In this article, we will be analyzing the chocolate industry in detail while covering the 20 countries that eat chocolate the most in the world. If you want to skip our detailed analysis, you can go directly to 5 Countries That Eat Chocolate the Most in the World.
A Go-To Confectionery of All Times
Our very own affordable indulgence and beloved snack, chocolate, is a confectionery food which comes from cocoa beans and is consumed raw as well as a coating for various bakery products and sweet dishes. The origins of chocolate are traced 3,000 years back to the civilization of Maya where cocoa beans were used to make a ceremonial beverage. However, they were considered to be so sacred that people were buried with heaps of these beans. Chocolate was then introduced in the Spanish courts as a hot beverage seasoned with vanilla and cinnamon. It then took the shape of sweet eating chocolate and milk chocolate as it evolved. As we notice from this evolution, chocolate has been famous for many decades.
On June 23, Reuters reported that cocoa hit the highest price in 46 consecutive years. This was due to the rainfall season in the African region which didn’t let the harvested cocoa dry and flooded the whole cocoa field.
The Chocolate Industry
According to a report by Vantage Market Research, the global chocolate market was valued at $136.76 million in 2022 and is projected to grow at a compound annual growth rate of 4.4% from 2023 to 2030.
Around the world, Europe dominates the chocolate market. This high market share can be attributed to a number of factors such as the increase in chocolate imports, high chocolate production alongside the highest chocolate consumption per capita in some of the European countries such as Germany, the UK, and Russia.
Asia Pacific is said to be the highest-growing market during the forecast period. This is due to the rise in disposable incomes, and more demand for nutritious chocolates with health consciousness.
Noteworthy Names
The chocolate market is really saturated, with many incumbents. These incumbents strive to leverage their market shares by constantly adding to their product varieties. On August 10, ConfectioneryNews reported that the famous Swiss chocolate brand, Lindt, has recently launched its chocolate wafers in boxes, bars and bundles for the UK market.
The producer of Smarties, KitKats and Quality Street chocolates, Nestle (OTC:NSRGY) is also looking forward to expanding its business in mature markets such as Mexico. On August 10, MSN reported that Nestle (OTC:NSRGY) is all set to invest $2.7 billion dollars in its Brazilian chocolate market. This amount is meant to improve the production lines for the KitKat manufacturing plant at Kavakava and the Vila Velha plant which produces Garoto chocolates for Nestle (OTC:NSRGY). Elaborating on the expansion of operations in Brazil, here’s what the Vice President of biscuits and chocolates for Nestle (OTC:NSRGY) Brazil said:
“Nestlé’s Brazilian operation has been growing consistently and sustainably over the years. In the last 12 months alone, we have seen an increase of 24%, based on the high demand in Brazil for the chocolate and biscuit portfolio.”
Other big companies in the chocolate industry include Mars, Inc., Mondelez International Inc. (NASDAQ:MDLZ) and The Hershey Company (NYSE:HSY). Let’s take a look at all of them.
Based in the United States, Mars, Inc. is a leading manufacturer of confectionery items, pet food and beverages. Mars Wrigley Confectionery is the candy making subsidiary of Mars, Inc. that produces all the skittles, M&Ms, Mars bars and Milky Ways that we consume everyday.
Mondelez International Inc. (NASDAQ:MDLZ) is an American producer of chocolates, chewing gum and other confectioneries. Ranked as one of the Fortune 500 companies in 2023, the company wins the hearts of chocolate lovers through its Cadbury Dairy Milk, Cote D’ Or, Milka, and Toblerone. Toblerone was the all-time favorite Swiss chocolate which Mondelez International Inc. (NASDAQ:MDLZ) acquired. The company recorded $8.50 billion in revenue, a 17% year on year increase, in the second quarter of 2023.
The Hershey Company (NYSE:HSY) is one of the largest chocolate manufacturers in the world. The company is also a member of the World Cocoa Foundation. On March 7, CNN reported that the company has launched its two new vegan products, ‘Hershey’s plant based extra creamy with almonds and sea salt’ and ‘Reese’s plant-based butter cups’. Net sales of $2.49 billion were recorded in the second quarter of 2023, an increase of 5% from the previous year.
On August 8, Reuters reported that due to the recent surge in cocoa prices, companies like The Hershey Company (NYSE:HSY) and Mondelez International Inc. (NASDAQ:MDLZ) are experiencing less sales as consumers tend to give up on their expenditure on chocolate rather than paying high prices to satisfy their cravings.
