NEW YORK, July 16, 2024 /PRNewswire/ -- The global dark chocolate market size is estimated to grow by USD 36.03 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  9.45%  during the forecast period.  Health benefits of dark chocolate is driving market growth, with a trend towards increasing consumption of gourmet, artisanal, vegan, and gluten-free dark chocolate. However, volatility in raw material prices  poses a challenge. Key market players include Alfred Ritter GmbH and Co. KG, Barry Callebaut AG, Chocoladefabriken Lindt and Sprungli AG, Delfi Ltd., Ferrero International S.A., Fuji Oil Holdings Inc., Ghirardelli Chocolate Co., Gujarat Cooperative Milk Marketing Federation Ltd., Mars Inc., Meiji Holdings Co. Ltd., Mondelez International Inc., Nestle SA, Neuhaus NV, ROSHEN Corp., SCHMITTEN, T Con Food Products, The CAMPCO Ltd., The Hershey Co., Vosges Haut Chocolat Ltd., and Yildiz Holding AS.

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Key Market Trends Fueling Growth

The global dark chocolate market is experiencing notable growth due to consumer preferences shifting towards healthier, ethically sourced, and high-quality gourmet, artisanal, vegan, and gluten-free varieties. These trends are driven by increasing health consciousness, ethical considerations, and a desire for indulgent treats. Vegan dark chocolate is gaining popularity among consumers following a vegan lifestyle, which is estimated to include approximately 3.5% of the US population. In 2020, around 9.6 million Americans adopted this diet. Vendors such as THEO CHOCOLATE, Nibmor, and ALTER ECO cater to this demand with their vegan dark chocolate offerings. Gluten-free dark chocolate is another growing segment due to the increasing prevalence of celiac disease and other digestive health issues. With no medication available for celiac disease, a gluten-free diet is the only solution. Furthermore, the rise in demand for nutritious food and weight management concerns is fueling the growth of the gluten-free food market. Gourmet and artisanal dark chocolates are increasingly sought after for their high-quality, artistic presentation, and perceived luxury. Consumers perceive these products as self-indulgent treats and appropriate gifts. Vendors such as Neuhaus, Lindt, and Rocky Mountain Chocolate Factory cater to this demand with their gourmet and artisanal dark chocolate offerings. In conclusion, the growing demand for gourmet, artisanal, vegan, and gluten-free dark chocolate is expected to significantly contribute to the growth of the global dark chocolate market during the forecast period. 

The dark chocolate market is thriving, with a growing preference for its bitter taste over milk chocolate. Cacao beans, cocoa solids, and cocoa butter are key ingredients, while milk solids and sugar are used in smaller quantities. Vanilla extract and soy lecithem emulsifiers add to the fine flavor. Health benefits include improved cardiovascular health, better blood flow, and skin health. The chocolate industry focuses on fine flavor cocoa, gluten-free chocolate, and premium dark chocolates. Dried fruits like blueberries and cranberries are popular additions. Digital channels, departmental stores, pharmaceutical stores, and confectionary stores are key distribution channels. Natural sugars like coconut sugar and flavonoids are trending. Dark chocolate's medical advantages include combating age-related stress, inflammation, and improving brain function. The cocoa market faces a perception crisis due to its high sugar content, but natural ingredients and dietary patterns are driving demand for healthy products. 

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Market Challenges

• Dark chocolate is produced using various commodities, with cocoa being the primary ingredient. The prices for cocoa and other ingredients, such as sugar, dairy products, nuts, and maize sweeteners, are driven by the commodity market. The cost of cocoa, specifically cocoa butter, significantly impacts the price of dark chocolate. Cocoa butter, which is expensive and complex to produce, provides richness to the product and is used in thin chocolate confections. Africa, particularly the Ivory Coast and Ghana, is the largest cocoa producer, accounting for over two-thirds of the world's supply. However, fluctuations in the cocoa supply can result from civil and political unrest, labor issues, weather conditions, diseases, and pests. Longer periods of dry weather or reduced labor can negatively impact cocoa bean growth and yield, leading to shortages and price increases. Additionally, efforts to eliminate child labor in the cocoa industry may result in lower production or higher cocoa prices due to increased labor costs. These factors may hinder the growth of the dark chocolate market during the forecast period and impact the prices of raw materials.
• The dark chocolate market faces several challenges in distribution, with department stores, pharmaceutical stores, confectionary stores, and digital channels all vying for a share. Cocoa butter and flavonoids are key ingredients, but availability of high-quality cocoa and the use of emulsifiers and flavorings like vanilla can impact taste and health benefits. Premium dark chocolates, with natural sugars or alternatives like coconut sugar, are popular due to their perceived health advantages. However, a perception crisis surrounds natural sugars, leading some consumers to opt for gourmet chocolates with dried fruits, blueberries, or cranberries instead. Medical advantages, such as improved brain function, reduced anxiety levels, and better blood circulation, are driving demand for dark chocolate. Age-related stress, inflammation, and focus/memory concerns are also key areas of interest for consumers. Natural ingredients are preferred, making sustainable sourcing and ethical production essential.

