Summary

The global dark chocolate market size reached US$ 61.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 87.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.9% during 2024-2032. The significant expansion of the online retailing and e-commerce sector, rising consumption of packaged goods, escalating demand for premium and luxury chocolate products, and the introduction of flavored product variants are some of the major factors propelling the market.

Dark chocolate is a type of chocolate that is made primarily from cocoa solids, cocoa butter, and small amounts of sugar. It is characterized by its rich cocoa content as compared to other types of chocolate. The higher cocoa content contributes to its rich and intense flavor profile, often described as bittersweet or semi-sweet. Dark chocolate can have varying percentages of cocoa, with higher percentages indicating a more pronounced cocoa flavor and less sweetness. It is widely enjoyed by consumers around the world for its deep, complex taste and is commonly consumed as a standalone treat or used in bakery goods and confectionery items. Dark chocolate is also known for its potential health benefits, as it contains good amounts of antioxidants and flavonoids that may have a positive impact on cardiovascular health and overall well-being of individuals.

The increasing consumer awareness and preference for healthier food choices will stimulate the growth of the market during the forecast period. Dark chocolate is perceived as a better alternative to milk chocolate owing to its higher cocoa content and potential health benefits. Moreover, the rising number of consumers seeking higher-quality and indulgent products such as dark chocolate due to the inflating disposable incomes, evolving tastes, and changing dietary preferences, is positively influencing the market growth. Apart from this, the rapid proliferation of e-commerce and online retail platforms has made dark chocolate more easily accessible to a wider consumer base, which in turn has catalyzed the market growth. Additionally, the emerging trend of clean-label and natural ingredients has accelerated the adoption of dark chocolate as it is often associated with being free from artificial additives and having a simpler ingredient list. Furthermore, the increasing marketing and promotional efforts by key players emphasizing the unique flavors, origin, and sustainability aspects of dark chocolate has augmented the product demand.

Dark Chocolate Market Trends/Drivers:
Rise in health consciousness among the masses

The rising emphasis on health and wellness has been a significant driver of the market for dark chocolate. Consumers are increasingly becoming aware of the potential health benefits associated with the regular consumption of dark chocolate. Dark chocolate contains higher quantities of cocoa solids, which are rich in antioxidants, flavonoids, and minerals. These components have been linked to numerous health advantages, including improved heart health, antioxidant properties, and potential mood-enhancing effects. Furthermore, the inclusion of dark chocolate in popular diets, such as the Mediterranean diet, and its recognition as a permissible treat in moderation have catalyzed its demand among health-conscious consumers who are seeking a balance between their fitness goals and indulgent cravings.

Premiumization and indulgence

The growing demand for premium and indulgent chocolate experiences is creating a favorable outlook for the market. Dark chocolate is typically associated with a sophisticated and refined taste profile due to its intense, bittersweet flavor. The perception of higher cocoa content and the complex flavor notes derived from different cocoa bean origins contribute to its premium image. Consumers who are seeking a luxurious and indulgent treat are drawn to the richness and depth of dark chocolate, augmenting the product demand. The market has responded to this rise in demand by offering a wide range of dark chocolate products with varying cocoa content, flavor infusions, and premium packaging options, catering to the desires and evolving preferences of consumers. Moreover, the emerging trend of product premiumization and increasing consumer spending on luxury chocolates for gifting purposes are contributing to market growth.

Growing consumer awareness about the product origin

A surge in consumer awareness regarding sourcing, sustainability, and ethical considerations pertaining to food products has impacted the market. There is an increase in demand for dark chocolate products made from sustainably sourced cocoa beans and produced under fair trade practices. Consumers today are seeking transparency and accountability from dark chocolate manufacturers, favoring brands that prioritize ethical sourcing, environmental sustainability, and social responsibility. This awareness extends to aspects such as organic certifications, direct trade relationships with farmers, and efforts to support cocoa farming communities. Dark chocolate brands that align with these values have gained immense popularity among conscientious consumers who want their indulgence to be in harmony with their ethical and environmental concerns.

Dark Chocolate Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global dark chocolate market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on distribution channel.

Breakup by Distribution Channel:

Supermarkets and Hypermarkets
Convenience Stores
Non-Grocery Retailers
Others

The majority of the dark chocolates are distributed through supermarkets and hypermarkets

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes supermarkets and hypermarkets, convenience stores, non-grocery retailers, and others. According to the report, supermarkets and hypermarkets accounted for the largest market share.

Supermarkets and hypermarkets offer a wide range of dark chocolate options to consumers, making them easily accessible and available worldwide. With dedicated confectionery sections, these stores provide a one-stop shopping experience for customers, allowing them to explore various brands and flavors of dark chocolate. Convenience stores play a vital role in the distribution of dark chocolate, particularly for impulse purchases. They offer greater convenience and accessibility to consumers looking for a quick chocolate fix on-the-go, with a selection of popular dark chocolate brands and smaller-sized bars or packets.