Modern Day Trends and Challenges
Since ages, chocolates have served to be a kind gesture offered at special occasions. We tend to see chocolates everywhere around us during festivities such as Christmas or Easter. Apart from chocolate being given as a gift, they are also consumed as a product of indulgence as mentioned above. As we see the public getting more aware of healthy ways of eating, chocolate products which are more organic and hygienic are getting more popular. Mordor Intelligence reports that the Functional Chocolate Company launched its dark chocolate by incorporating proportions of various minerals which could help consumers with their attention and focus. Radical innovation can also be seen in this industry as introduced by California Cultured, an innovative US based firm which produces chocolate in a sustainable way by avoiding deforestation. This is done by extracting the best cocoa seeds which are fed to replicate themselves.
However, the trend of a healthy lifestyle has promoted an increasing health consciousness especially among those suffering from diabetes. Chocolates are still seen as hazardous products which boost blood sugar, leading to diseases in the longer run. Apart from this, sustainable production of chocolate products has been a concern for consumers. On June 21, Forbes reported that 5 to 6 million farmers around the world are involved in a strenuous cocoa production process. These farmers are deprived of the awareness and training they need for sustainable cocoa production. Although these farmers engage in hand labor for long hours, their efforts go unnoticed as they receive less than $1 per day which is a negligible amount. Furthermore, cocoa production and processing also involves child labor which is again an ethical issue. Cocoa is also vulnerable to diseases as evident from its past. Africa being the major cocoa production area is still subject to diseases like cacao swollen shoot virus which deeply infects the beans, ruining the overall yield.
Now that we have looked over the chocolate industry and what companies like Mars, Inc., Mondelez International Inc. (NASDAQ:MDLZ), Nestle (OTC:NSRGY), and The Hershey Company (NYSE:HSY) are up to, let’s take a look at the most chocolate eating countries in the world.
Methodology
In order to generate a comprehensive list of countries that eat chocolate the most, we have used domestic supply of cocoa as a metric. We have found the domestic supply of cocoa for every country from the official database of The Food and Agriculture Organization of the United Nations. The rationale behind choosing this metric was that domestic supply as quoted by the UN represents “the total quantity of foodstuffs produced in a country, added to the total quantity imported and adjusted to any change in stocks that may have occurred since the beginning of the reference period”. Therefore, domestic supply represents exactly the amount of chocolate locally produced and imported or in other words, the amount of chocolate available for consumption in a country. We further screened these countries to find the top 20 countries that eat chocolate the most. Finally, we have ranked the countries in an ascending order of their domestic supplies, as of 2020, as follows:
20. Nigeria
Domestic Supply Quantity: 55 Thousand Tones
Among the top producers of cocoa lies Nigeria which is located in Africa. Although it supplies large volumes of cocoa to the world, the resulting wealth is not really retained in the area. The domestic chocolate market is being promoted by local manufacturers such as Loshes chocolates, Kalabari Gecko chocolates and Loom chocolate. As of 2020, the chocolate available for consumption in Nigeria was 55,000 tonnes.
19. Cameroon
Domestic Supply Quantity: 56 Thousand Tonnes
Having 90% of its cocoa produce exported to Europe, Cameroon also faces injustice like Nigeria. Most of the cocoa is exported, leaving the market with nothing. Barely any money comes back to the country. As of 2020, the domestic supply quantity of cocoa in Cameroon was 56,000 tonnes.
For investors looking to increase their exposure to the chocolate market, some notable stocks to look up include Mondelez International Inc. (NASDAQ:MDLZ), Nestle (OTC:NSRGY), and The Hershey Company (NYSE:HSY).
18. Japan
Domestic Supply Quantity: 64 Thousand Tonnes
Major Japanese chocolate manufacturers include Lotte, Moringa & Co. and Meiji Seika Kaisha. The Japanese people prefer more soft and less sweet products than sugary products. Chocolates also sell in high volumes on Valentines Day in Japan when the nation follows a tradition of girls buying chocolates for their partners and male peers. As of 2020, the domestic supply quantity of cocoa in Japan was 64,000 tonnes.
17.Peru
Domestic Supply Quantity: 84 Thousand Tonnes
A home to Theobroma cacao which is a small cocoa bearing tree, Peru, is one of the 20 countries that eat chocolate the most in the world. The Amazon basin in Peru is known for its cocoa production. As of 2020, the domestic supply quantity of cocoa in Peru was 84,000 tonnes.
16. Spain
Domestic Supply Quantity: 104 Thousand Tonnes
Cocoa, the core component of chocolate, first arrived in Spain from Mexico and was deemed to be bitter by the Spanish. Eventually, they added vanilla, sugar and honey to make it sweet and that is how it ended up becoming a famous confectionery in the form of chocolate. Spain ranks as one of the largest cocoa importers in Europe. As of 2020, the domestic supply quantity of cocoa in Spain was 104,000 tonnes.
