Top Companies in the Chocolate Market | Leading Players Comprehensive and In-depth Study by Vantage Market Research

Chocolate is a sweet food that has been around since ancient times. Its history dates back to pre-Columbian civilizations when cocoa beans were used as currency.

Top Companies in the Chocolate Market | Leading Players Comprehensive and In-depth Study by Vantage Market Research
Chocolate market

Upcoming Trends in Chocolate Market

The Global Chocolate Market is valued at USD 131.9 Million in the year 2021 and is projected to reach a value of USD 171.7 Million by the year 2028. The Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.50% over the forecast period. Chocolate is an accessible luxury that everyone treats to be for personal gratification. It has undergone a significant transformation since its origins, going from being a simple drink consumed by indigenous people to a specialty product.

Cocoa and Chocolate manufacturing is projected to grow, driven primarily by its extensive appeal, popularity, and wide use in the food and beverage industry. According to Euromonitor, increased demand for Chocolate with perceived health benefits and more exotic flavors is expected in Western Europe and North America, which are the traditional Chocolate consuming markets.

This includes Chocolate made with single-origin cocoa, products with reduced sugar content, premium and dark chocolate, as well as new flavors. Demand for cocoa products is also increasing in emerging economies.

Some of the key players operating in the Chocolate market are listed below:

Company Name

Revenue in USD

  • Nestlé S.A.

$87 Billion

  • Mars, Inc.

$40 Billion

  • Ferrero Group

$12 Billion

  • Barry Callebaut AG

$7 Billion

  • Mondelez International

$28 Billion

  • Hershey Co.

$8 Billion

  • Cadbury

$19 Billion

  • Lindt & Sprüngli AG

$4 Billion

  • Kerry Group plc

$8 Billion


  1. Nestlé S.A.

Nestlé S.A. is a Swiss multinational food and drinks processing conglomerate corporation headquartered in Vevey, Vaud, Switzerland. It is the largest publicly held food company in the world, measured by revenue and other metrics, since 2014. The company is listed on the Swiss stock exchange market as NESN (SWX). In 2020 the company generated revenue of USD 914.8 billion and has 2,73,000 employees working across the globe. The company has numerous subsidiaries such as Nestlé Purina PetCare Company, Nestlé India, and others.

  1. Mars, Inc.

Mars, Incorporated is an American multinational manufacturer of confectionery, pet food, and other food products and a provider of animal care services, with US$40 billion in annual sales in 2020. It was ranked as the 6th largest privately held company in the United States by Forbes. This is the third-largest privately held company in the U.S.  In 2020, the company generated revenue of approximately USD 370 billion and has 1,30,000 employees working.

  1. Ferrero Group

The Ferrero Group has a strong global presence and Ferrero products are present and sold, directly or through authorized retailers, in more than 170 countries and regions belonging to the entire international community. An extensive and constantly increasing presence that attests to the quality of the products, the group's ability to adapt and respond quickly to the needs of different markets, and also the fact that the group and its products are in tune with the daily needs of consumers around the world. The company generated USD 129 billion in 2020 and has 38,767 employees working across the globe. The company manufactures a maximum of its products in the Indian sub-continent.

  1. Barry Callebaut AG

Barry Callebaut is a Swiss cocoa processor and Chocolate manufacturer, with an average annual production of 2.2 million tons of cocoa & chocolate. It was created in 1996 through the merging of the Belgian Chocolate producer Callebaut and the French company Cacao Barry. The company is listed as BARN (SWX) in the Swiss stock exchange market. The company generated revenue of USD 74.5 billion in 2020 and has approximately 12,783 employees working.

  1. Mondelez International

Mondelez International, Inc., often stylized as Mondelēz, is an American multinational confectionery, food, holding and beverage, and snack food company based in Chicago, Illinois. Mondelez has annual revenue of about USD 26 billion and operates in approximately 160 countries. The company is listed as MDLZ (NASDAQ).

  1. Hershey Co.

The Hershey Company, commonly known as Hershey's, is an American multinational company and one of the largest chocolate manufacturers in the world. It also manufactures baked products, such as cookies and cakes, and sells beverages like milkshakes, and many more that are produced globally. The company is listed as HSY (NYSE) on the New York stock exchange.

  1. Kerry Group plc

Kerry Group plc is a public food company headquartered in Ireland. It is quoted on the Dublin ISEQ and London stock exchanges. The company is listed as KYGA (LON) on the London stock exchange and generated USD 79 billion in 2020. The company has 26,000 employees working across the European continent.

  1. Cadbury

Cadbury, formerly Cadbury's and Cadbury Schweppes, is a British multinational confectionery company fully owned by Mondelez International since 2010. It is the second-largest confectionery brand in the world after Mars.

  1. Lindt & Sprüngli AG

Chocoladefabriken Lindt & Sprüngli AG, more commonly known simply as Lindt, is a Swiss chocolatier and confectionery company founded in 1845 and known for its Chocolate truffles and Chocolate bars, among other sweets. It is based in Kilchberg, where its main factory and museum are located. The company is listed as LISN (SWX) in the stock exchange market. The company generated USD 48.7 billion in 2020 and had 14,689 employees working in 2019.

Recent Developments

  • Indulgence: When it comes to desserts, confectionery flavors, and textures, then consumers today are increasingly looking for truly indulgent experiences. This has obviously inspired new levels of creativity among confectioners and chocolatiers around the world. Combinations, previously, unheard of are now becoming popular, g- infusing Chocolate with vegetable flavors such as kale flavored filling in Chocolate bars and Chocolate being used along with beetroot in cakes – is all the rage now. The texture is also being paid great attention to, new trends like larger Chocolate chunks and crispy Chocolate layers that add a bite are finding their way into the market.
  • Premiumization: Consumers today are more conscious of the processes that go into making the products they consume. Hence, a lot of product descriptions on packaging include details of how a particular item is made. For example, details such as “stone-ground” or “slow-churned” and even the conching duration of Chocolate are explicitly mentioned on the packaging. The demand for artisan products and quality ingredients has definitely seen an uptake in recent years, thanks to the rising number of high-end consumers in the market.

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