Top 20 Chocolate Companies in the World by Revenue
In this article, we will discuss the Top 20 Chocolate Companies in the World by revenue. You can skip our detailed analysis of the global chocolate market, sweet innovations in the chocolate industry, and chocolate companies being innovative by going directly to the Top 5 Chocolate Companies in the World by Revenue.
Chocolate is the epitome of comfort food. Every country on the globe has its own chocolate-related culture and manufacturing. Whatever its form, chocolate is virtually universally liked, whether it's as a staple of your diet or an occasional indulgence.
Global Chocolate Market:
Chocolate is a confection made from cacao beans, which are harvested, fermented, dried, roasted, and ground into cocoa mass, being the main component of chocolate. After further processing, this mass can be made into a variety of kinds of chocolate, such as milk chocolate, white chocolate, and dark chocolate.
Recent years have seen strong growth in the global chocolate market size, estimated at $119.39 billion in 2022. Consumer awareness of the advantages of eating high-quality chocolate for their health continues to be the primary market driver. The increasing desire for chocolate that is sugar-free, vegan, organic, and gluten-free will also be a driving force behind product demand in the upcoming years, which is anticipated to sweeten and grow at a compound annual growth rate (CAGR) of 4.1% from 2024 to 2030 according to Grand View Research. The global chocolate market was impacted by the COVID-19 epidemic. The National Confectioners Association (NCA) State of Treating Report 2021 states that during the pandemic period in 2020, chocolate sales increased by 4.2%. While the government's lockdowns hindered market expansion, individuals stocked up on packaged and processed foods during the epidemic, which in turn raised demand for chocolates. According to Grand View Research, on a global scale, the European chocolate market held a 47.41% revenue share in 2023. The growing demand for dark chocolate among consumers in the region propels regional market growth.
“Sweet Innovations” in the Chocolate Industry:
Growing consumer awareness is driving a significant change in the chocolate industry. Specialty chocolate demand is expected to rise, according to the National Confectioners Association's (NCA) State of Treating Report 2021. Chocolate that is organic, vegan, gluten-free, and sugar-free is becoming increasingly popular. Single-origin and bean chocolates, prized for their unique tastes, are on the rise. Research from organizations such as the Cleveland Clinic, which links dark chocolate to better blood circulation, suggests that mental health awareness is impacting the amount of dark chocolate consumed. The latter also reported that, due to its minimal processing, dark chocolate has the highest amount of flavonoid-rich cocoa beans (cocoa), making it the healthiest type of chocolate.
Dark chocolate sales are predicted to sweeten from $65,615.7 million to around $1,31,934.4 million, with a value-based compound annual growth rate (CAGR) of 7.2%, as per Persistence Market Research. In an exciting move to broaden its chocolate options, Mars Wrigley India 2023 launched and started producing GALAXY FUSIONS Dark Chocolate, which boasts an astonishing 70% cocoa content. By adding a delicious dark chocolate variety, this calculated decision would strengthen Mars Wrigley India's position in the molded chocolate market and expand the GALAXY brand range.
Moreover, in the chocolate sector, ethical and environmental standards are becoming essential. Concerns over the ethical and environmental implications of cocoa manufacturing are growing among consumers. In response, businesses are making investments in fair trade policies, transparent supply chains, and sustainable sourcing. For chocolate firms to become premium brands and build client loyalty, they must implement strong marketing and branding strategies. Specifically, social media has grown to be an effective tool for chocolate product marketing, as reported by Imarc.
Chocolate Companies Being Innovative:
Mondelez International, Inc. (NASDAQ:MDLZ) announced a new worldwide research and development (R&D) Innovation Center in Whippany, New Jersey back in 2023. With an expenditure of around $50 million, the state-of-the-art facility can pilot and scale up the production of cookies, crackers, and candies. The Innovation Center offers cutting-edge tools and resources that support snack R&D, such as those for Ritz crackers, Sour Patch Kids candies, and Oreo cookies.
With the launch of the "Never Square" campaign in October 2023, Mondelez International, Inc. (NASDAQ:MDLZ) is positioning the Toblerone brand as a luxury chocolate. The marketing campaign presents Toblerone as a distinctive and superior chocolate, drawing inspiration from luxury brands. Toblerone is launching cutting-edge gifting options and styles to complement the new brand positioning. One such option is Toblerone Truffles, which feature a distinctive diamond shape and a velvety smooth truffle center. To make the chocolate more widely available, the company is also bringing its Tiny Toblerone packets to American merchants. The company aims to offer a range of portion sizes and thoughtful snacking options, and these lower sizes and sharing packs support that objective.
To ensure a supply of more sustainably produced chocolate, Mondelez International, Inc. (NASDAQ:MDLZ) introduced its worldwide cocoa sustainability program, Cocoa Life, in 2012. With a total investment of $1 billion since the program's inception, Mondelez International, Inc. (NASDAQ:MDLZ) is pleased to announce the second phase of its Cocoa Life initiative, which will work with around 300,000 farmers by 2030 and be supported by an additional $600 million through 2030. With this initiative, Mondelez International, Inc. (NASDAQ:MDLZ) hopes to spark innovative sector cooperation to solve systemic issues related to human rights and the environment while also enhancing the livelihoods of cocoa farmers.