Non-grocery retailers, such as specialty chocolate shops, gourmet stores, and online platforms, cater to the discerning dark chocolate connoisseurs. These distribution channels provide a diverse variety of premium dark chocolate options, such as artisanal and craft brands, and often emphasize unique and exotic flavors, bean origins, and ethical sourcing, targeting consumers seeking high-quality and distinctive dark chocolate experiences.

Breakup by Region:

Western Europe
North America
Eastern Europe
Aisa
Latin America
The Middle East and Africa
Australasia

North America exhibits a clear dominance in the market

The report has also provided a comprehensive analysis of all the major regional markets, which include Western Europe, Eastern Europe, Asia, Latin America, Middle East and Africa, and Australasia. According to the report, North America was the largest market for dark chocolate.

Western Europe is a major contributor to the dark chocolate market, due to the presence of countries like Switzerland, Belgium, and France that are renowned for their high-quality chocolate production and consumption.

The North America region has witnessed significant rise in dark chocolate consumption due to the increasing health consciousness among the masses and rising consumer preference for premium chocolate products, with brands focusing on unique flavors, organic options, and ethical sourcing.

Dark chocolate consumption has been steadily rising in Eastern Europe, driven by changing consumer preferences, growing awareness about the health benefits of dark chocolate, and the introduction of innovative dark chocolate varieties by local and international brands.

The Asia region is also experiencing a surge in dark chocolate consumption as consumers embrace Western influences, seek healthier alternatives, and appreciate the unique flavors.

Latin America plays a vital role in the dark chocolate market, both as a supplier of high-quality cocoa beans and as a consumer market.

The Middle East and Africa region is also witnessing an increase in demand for dark chocolate, fueled by rapid urbanization, rising consumer disposable incomes, and growing appreciation for premium chocolate products.

Meanwhile, dark chocolate consumption in Australasia is influenced by the growing health-conscious population, product premiumization trends, and the shifting consumer preference toward sustainably and ethically sourced products.

Competitive Landscape:
The market is experiencing a lower-than-anticipated demand compared to pre-pandemic levels however, this is likely to witness a paradigm shift over the next decade with the introduction of plant-based dark chocolate, appealing to individuals who are following vegan or dairy-free diets. The market is witnessing a steady increase in the sales of dark chocolate owing the infusion of healthy ingredients such as probiotics, adaptogens, and superfoods, enhancing the health benefits offered by dark chocolate. Furthermore, the rise of single-origin and bean-to-bar dark chocolates showcases the distinct flavors and origins of cocoa beans, promoting transparency and fair-trade practices. Additionally, several key players are focusing on further reducing the sugar content in dark chocolate without compromising its taste, using natural sweeteners or sugar alternatives. We also expect the market to witness new entrants, consolidation of product portfolios, and increased collaborations and partnerships among industry players to drive healthy competition within the domain.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided.

Key Questions Answered in This Report

1. What was the size of the global dark chocolate market in 2023?
2. What is the expected growth rate of the global dark chocolate market during 2024-2032?
3. What are the key factors driving the global dark chocolate market?
4. What has been the impact of COVID-19 on the global dark chocolate market?
5. What is the breakup of the global dark chocolate market based on the distribution channel?
6. What are the key regions in the global dark chocolate market?

