The global premium chocolate market is expected to reach $67.96 billion by 2031, according to a report from Straits Research.
The research firm projected the premium chocolate market would grow at a compound annual growth rate (CAGR) of 9.35% between 2023 and 2031. Straits Researched valued the market at $30.4 billion in 2022.
Premium chocolates are made with high quality ingredients and stand out for their rich flavor and texture, elegant packaging and higher price point. As a result of changing consumer preferences, companies are actively investing in developing unique products to obtain an advantage in the market. Consumers in historically milk chocolate-producing countries such as Switzerland are converting to dark chocolate products made with premium cocoa as more people become chocolate connoisseurs.
Straits Research reports luxury chocolate has a competitive advantage because of advancements in transparent sourcing and unusual ingredients. Growth in the premium chocolate category is fueled by increasing number of producers and a rise in consumer interest
The demand for fine flavor cocoa has significantly increased in Europe and North America. For regular chocolates, ordinary and low-fine beans are typically utilized in the United Kingdom, Brazil, the United States, China, India, the Netherlands, Germany and Switzerland. Gourmet chocolate, however, uses premium and ultra-premium beans. The driving elements behind this expansion are the demand for upscale goods and consumer interest in health and wellness. The premium cocoa market, which sells single-origin and sustainability-certified products, hastens the industry's growth.
Europe is the most significant revenue contributor and is expected to experience a CAGR of 6.8% during the forecast period. As health awareness grows, Spanish consumers are choosing organic, natural, cacao-rich and single-origin products. New product development and manufacturer innovation play a role in the performance of the country's premium chocolate sector. Chocolate Valor in Spain provides an assortment of chocolates, including All Natural Bars with Mediterranean Salt, to improve the flavor of dark chocolate. None of the chocolate bar assortments made by the company contain additional sugar because stevia is a natural sweetener utilized to manufacture high-quality chocolates.
Asia-Pacific is expected to grow at a CAGR of 12.7% during the forecast period. Consumers regard chocolate throughout China as a delicacy that may be given as a lavish gift. In recent years, young Chinese consumers have begun to include chocolates in their gift packages more regularly.
Other key highlights:
- Based on product type, the global premium chocolate market is bifurcated into dark, white and milk premium chocolate. The white and milk premium chocolate segment is the major contributor to the market and is estimated to see a CAGR of 8.35% during the forecast period.
- Based on distribution channels, the global premium chocolate market is bifurcated into supermarkets/hypermarkets, convenience stores, online stores and others. The supermarkets/hypermarkets segment is the major contributor and is estimated to see a CAGR of 9.4% during the forecast period.
