Global chocolate retail market to hit $176bn by 2028

By Business A.M.

The global chocolate retail market has been projected to generate $176.20 billion by the end of 2028, up from $111.23 billion recorded in 2021, according to data obtained from ResearchAndMarkets.com.

The world’s leading market research store also noted that the global chocolate retail market is expected to expand at a compound annual growth rate (CAGR) of 5.9 per cent between 2023-2028.

According to the data, 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. It further noted that the growing number of consumers interested in upcoming trends like organic chocolate and chocolates with no added sugar are boosting the chocolate retail market.

ResearchAndMarkets.com’s data also found that Europe accounts for almost half of the chocolate market.

“In the UK, 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,” it said.

In addition, the data also showed that 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.