In this article we presented top 12 chocolate companies in the world. Click to skip our detailed discussion of the chocolate industry and see the Top 5 Chocolate Companies in the World.
The global chocolate industry is on a growth trajectory as taste for chocolate is being adopted around the world. In 2019, this market was already valued at over $130 billion. It is expected to grow at a CAGR of at least 5% by 2024, according to the market report by Technavio. The overall market value for the industry is projected to exceed almost $187 billion by 2026, according to Statista. The largest market for chocolate confectionary in the world is in Western Europe, which accounts for one-third of the global chocolate market.
The Changing Trends in the Chocolate Industry
The chocolate industry has been rapidly evolving over the last several years amid changing tastes and preferences of consumers. The trend of dark and premium chocolates forms the largest segment of the chocolate market in the U.S. With leading companies like Kraft Heinz, Mondelez, Hershey’s, Mars and General Mills, the American chocolate industry is thriving in the world. Unique products and luxurious consumption experiences are keeping consumers coming back for more. The growth in the chocolate market can be attributed to Asia Pacific countries where consumer preferences are becoming accustomed to western tastes. Thus, demand for chocolate is booming which has in turn raised the demand for cocoa by 30% as of 2020 according to Grand View Research.
There are growing preferences for chocolate products which are low in sugar content and which use organic ingredients. In 2019, Mars Wrigley Confectionary launched a new low-calorie range of single-serve bars with more protein and less sugar. Moreover, the packaging of chocolates has become even more innovative which is doing wonders for the gift-giving businesses as well. The Ferrero Rocher chocolate made by the Ferrero Group has a tin gold foil wrapping that gives it a premium look and is a popular choice for gifts.
Some of the notable developments identified in the industry include the health benefits of dark chocolates that are rich in cocoa, increasing demand for premium-based dark chocolates that are made as gifts, more regulated seasonal chocolates by producers, and flourishing marketing initiatives. There is a growing awareness regarding the health benefits of chocolate as well that has contributed towards the growth of the industry. Many prominent companies such as Mondelez have stepped up to meet this growing demand and brought about creative and delicious chocolate products that are enjoyed by consumers worldwide.
Here is a list of the top 12 chocolate companies in the world:
12. MONDELEZ INTERNATIONAL INC Common Stock (NASDAQ: MDLZ)
Revenue: $27 billion in 2020
Mondelez International is an American multinational food, confectionary, holding, beverage, and snack food company which is headquartered in Chicago, Illinois. It operates in 160 countries and has an annual revenue of about $26 billion. In 2018, Mondelez was ranked 117 in the Fortune 500 list of the largest companies in USA in terms of their total revenues. The company manufactures products like chocolates, cookies, gum, biscuits, confectionary, and other powdered beverages. They also own several billion-dollar brands such as Milka and Cadbury chocolates, LU, Oreo biscuits, Tang beverages, BelVita and Trident gum. The company has a portfolio consisting of national, regional, and global brands, most of which are more than a hundred years old. Chocolates and biscuits account for most of the company’s annual revenue. Global markets account for a huge chunk of the company's revenue. The company ranks 12th in the list of top chocolate companies in the world.
11. Ezaki Glico Co., Ltd. (TYO: 2206.T)
Revenue: $344,048,000 million in 2020 via Yahoo Finance
Ezaki Glico Co Ltd. is a Japanese food company which is headquartered in Osaka. Its primary focus is the production and sale of confectionary and other food items such as ice cream, milk and dairy products etc. The confectionaries segment of the company produces chocolates, gums, snacks and cookies. The company has raised high revenues with the sale of its biggest selling brands like Pocky and Pretz lines which feature chocolate cookies and pretzels. They have also become the biggest international sellers of these items. Another popular item that has boosted the company's sales is their almond chocolate.
