory Coast and Ghana. Indonesia, Ecuador and Cameroon are also among the five leaders in the production of these products.
In 2023, adverse weather conditions were observed in West Africa, which led to a decrease in cocoa bean exports from producing countries and an increase in production costs for European companies, which are the main buyers of raw materials. The shortage of cocoa beans led to an increase in the cost of chocolate products, which negatively affected the growth rate of its consumption.
The main volume of consumption of chocolate confectionery products falls on chocolate bars and chocolate candies, the share of which in 2022 amounted to 30.3% and 29.6%, respectively. Packaged chocolate confectionery products (18.8%) and boxed chocolates (11.9%) are also very popular. Seasonal sets of chocolates and chocolate confectionery with a toy accounted for 7.0% and 1.1% respectively in 2022.
Packaged chocolate bars and chocolate candies also occupy leading positions in the structure of global sales of chocolate confectionery products (27.0% and 24.0% in 2022, respectively). The share of chocolates in boxes and packaged chocolate confectionery was 17.9% and 15.6%, respectively, while seasonal candy sets and chocolate confectionery with a toy accounted for 11.1% and 3.5% of sales, respectively.
The most popular packaged chocolate bars are chocolate with filling (nuts, raisins, etc.), as well as milk chocolate, which accounted for about 75% of the total sales of this type of chocolate confectionery in 2022. Dark and white chocolate accounted for the remaining 20% and 5%, respectively, Europe is the world leader in terms of consumption of chocolate confectionery products. In 2022, this region accounted for about 51.9% of consumption in volume. Europe is also the largest processor of cocoa beans and a leading producer of chocolate confectionery products. A number of European countries, primarily Switzerland and Germany, are among the largest consumers of chocolate per capita. The popularity of chocolate confectionery products in the region is due to the established culture of consumption of this type of product, as well as the high level of well-being of citizens, stimulating spending on premium segment goods.
In 2022, North America accounted for 21.3% of the volume of consumption of chocolate confectionery products in volume. The USA and Canada are major producers and consumers of this type of product. Most of the cocoa beans used in the production of chocolate in the countries of the region are supplied from Ivory Coast, however, compared with European producers, North American companies have a significantly higher proportion of raw materials of Ecuadorian origin.
The remaining 26.8% of chocolate confectionery consumption in 2022 was in Asia, Latin America, as well as the Middle East and Africa. The share of Asian countries was 13.1%, Latin America — 8.3%, the Middle East and Africa — 5.4%. At the same time, Asia shows an average annual growth rate of 0.4% in 2018-2022, while the dynamics of consumption of chocolate confectionery products in the Middle East and Africa over the same period was generally stable (the indicator decreased by 0.1% per year on average). At the same time, despite the low level of consumption of this type of product relative to Europe and North America, Latin America is the fastest growing market for chocolate confectionery products, demonstrating an average annual growth rate of 2.8% in 2018-2022.
In terms of value, the European countries are the leader in sales of chocolate confectionery products, whose share in 2022 amounted to 46.7%. Despite a 2.0% decrease in sales compared to 2021 to 54.6 billion US dollars, the European market has shown an average annual growth rate of 1.5% over the past five years, which is a relatively low indicator compared to other regions. It is expected that the further increase in sales of chocolate confectionery products in Europe will be supported by the growing demand for organic products with reduced sugar content, as well as for premium chocolate that meets high quality standards.
The North American market shows the highest average annual growth rate in value terms at 6.3%. In 2022, sales of chocolate confectionery products in North America increased by 9.3% compared to 2021, amounting to $27.8 billion, which corresponds to approximately 23.7% of the global market for this type of product in value terms. North American consumers, like European consumers, pay significant attention to the premium segment, preferring to buy high-quality products with a reduced sugar content. Companies offering innovative products with unique tastes that meet the demand of consumers for a greater variety of assortment have a significant advantage.