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Chocolate Industry
5.1 Market Overview
5.2 Market Performance
5.2.1 Volume Trends
5.2.2 Value Trends
5.3 Market Breakup by Region
5.4 Market Breakup by Product
5.5 Market Breakup by Packaging
5.6 Market Breakup by End-Use
5.7 Market Share of Key Players
5.8 Market Forecast
6 Global Dark Chocolate Industry
6.1 Market Overview
6.2 Market Performance
6.2.1 Volume Trends
6.2.2 Value Trends
6.3 Impact of COVID-19
6.4 Price Analysis
6.4.1 Key Price Indicators
6.4.2 Price Structure
6.4.3 Price Trends
6.5 Market Breakup by Region
6.6 Market Breakup by Distribution Channel
6.7 Market Forecast
6.8 SWOT Analysis
6.8.1 Overview
6.8.2 Strengths
6.8.3 Weaknesses
6.8.4 Opportunities
6.8.5 Threats
6.9 Value Chain Analysis
6.9.1 Overview
6.9.2 Cocoa Growers
6.9.3 Cocoa Grinders
6.9.4 Coverture/Industrial Chocolate Manufacturers
6.9.5 End Use Industries
6.9.6 Chocolate Manufacturers
6.9.7 Distributors
6.9.8 Exporters
6.9.9 Retailers
6.10 Porters Five Forces Analysis
6.10.1 Overview
6.10.2 Bargaining Power of Buyers
6.10.3 Bargaining Power of Suppliers
6.10.4 Degree of Rivalry
6.10.5 Threat of New Entrants
6.10.6 Threat of Substitutes
6.11 Key Success and Risk Factors
7 Performance of Key Regions
7.1 Western Europe
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 North America
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Eastern Europe
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Asia
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Latin America
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Middle East and Africa
7.6.1 Market Trends
7.6.2 Market Forecast
7.7 Australasia
7.7.1 Market Trends
7.7.2 Market Forecast
8 Performance by Distribution Channel
8.1 Supermarkets and Hypermarkets
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Convenience Stores
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Non-Grocery Retailers
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Competitive Landscape
10 Dark Chocolate Manufacturing Process
10.1 Product Overview
10.2 Detailed Process Flow
10.3 Various Types of Unit Operations Involved
10.4 Mass Balance and Raw Material Requirements
11 Project Details, Requirements and Costs Involved
11.1 Land, Location and Site Development
11.2 Construction Requirements and Expenditures
11.3 Plant Machinery
11.4 Machinery Pictures
11.5 Raw Materials Requirements and Expenditures
11.6 Raw Material and Final Product Pictures
11.7 Packaging Requirements and Expenditures
11.8 Transportation Requirements and Expenditures
11.9 Utilities Requirements and Expenditures
11.10 Manpower Requirements and Expenditures
11.11 Other Capital Investments
12 Dark Chocolate Manufacturing Plant: Loans and Financial Assistance
13 Dark Chocolate Manufacturing Plant: Project Economics
13.1 Capital Cost of the Project
13.2 Techno-Economic Parameters
13.3 Product Pricing and Margins Across Various Levels of the Supply Chain
13.4 Taxation and Depreciation
13.5 Income Projections
13.6 Expenditure Projections
13.7 Financial Analysis
13.8 Profit Analysis
14 Key Player Profiles
List of Figures
Figure 1: Global: Dark Chocolate Market: Major Drivers and Challenges
Figure 2: Global: Chocolate Market: Sales Volume (in '000 Tons), 2018-2023
Figure 3: Global: Chocolate Market: Sales Value (in Billion US$), 2018-2023
Figure 4: Global: Chocolate Market: Breakup by Region (in %), 2023
Figure 5: Global: Chocolate Market: Breakup by Product (in %), 2023
Figure 6: Global: Chocolate Market: Breakup by Packaging (in %), 2023
Figure 7: Global: Chocolate Market: Breakup by End-Use (in %), 2023
Figure 8: Global: Chocolate Market: Share of Key Players (in %), 2023
Figure 9: Global: Chocolate Market Forecast: Sales Volume (in '000 Tons), 2024-2032
Figure 10: Global: Chocolate Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 11: Global: Dark Chocolate Market: Sales Volume (in '000 Tons), 2018-2023
Figure 12: Global: Dark Chocolate Market: Sales Value (in Billion US$), 2018-2023
Figure 13: Dark Chocolate Market: Price Structure
Figure 14: Global: Dark Chocolate Market: Average Prices (in US$/Ton), 2018-2023
Figure 15: Global: Dark Chocolate Market Forecast: Average Prices (in US$/Ton), 2024-2032
Figure 16: Global: Dark Chocolate Market: Breakup by Region (in %), 2023
Figure 17: Global: Dark Chocolate Market: Breakup by Distribution Channel (in %), 2023
Figure 18: Global: Dark Chocolate Market Forecast: Sales Volume (in '000 Tons), 2024-2032
Figure 19: Global: Dark Chocolate Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 20: Global: Dark Chocolate Industry: SWOT Analysis
Figure 21: Global: Dark Chocolate Industry: Value Chain Analysis