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Segment Overview 

This dark chocolate market report extensively covers market segmentation by

1. Type 
   • 1.1 Conventional
   • 1.2 Organic
2. Distribution Channel
   • 2.1 Offline
   • 2.2 Online
3. Geography 
   • 3.1 Europe
   • 3.2 North America
   • 3.3 APAC
   • 3.4 South America
   • 3.5 Middle East and Africa

1.1 Conventional-  In the global dark chocolate market, conventional products cater to diverse consumer preferences through various formats. Dark chocolate bars, available in different cocoa percentages, range from semi-sweet to bittersweet, offering smooth textures and rich cocoa flavors. Dark chocolate blocks are versatile for baking and confectionery applications. Dark chocolate pieces or chunks are convenient for snacking or recipes. Infused dark chocolate products, featuring flavors like fruits, nuts, spices, and herbs, add complexity and enhance taste profiles, catering to a wide range of preferences. The conventional segment's diversity boosts the growth of the global dark chocolate market.

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Learn and explore more about Technavio's in-depth research reports

The global white chocolate market is experiencing steady growth, driven by increasing consumer demand for premium and specialty chocolates. Major players are innovating with unique flavors and health-oriented ingredients, catering to diverse taste preferences. Rising disposable incomes and expanding retail channels further boost market expansion. North America and Europe lead in consumption, while Asia-Pacific shows significant potential due to evolving consumer tastes. Sustainable sourcing and ethical production practices are gaining prominence, influencing purchasing decisions and shaping the future of the white chocolate market.

Research Analysis

Dark chocolate, made from cacao beans with a minimum of 70% cocoa solids, is known for its rich, bitter taste, which sets it apart from milk chocolate. The absence of milk solids gives dark chocolate a more intense cocoa flavor and fewer milk sugars. Dark chocolate is sweetened with natural sugars like cane or coconut sugar, and may contain vanilla extract and soy lecithin as emulsifiers. Despite its bitter aftertaste, dark chocolate offers numerous health benefits. It's rich in antioxidants, which can help improve cardiovascular health by increasing blood flow. Dark chocolate is also known to have medical advantages for skin health. The chocolate industry continues to innovate, offering gluten-free and premium dark chocolates, as well as flavorings like dried fruits and nuts. Digital channels and dietary patterns have shifted consumer preferences towards healthy products, leading to a perception crisis for chocolate. However, the natural sugars and fine flavor cocoa in dark chocolate make it a gourmet treat worth indulging in.

Market Research Overview

Dark chocolate, made from cacao beans with a minimum of 70% cocoa solids, offers a rich, bitter taste contrasted by sweeteners like sugar. Milk solids are sometimes added to mitigate the bitterness. Dark chocolate production includes vanilla extract and soy lecithin as emulsifiers. Health benefits include improved cardiovascular health, enhanced blood flow, and skin health. The chocolate industry thrives on fine flavor cocoa, with distribution channels spanning departmental stores, pharmaceutical stores, and confectionary outlets. Cocoa butter and flavonoids are essential components. Dark chocolate's medical advantages include potential prevention of cardiovascular disease, reduction of anxiety levels, and improvement of brain function, including focus, memory, and age-related stress. Premium dark chocolates may include natural ingredients like dried fruits, blueberries, and cranberries, catering to health-conscious consumers. Digital channels and dietary patterns have influenced the market, with a perception crisis surrounding natural sugars. Alternatives like coconut sugar and gourmet chocolate offer solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• • Conventional
  • Organic
• Distribution Channel
• • Offline
  • Online
• Geography
• • Europe
  • North America
  • APAC
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio