June 18, 2024

Dark Chocolate Market Driven by Growing Health Benefits is estimated to be valued at US$ 144.71 Billion in 2024

Dark chocolate contains cocoa solids and less sugar content than other chocolates. It offers various health benefits such as reducing stress, improving heart health, boosting cognitive functions etc. due to the presence of antioxidants like flavonoids. Dark chocolate contains prebiotic fiber which helps promote a healthy gut microbiome. The global dark chocolate market has witnessed significant growth in recent years due to increasing awareness about health benefits of dark chocolates among consumers.

The global Dark Chocolate Market is estimated to be valued at US$ 144.71 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the dark chocolate market is the increasing demand for organic and fair trade dark chocolate. Consumers are increasingly preferring organic and sustainable products. The cultivation of cocoa involves extensive use of pesticides and fertilizers which has led to soil degradation and harm to the environment over the years. Many chocolate brands are now sourcing cocoa from farms that follow ethical trade practices and organic farming to grow cocoa sustainably. They are also promoting fair wages and improved working conditions for cocoa farmers. This is expected to drive the demand for organic and fair trade dark chocolate in the coming years. Another major trend is the innovative product launches by key players in terms of flavors, packaging and formats. Companies are coming up with dark chocolate variants containing nuts, dried fruits and other natural ingredients to expand their consumer base.

Porter’s Analysis

  • Threat of new entrants: The dark chocolate market has high initial investments and specialized manufacturing processes which pose challenges for new companies to enter the market. However, the expanding market size and increasing consumer demand offer opportunities.
  • Bargaining power of buyers: Large buyers such as supermarkets have significant bargaining power over suppliers due to their ability to negotiate lower prices. However, the distinctive taste and high loyalty of consumers towards established brands limit this power.
  • Bargaining power of suppliers: Cocoa farms have significant influence over prices due to the lack of substitutes for cocoa. However, supplier concentration is decreasing as new sources of cocoa are developed.
  • Threat of new substitutes: Alternative confectionery products and snacks pose a threat. However, the unique health benefits and premium image of dark chocolate weaken potential substitutes.
  • Competitive rivalry: The market is characterized by strong competition among the top brands. Companies compete based on quality, taste, innovation, prices and marketing.

Key Takeaways

The global dark chocolate market is expected to witness high growth over the forecast period due to rising health consciousness and product innovation. The global Dark Chocolate Market is estimated to be valued at US$ 144.71 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Regional analysis:

North America represents the largest regional market due to high consumption levels. Western Europe is the second largest region driven by health trends. Emerging economies of Asia Pacific are expected to show fastest growth on account of rising disposable incomes.
Key players: Key players operating in the dark chocolate market are Mars Inc., The Hershey Company, Nestl√© S.A., Godiva, Amul, Lindt & Spr√ľngli AG, Ghirardelli Chocolate Co.,

Patchi, Harry & David Holdings, Inc., and Mondelez International. These companies are focusing on expanding their product lines, strengthening distribution networks and promoting the health benefits of dark chocolate through marketing campaigns.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it