Figure 22: Global: Dark Chocolate Industry: Porter’s Five Forces Analysis
Figure 23: Global: Dark Chocolate Market Forecast: Breakup by Region (in %), 2032
Figure 24: Western Europe: Dark Chocolate Market: Sales Volume (in '000 Tons), 2018 & 2023
Figure 25: Western Europe: Dark Chocolate Market Forecast: Sales Volume (in '000 Tons), 2024-2032
Figure 26: North America: Dark Chocolate Market: Sales Volume (in '000 Tons), 2018 & 2023
Figure 27: North America: Dark Chocolate Market Forecast: Sales Volume (in '000 Tons), 2024-2032
Figure 28: Eastern Europe: Dark Chocolate Market: Sales Volume (in '000 Tons), 2018 & 2023
Figure 29: Eastern Europe: Dark Chocolate Market Forecast: Sales Volume (in '000 Tons), 2024-2032
Figure 30: Asia: Dark Chocolate Market: Sales Volume (in '000 Tons), 2018 & 2023
Figure 31: Asia: Dark Chocolate Market Forecast: Sales Volume (in '000 Tons), 2024-2032
Figure 32: Latin America: Dark Chocolate Market: Sales Volume (in '000 Tons), 2018 & 2023
Figure 33: Latin America: Dark Chocolate Market Forecast: Sales Volume (in '000 Tons), 2024-2032
Figure 34: Middle East and Africa: Dark Chocolate Market: Sales Volume (in '000 Tons), 2018 & 2023
Figure 35: Middle East and Africa: Dark Chocolate Market Forecast: Sales Volume (in '000 Tons), 2024-2032
Figure 36: Australasia: Dark Chocolate Market: Sales Volume (in '000 Tons), 2018 & 2023
Figure 37: Australasia: Dark Chocolate Market Forecast: Sales Volume (in '000 Tons), 2024-2032
Figure 38: Global: Dark Chocolate Market: Sales through Supermarkets and Hypermarkets (in '000 Tons), 2018 & 2023
Figure 39: Global: Dark Chocolate Market Forecast: Sales through Supermarkets and Hypermarkets (in '000 Tons), 2024-2032
Figure 40: Global: Dark Chocolate Market: Sales through Convenience Stores (in '000 Tons), 2018 & 2023
Figure 41: Global: Dark Chocolate Market Forecast: Sales through Convenience Stores (in '000 Tons), 2024-2032
Figure 42: Global: Dark Chocolate Market: Sales through Non-Grocery Retailers (in '000 Tons), 2018 & 2023
Figure 43: Global: Dark Chocolate Market Forecast: Sales through Non-Grocery Retailers (in '000 Tons), 2024-2032
Figure 44: Global: Dark Chocolate Market: Sales through Other Distribution Channels (in '000 Tons), 2018 & 2023
Figure 45: Global: Dark Chocolate Market Forecast: Sales through Other Distribution Channels (in '000 Tons), 2024-2032
Figure 46: Dark Chocolate Manufacturing: Detailed Process Flow
Figure 47: Dark Chocolate Manufacturing: Conversion Rate of Feedstocks
Figure 48: Dark Chocolate Manufacturing: Breakup of Capital Costs (in %)
Figure 49: Dark Chocolate Production: Manufacturing Cost Breakup (in %)
Figure 50: Dark Chocolate Manufacturing Plant: Margins Across Various Stages of the Supply Chain
List of Tables
Table 1: Global: Chocolate Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Dark Chocolate Market: Key Industry Highlights, 2023 and 2032
Table 3: Global: Dark Chocolate Market Forecast: Breakup by Region (in '000 Tons), 2024-2032
Table 4: Global: Dark Chocolate Market Forecast: Breakup by Distribution Channel (in '000 Tons), 2024-2032
Table 5: Global: Dark Chocolate Market: Competitive Structure
Table 6: Dark Chocolate Manufacturing Plant: Raw Material Requirements (in Tons/Day)
Table 7: Dark Chocolate Manufacturing Plant: Costs Related to Land and Site Development (in US$)
Table 8: Dark Chocolate Manufacturing Plant: Costs Related to Civil Works (in US$)
Table 9: Dark Chocolate Manufacturing Plant: Machinery Costs (in US$)
Table 10: Dark Chocolate Manufacturing Plant: Raw Material Requirements (in Tons/Day) and Expenditures (US$/Ton)
Table 11: Dark Chocolate Manufacturing Plant: Costs Related to Utilities (in US$)
Table 12: Dark Chocolate Manufacturing Plant: Costs Related to Salaries and Wages (in US$)
Table 13: Dark Chocolate Manufacturing Plant: Costs Related to Other Capital Investments (in US$)
Table 14: Dark Chocolate Manufacturing Plant: Capital Costs (in US$)
Table 15: Dark Chocolate Manufacturing Plant: Techno-Economic Parameters
Table 16: Dark Chocolate Manufacturing Plant: Taxation (in US$)
Table 17: Dark Chocolate Manufacturing Plant: Depreciation (in US$)
Table 18: Dark Chocolate Manufacturing Plant: Income Projections (in US$)
Table 19: Dark Chocolate Manufacturing Plant: Expenditure Projections (in US$)
Table 20: Dark Chocolate Manufacturing Plant: Cash Flow Analysis Without Considering the Income Tax Liability (in US$)
Table 21: Dark Chocolate Manufacturing Plant: Cash Flow Analysis on Considering the Income Tax Liability (in US$)
Table 22: Dark Chocolate Manufacturing Plant: Profit and Loss Account (in US$)