July 7th is officially world chocolate day. Being one the most popular confectionery treats, it is no surprise that the global premium chocolate market has an estimated value of USD 29.2 billion and is projected to reach USD 67.8 billion by 2032 with a CAGR (compound annual growth rate of 8.8 percent.
According to Future Market Insights, the premium chocolate market will likely be influenced by changing and growing consumer trends, demand for organics, and clean labelling, propelling it to where it is today.
Consumers have increasingly chosen higher-quality chocolate for its associated higher-value health advantages. Furthermore, premium chocolate tends to have a broader range of packaging innovation and options, with it being customised to reflect certain ingredients, and greater price range and lucrative limited edition purchasing experiences, all of which serve to increase premium chocolates market value.
Premium chocolate also has the advantage of offering specialty alternatives for increasing consumer awareness of health and sustainability, with vegan, sugar and gluten-free trends influencing manufacturers' innovations within the category.
Organic chocolate is one of the most influential trends, as consumers have become more weary of the harmful impact of synthetic ingredients and products on human health and the environmental footprint of the products they consume. This is why the market is expected to have such an increase in its CAGR over the next decade compared to its CAGR of 5.2 percent between 2017 to 2021.
Spain's premium chocolate market holds 22.8 percent of all premium chocolate goods sold in Europe, which by the end of 2032 is anticipated to increase to 24.9 percent.
The European premium chocolate market had an approximate value of USD 9.4 billion in 2022 and is forecast to surpass USD 24.1 billion by 2032, with a CAGR of 7.3 percent.
Meanwhile, the USA has emerged as a rich market for premium chocolate, with an expected CAGR of 9.1 percent over the next decade.
Naturally, within the premium chocolate market, there is a consumer preference for the chocolate type, with Future Market Insights consumer analysis showing that the dark chocolate segment was a clear winner, with it expected to experience a CAGR of 7.1 percent between now and 2032, with its value expected to surpass USD 30.2 billion over the forecast period.