As consumers continue to demand a variety of snack offerings in stores, chocolate will continue to be a top seller for retailers. The global chocolate retail market is expected to reach revenues of $176.20 billion by 2028 at a compound annual growth rate of 5.9%, according to Research and Markets “Global Chocolate Retail Report.”
As per European Union estimates, the world’s average chocolate consumption amounts to an estimated 0.9 kilograms per capita per year. Chocolate retail has grown to be a multibillion dollar industry, backed by rising per capita consumption of chocolate and chocolate products among all age groups.
Chocolate is a vibrant and inventive market, with over 5,000 new products released in retail globally in 2021 alone. The majority of chocolate is sold via supermarkets and other grocery shops. Convenience stores are very easy to approach as they are located nearby residential and commercial areas and generally offer affordable chocolates.
The growing number of consumers interested in upcoming trends like organic chocolate and chocolates with no added sugar are supporting such trials, boosting the chocolate retail market.
Moreover, chocolate confectionery is a consolidated market dominated by a handful of global companies, such as Nestle, Lindt and Hershey, with profitable oligopolies in different regions. Customer experience represents every touch point with a brand, including accessing them via physical stores, customer support and direct product interaction.
Chocolate companies are now seeing some consumer behavior change, preferring candy bars. Chocolate candy category innovation is booming, offering convenience store retailers an opportunity to grow chocolate sales by stocking limited-time offers alongside tried-and-true customer favorites. Chocolate’s antioxidant content, blood pressure-lowering capabilities and ostensibly anti-aging benefits are all driving consumer acceptance of dark chocolates.
Europe accounts for almost half of the chocolate market. In the U.K., France, Germany, Switzerland, Belgium, the Netherlands and Italy, the “dark chocolate revolution” has been gaining traction. In addition to driving the market for dark chocolate in Europe, the rising number of new vendors entering the market for dark chocolate and the rising number of innovative products containing dark chocolate will also boost the region’s overall chocolate market.
Moreover, China and India hold great potential in chocolate retail as the countries are among the fastest growing in coming years, backed by changing food safety regulations and surging demand for affordable and premium chocolates. Chocolate maker Mars is planning to expand its product portfolio and footprint across 6,000 cities in India. For instance, an India-only variant, Snickers Berry Whip, a strawberry-flavored bar, has just been launched.