Asia, Latin America, the Middle East and Africa together account for 29.6% of global sales of chocolate confectionery products in value terms. Asia's share in 2022 was 15.6%, the region shows the most modest average annual growth rate of 0.1% in 2018-2022. In 2022, sales amounted to 18.2 billion US dollars, which is 3.2% less than in 2021. Latin America accounted for 8.3% of global sales of chocolate confectionery, while the Middle East and Africa account for 5.7% of the market volume.
Among the countries, the world leader in terms of consumption of chocolate confectionery products is the United States, which accounted for about 19.4% of the global market in volume and 21.0% in value in 2022. The volume of consumption of chocolate confectionery products in the United States in 2022 amounted to 1.5 million tons, sales value — 24.5 billion US dollars. In 2018-2022, the American market showed the highest average annual growth rate in value terms (at the level of 6.4%), while in volume, consumption of chocolate confectionery in the United States grew by an average of 0.7% per year.
The most popular in the country are bar-shaped candies and packaged chocolate confectionery. At the same time, it was packaged chocolate confectionery that showed the greatest growth in 2023 against the background of an increase in chocolate prices, since consumers bought some of the products for the future at lower prices. The leading player in the chocolate confectionery market in the USA is the American company Hershey.
In 2022, Russia accounted for 11.8% of global consumption of chocolate confectionery products in volume and 7.3% in value. Compared to 2021, consumption of this type of product in Russia increased by 7.7%, while sales increased by 32.2%.
Germany's share in global consumption of chocolate confectionery in 2022 was about 9.2% in physical terms and 7.3% in value. Purchases of this type of product increased markedly during the period of quarantine restrictions, but after their gradual lifting, German buyers reduced their consumption of chocolate. The most popular categories in Germany are chocolates boxes, bar-shaped candies and packaged chocolate bars. The popularity of vegan alternatives is growing in the country, the younger generation pays special attention to the environmental friendliness of production.
In 2022, the UK accounted for 6.4% of global consumption of chocolate confectionery and 7.2% of global sales of this type of product. British consumers are facing high inflation in the food and energy sectors, as well as in the real estate sector. In addition, the cost of chocolate confectionery products was affected by the shortage of cocoa beans, which led to a decrease in the purchasing power of the population and stagnation of consumption growth in kind. The consumption of this type of product has also been negatively affected by stricter regulation of products with high fat, salt and sugar content (HFSS). The restrictions are related, among other things, to the placement of snacks in retail chains — a ban has been introduced on the placement of chocolate confectionery and other HFSS products on shelves, where they attract additional attention from customers.
Brazil's share of the global chocolate confectionery market in 2022 was 4.5% in volume and 3.6% in value. Packaged chocolate bars are rapidly gaining popularity in the Brazilian market, demonstrating the highest average annual growth rates in the last five years.
As a result, this category is one of the two best-selling among chocolate confectionery products, along with chocolates in boxes. In many ways, the growing popularity of chocolate bars is due to the increase in prices for other types of chocolate confectionery (for example, on candies) and the desire of manufacturers to provide consumers with cheaper alternatives. Special attention in Brazil is paid to the diversity of the assortment and the release of new flavors.
France occupies about 3.5% of the global market of chocolate confectionery products in volume and 4.5% in value. Chocolate is perceived by French consumers as an affordable commodity, and its consumption remains stable. The trend towards environmental friendliness and healthy eating is also driving demand for dark chocolate and chocolate with a reduced sugar content. In France, the practice of buying chocolate confectionery as a gift is widespread, which leads to the high popularity of seasonal chocolate and packaged chocolate bars.
Import of chocolate confectionery products
In 2022, the volume of global imports of chocolate confectionery products amounted to 6.9 million tons worth 33.8 billion US dollars. In relation to 2022, the indicator increased by 4.3% in volume and 4.4% in value, reaching the highest value in the last 5 years.
The largest importer of chocolate confectionery products in volume by the end of 2022 is the United States, which purchased 746.0 thousand tons of this type of product (10.8% of world imports). France and the United Kingdom imported 546.8 thousand tons (7.9%) and 535.7 thousand tons (7.8%) of chocolate confectionery products, respectively. Germany (7.7%) and the Netherlands (5.0%) also entered the top 5 importers in volume. In total, the top 10 countries accounted for 55.0% of the world's imports of chocolate confectionery in volume.
In 2018-2022, the largest increase in imports of chocolate confectionery products was noted in the USA (+19.3% or +120.9 thousand tons), France (+20.5% or +92.9 thousand tons), Great Britain (+19.2% or +86.5 thousand tons) and Belgium (+45.9% or +83.7 thousand tons).
In value terms, the largest importer of chocolate confectionery in 2022 was the United States, which purchased products worth 3.8 billion US dollars (11.3% of global imports). The top 5 importers in value terms also included the United Kingdom (7.8%), Germany (7.8%), France (7.1%) and the Netherlands (4.7%).
Russia took the 9th place in the rating with the volume of purchases at the level of 751.6 million US dollars, which accounted for 2.2% of global imports of chocolate confectionery products.
In total, the top 10 countries accounted for 52.6% of global imports of chocolate confectionery products in value terms.
In 2018-2022, the volume of imports of chocolate confectionery products increased most significantly in the United States (+39.5% or +1.1 billion US dollars) and the United Kingdom (+24.4% or +520.5 million US dollars). The volume of purchases of chocolate confectionery products in Russia increased by 41.2% over the same period (+219.3 million US dollars).
Export of chocolate confectionery products
In 2022, global exports of chocolate confectionery products amounted to 6.8 million tons worth 33.8 billion US dollars. In relation to 2021, the indicator increased by 1.4% in volume and by 2.9% in value. In 2018-2022, global exports of chocolate confectionery products increased annually by an average of 3.1% in volume and 4.0% in value.
In the structure of global exports of chocolate confectionery in 2022, Germany (14.8%), Belgium (8.7%), the Netherlands (7.0%), Poland (6.7%) and Canada (6.2%) occupied the leading positions — the total exports of the five countries amounted to about 3.0 million tons (43.4% of global exports of chocolate confectionery products). In total, the top 10 exporting countries of chocolate confectionery accounted for 66.0% of world exports in volume (4.5 million tons).
In 2018-2022, all major exporting countries, with the exception of Russia, managed to increase export supplies. The largest increase was demonstrated by Germany (+11.9% or +107.6 thousand tons), Poland (+25.4% or +92.2 thousand tons) and Italy (27.6% or +89.3 thousand tons).
In the value structure of chocolate confectionery exports in 2022, Germany accounted for the main share (16.8%). The top 5 exporting countries also included Belgium (8.3%), Italy (7.2%), Poland (7.0%) and the Netherlands (6.6%). The top 10 countries supplying chocolate confectionery products in 2022 accounted for a total of 66.8% of world exports in value terms.
In 2018-2022, a significant increase in exports was noted in Poland (+35.8% or +621.9 million US dollars), Canada (+36.6% or +527.4 million US dollars) and Germany (+9.1% or +474.7 million US dollars).
Chocolate prices
The average import price for chocolate confectionery products by the end of 2022 increased by 0.1% and amounted to 4,898 US dollars per ton of products. Among the leading importing countries, Russia bought the most expensive products (8.7% higher than the global average price). The lowest purchase prices were recorded in Belgium (29.9% lower than the world average price) and Japan (19.4% lower).
In 2022, the average export price of chocolate confectionery products amounted to 4,950 US dollars per ton, an increase of 1.4% relative to the level of 2021. The most expensive products among the leading exporting countries were supplied from Switzerland (35.0% higher than the global average price), Great Britain (19.6% higher) and Italy (19.2% higher). In turn, the most affordable products were exported from Turkey (32.5% lower than the global average price) and Russia (31.9% lower).
