Europe is expected to register the fastest growth rate during forecast years, while the chips and bites segment is expected to register the fastest CAGR during forecast years.

This growth is credited to the easy availability of artisanal chocolates and constant innovations with consistent product quality.

Factors driving growth

Increasing preference for organic food products is a major factor contributing to the growth of the market. Rapid consumerism and rising disposable income levels are also bolstering the market growth. 

Several market players have introduced strategies for branding their chocolate confectionery in novel ways, such as organic versions.

[Read more: Reese’s introduces organic peanut butter cups].

This has also resulted in the growing consumption of these items, especially dark chocolate. However, the milk chocolate segment accounted for the largest share of the global revenue in 2020. 

Milk chocolate bars are becoming increasingly common in cooking and baking. Milk chocolate is a popular ingredient in a variety of cakes pastries, and confections. It has a creamier texture and flavor than other chocolate varieties, thus, it is preferred over other chocolate varieties. The market is fragmented in nature, with the presence of a large number of global and regional players.

The supermarkets and hypermarkets segment accounted for the largest revenue share in 2020. 

A large number of consumers prefer buying organic chocolate confectioneries from hypermarkets and supermarkets due to the shopping experience offered by these stores. Physical verification of these items, as well as expert assistance, is a significant factor in the development of this distribution channel.