Global Chocolate Industry on a Sugar Rush as Manufacturers Invest in New Capacity

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Researched by Industrial Info Resources (Sugar Land, Texas)--Demand for chocolate products jumped during the COVID-19 pandemic, with people hoarding packaged and processed foods. After sales volumes fell in 2022, demand for chocolate bounced up this year.

Purchases of chocolate confectioneries are expected to climb 5.8% in 2023 and reach almost US$26 billion, according to Bloomberg, which cited data from researcher Euromonitor International Ltd. Volumes are forecasted to rise 1.9%, after a 2.7% drop last year.

Driven by consumer consciousness regarding the various health benefits of eating good quality chocolates, the demand for options such as dark, vegan, organic, sugar-free and gluten-free chocolates has increased significantly.

With concepts such as Bean-to-Bar and Single Origin Cocoa on the rise, the consumer focus has shifted substantially toward bean origins and cocoa percentage preferences. This has made room for innovation and new product development, with many companies around the world setting up new facilities and expanding existing ones to tap into this opportunity.

Industrial Info is tracking 121 projects, worth US$2.54 billion, that are dedicated toward building facilities for chocolate and chocolate products. Subscribers to Industrial Info's Global Market Intelligence (GMI) Food & Beverage Industry Project Database can click here for a list of detailed project reports.

North America is the biggest driver of investment, with a sizeable investment value of US$945 million across 15 projects.

As the sector continues to grow, the market for chocolates remains robust with new investments coming in the near future.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).