According to market research conducted by IndexBox, the global chocolate market had total revenues of X million USD in 2015, which was X million USD (or X%) less than the year before. In physical terms, the market fell slightly over the last year, amounting for X thousand tonnes. However, the market represented a compound annual growth rate (CAGR) of +X% from 2007 to 2015.
The countries with the highest consumption were the U.S., Germany, Russia, Brazil, and Italy together comprising near X% of global consumption. The highest annual growth rates of chocolate and cocoa products consumption from 2007 to 2015 were recorded in Russia, with +X% growth, Italy and Brazil, with +X% per year and +X% growth, respectively. Following significant consumption growth rates, Russia significantly strengthened its share in terms of the global consumption from X% in 2007 to X% in 2015. By contrast, the share of the U.S. and Germany declined over the period under review.
Driven by global population growth, rapid urbanization and changing lifestyles in Asia, the chocolate and cocoa products market as a whole is projected to continue an upward consumption trend over the next nine years. The performance of the market is forecast to stay positive, with an anticipated CAGR of +X% for the nine-year period from 2015 to X, which is expected to lead the market value to X million tonnes by the end of X.
Developed Western countries (USA, Canada, European countries) are the largest consumers of chocolate, where it has long-become a traditional treat not only as a dessert, but as a snack, as well. Brazil and Russia can also be noted among the leaders in chocolate consumption. The volume of chocolate consumption in these two countries grew in the last several years due to an increase in the income of the population.
Asian countries, despite their large population, are not among the largest consumers of chocolate. This, on the other hand does indicate that dynamically growing Asian countries have the largest potential for chocolate and confectionery consumption growth. While there is no basis to predict significant growth of consumption volumes in Europe and North America, the growth potential in Asia is supplemented by rising disposable incomes and changing lifestyles in Asian countries. Increase of the population's income, continuing urbanization and the increasing popularity of the western lifestyle lead to an increase of poplarity of western products, including chocolate. Furthermore, the population growth of Asian countries also contributes into the chocolate market growth prospects.
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