15. Russian Federation
Domestic Supply Quantity: 106 Thousand Tonnes
Popular Russian chocolate makers include Babaevsky, Krasny Oktyabr, and Rot Front. Due to the recent western sanctions on Russia after the Ukrainian invasion, local companies have faced difficulty in chocolate production. Some of them have cut costs or laid off workers and the rest have resorted to utilize local cocoa for chocolate production. As of 2020, the domestic supply quantity of cocoa in Russia was 106,000 tonnes.
14. United Kingdom
Domestic Supply Quantity: 117 Thousand Tonnes
The country has witnessed a reduction in cocoa imports as well as exports after 2021 due to Brexit. More than half of the cocoa imported comes directly from Ghana and Ivory Coast. Milk chocolate is mostly preferred with a niche inclining towards dark chocolate to seek its health benefits. Famous chocolate brands known in the United Kingdom include Cadbury, Galaxy, and Maltesers. As of 2020, the domestic supply quantity of cocoa in the United Kingdom was 117,000 tonnes.
13. Canada
Domestic Supply Quantity: 128 Thousand Tonnes
Canada is also one of the top consumers of chocolate in the world. Some of the names best known for their chocolates in Canada include Laura Secord chocolate, Purdy’s chocolates and SOMA chocolate maker. As of 2020, the domestic supply quantity of cocoa in Canada was 128,000 tonnes.
12. Italy
Domestic Supply Quantity: 131 Thousand Tonnes
Italians also have a sweet tooth which is evident from their high chocolate consumption. Dark chocolates are most preferred by the Italians. Ferrero Rocher, Caffarel, and Perugina are among top chocolate brands in Italy. The world- famous Nutella was also first made in Italy by Ferrero. As of 2020, the domestic supply quantity of cocoa in Italy was 131,000 tonnes.
11. Belgium
Domestic Supply Quantity: 141 Thousand Tonnes
Belgium is also known to be one of the top consumers of chocolate. Milk Chocolate is the most popular, followed by dark and white. Belgians tend to enjoy many different chocolate brands, some of which are Godiva, Côte d’Or and Neuhaus. As of 2020, the domestic supply quantity of cocoa in Belgium was 141,000 tonnes.
10. Ghana
Domestic Supply Quantity: 144 Thousand Tonnes
The land of cocoa production, Ghana, fulfills the chocolate requirement of many chocolate enthusiasts. However, the situation in the country is grim as it still doesn’t have its own chocolate industry and the profit stream from chocolate manufacturing goes straight to the big brands, leaving the cocoa farmers with almost nothing. As of 2020, the domestic supply quantity of cocoa in Ghana was 144,000 tonnes.
9. Türkiye
Domestic Supply Quantity: 161 Thousand Tonnes
Chocolate is mostly taken as a token of pleasure instead of a product of nutritional value in Turkey. However, there have been rising health trends such as consuming more cocoa content and less sugar in chocolates. As of 2020, the domestic supply quantity of cocoa in Türkiye was 161,000 tonnes.
8. France
Domestic Supply Quantity: 238 Thousand Tonnes
Known as the fourth largest cocoa importer of Europe, France enjoys its place in the top 20 countries that eat chocolate the most. Starting off with a royal tradition of hot served cocoa drink or what we call hot chocolate, chocolate gradually became a delight for the common people. This drink is still famous among the French, referred to as the chocolat chaud. Traditional French chocolate is dark and the least sweetened chocolate in the world. As of 2020, the domestic supply quantity of cocoa in France was 238,000 tonnes.
7. Malaysia
Domestic Supply Quantity: 272 Thousand Tonnes
Once fully covered with dense cocoa trees, Malaysian land is now producing several thousand tonnes of cocoa as mentioned above. Malaysians also consider chocolate as an impulse decision rather than a calculated choice. As of 2020, the domestic supply quantity of cocoa in Malaysia was 272,000 tonnes.
6. Côte d’Ivoire
Domestic Supply Quantity: 305 Thousand Tonnes
The biggest producer of cocoa beans in the world, Côte d’Ivoire, also known as the Ivory Coast, is a state in West Africa. In order to reap the benefits of something the local farmers have harvested with their own hands, some of them have started to convert cocoa beans into local industry products like cocoa tea, chocolate spread and paste. As of 2020, the domestic supply quantity of cocoa in Côte d’Ivoire was 305,000 tonnes.
Some of the top companies in the chocolate industry include Mondelez International Inc. (NASDAQ:MDLZ), Nestle (OTC:NSRGY), and The Hershey Company (NYSE:HSY).
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Disclosure: None. 20 Countries That Eat Chocolate the Most is originally published on Insider Monkey.