Revenue: 3.5 billion GBP
Pladis Global is a confectionary and snacks food manufacturing company which is based in London, England. It was founded in 2016 as a subsidiary of Yildiz Holding and now has acquired multiple food brands such as United Biscuits, Godiva Chocolatier, DeMet’s Candy Company and Ulker. Pladis has 34 manufacturing units across 13 countries and its products are distributed to about 4 billion people around the world across 120 countries. Pladis has established itself as a leading chocolate company which makes sweet and savory treats which is recognized by consumers globally. The company is earning an annual revenue of £3.5 billion which has made it one of the most prominent companies in Europe. Pladis currently has 26,000 people working for them across different countries.
9. Lindt & Sprüngli AG
Revenue: $4.02 billion in 2020 via Yahoo Finance
Lindt is a swiss chocolatier and confectionary company that is based in Kilchberg, Switzerland. It was founded in 1845 and has become a household name across the world since then. The company is famous for making premium chocolates, truffles, and other sweets. Its main factory and museum are also located in Kilchberg. Lindt specializes in creating high quality, premium chocolates, and chocolate desserts. It has established chocolate cafes around the world. They also sell handmade chocolates, cakes, ice cream and macaroons. Their most popular chocolate products include the LINDOR truffle and the Lindt Gold Bunny. According to Statista, the company’s total worldwide sales amounted to abour four billion Swiss francs in 2020.
8. The Hershey Company (NYSE: HSY)
Revenue: $8,149,719 in 2020 via Yahoo Finance
The Hershey Co. was found in 1894 and is headquartered in Hershey, PA. It is involved in the manufacturing and marketing of chocolate and sugar confectionary products that are available across 60 countries worldwide. The company is divided into three segments. The North American segment is responsible for the traditional chocolate and non-chocolate confectionery market position of the company. It has multiple brands such as Hershey’s, Reese’s and Kisses. The company has three huge distribution centers that cater to the worldwide demand of its products. It is also associated with the Giant Center and the Hershey Park Stadium in the US. The most popular products of the company include Reese’s peanut butter cups, Hershey’s kisses, twizzlers, mounds, almond joy candy bars, Kit Kat bars and York peppermint patties. Apart from these, Hershey’s also produces grocery items like baking products, toppings, syrups, cookies, bubble gum and cocoa mixes. The US accounts for most of the sales of the company. The North American segment of Hershey’s had net sales of $1.844 billion as of 2020 according to the candyindustry.
7. General Mills, Inc. (NYSE: GIS)
Revenue: $17,626,600 in 2020 via Yahoo Finance
General Mills is an American multinational company which manufactures branded consumer foods. It is among the list of top chocolate companies in the world. It is headquartered in Minneapolis, Minnesota and its brand portfolio consists of more than 89 leading US brands such as Betty Crocker, Totino’s, Haagen-Dazs, Annie’s Homegrown, Cheerios, Cocoa Puffs and Lucky Charms amongst others. Founded over 150 years ago, the company has become a leading name in the chocolate industry with its largest global operating segment generating $10 billion of net sales in 2020, according to Statista. The largest division of the company is the US Meals and Baking division which alone generated $4.5 billion worth of net sales in 2020. Its most popular chocolate products include cereals like Chocolate Toast Crunch, Cocoa Puffs, Count Chocula, Cookie Crisp and cookies and cream puffs etc.
6. The Kraft Heinz Company (NASDAQ: KHC)
Revenue: $26,185,000 in 2020 via Yahoo Finance
The Kraft Heinz Company is an American food company which is headquartered in Chicago, Illinois. It ranks 6th in the list of 12 top chocolate companies in the world. It was formed by the merger of Kraft Foods and Heinz and has since become the 3rd largest food and beverage company in North America and the 5th largest in the world with $26 billion in annual sales in 2020. The company has in its portfolio several more brands such as Oscar Mayer, Philadelphia Cream cheese, Wattie’s and Planters. In 2018, Kraft was ranked number 114 in the Fortune 500 list of the largest corporations in the US based on its revenue. Its most popular chocolate products include Baker’s chocolate, Daim, Freia, Jet-puffed, Cote d’or, Lacta, Marabou, Milka, Toblerone, Terry’s, Prince Polo and Trakinas.
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Disclosure: None. Top 10 Chocolate Companies in the World is originally published on Insider Monkey.