In addition, companies are concentrating on new product introductions to sustain market expansion. For example, The Hershey Company (NYSE:HSY) introduced its KIT KAT in January 2022 with two distinct flavors: "Duos Strawberry" and "Duos Dark Chocolate. With both sweet and salty options, The Hershey Company (NYSE:HSY) ‘s business has been developing into a "snacking powerhouse" in recent years. In 2024, the business plans to keep up its focus on innovation.
The manager of strategic communications for The Hershey Company (NYSE:HSY), Allison Mason, spoke with Maggie Kaeppel of The Griffin Report of the Northeast at the 2023 Sweets & Snacks Expo held at McCormick Place in Chicago. Mason mentioned that The Hershey Company (NYSE:HSY) had recently introduced Milklicious Kisses, which have a creamier chocolate milk filling and are "perfect for the parent and child occasion;" Churro-flavored KitKats, which encapsulate "that buttery, crispy, cinnamon sugar flavor;" and the "popping treat" that comes with the Hershey's White Crème with Sprinkles Popping Candy Bar.
With that said, here are the Top 20 Chocolate Companies in the World by revenue.
Methodology:
We have picked the Top 20 Chocolate Companies in the World by revenue based on their annual revenue for 2022. For private companies on our list, we estimated their revenues by comparing them with public companies of the same size and in the same industry. It is pertinent to note that we have taken into account conglomerates although they are not pure-play companies and don’t make the bulk of their revenue from chocolates, still have a significant impact on this industry.
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Top 20 Chocolate Companies in the World by Revenue
20. General Mills, Inc. (NYSE:GIS)
2022 Revenue: 18.993 million
As one of the top manufacturers of packaged consumer goods in the US, General Mills, Inc. (NYSE:GIS), specializes in flour, prepared mixes, breakfast cereals, snacks, and related goods. Additionally, General Mills, Inc. (NYSE:GIS) is among the biggest food service manufacturers worldwide with its headquarters situated in Minneapolis, Minnesota. Cocoa Puffs is a popular cereal brand from General Mills, Inc. (NYSE:GIS) that is incredibly crunchy, chewy, and chocolatey.
19. Crown Confectionery
2022 Revenue: $311.33 million
Crown Confectionery, a confectionery public company founded in 1947, is based in Seoul, Korea. Its manufacturing facilities are located in Anyang Gyeonggi-do and Jungrang-gu Seoul. This renowned and time-honored biscuit brand owes its reputation to the invention of Big Pie and Sando. In addition to chocolates, Crown Confectionery produces cookies, crackers, biscuits, and various other snacks. As a result, it has emerged as one of the world's leading chocolate companies in the world, boasting an impressive annual revenue of $311.33 million.
18. Arcor Group
2022 Revenue: $625 million
Arcor is an Argentine food company that specializes in confectionery. Arcor began as a small business in the province of Córdoba and has expanded to evolve into a global company that offers an extensive variety of consumer products. As a confectionery manufacturer, the company makes baked goods, chocolates, snacks, ice cream, cookies, and crackers. It also produces agricultural products such as blended syrups, glucose, maltose, fructose, starches, sugar, oils, animal nutrition, and dairy products, as well as packaging and products that are gluten-free and nutritious. Arcor Group is one of the major players in the chocolate market, with over 45 industrial sites spread over Latin America.
17. Bourbon Corporation
2022 Revenue: $631.93 million
Since its foundation in 1924, Bourbon Corporation, with its headquarters located in Niigata, Japan, has dedicated itself to offering consumers a comprehensive selection of snack foods, beverages, and confectionery that is both safe and of the finest quality. Bourbon has become a prevalent and trustworthy brand in Japan and other countries due to its customer-first culture and attention to quality control. In Japan, Bourbon has the largest market share of biscuits and cookies.
This company provides healthy foods and functional foods to prevent diseases associated with lifestyle choices. Furthermore, Bourbon runs the New Food Research Section, the Laboratory for Advanced Health Sciences, and the Nutraceuticals Science Laboratory. In China, the company supplies convenience stores, supermarkets, and hypermarkets with its goods. Bourbon's confections are marketed in the United States by Bourbon Foods USA. Bourbon is one of the top chocolate corporations in the world by revenue.
16. Moringa and Co. Ltd
2022 Revenue: $1.21 billion
Morinaga is one of the biggest chocolate sellers in Japan and also produces confections and candies. Popular Japanese confectionery goods, including Hi-Chew candies and Dars chocolate bars, are produced by Morinaga.
One of the best-known chocolate brands, DARS, was established in 1993 in Japan by Morinaga & CO., Ltd., which has been making chocolate for more than a century. Within each piece of this exquisite chocolate lies the heritage and collected techniques passed down throughout its long history. Anytime, anyplace, a bite-sized, smooth-mouthed chocolate will make you happy.
In 2022, Morinaga & Co., Ltd. declared that Cocoa Horizon-certified, sustainably grown cacao from the Barry Callebaut Group was being used to make their renowned Koeda chocolate. Furthermore, Koeda Chocolate's product packaging has been updated, with an emphasis on eco-friendly materials.
15. August Storck KG
2022 Revenue: $1.70 billion
Berlin is home to the German confectionery company August Storck KG, which has offices in Denmark and Germany. August Storck is well-known for producing chocolates in addition to candies. The best-selling chocolate products from this company are Bendicks, Riesen, and Toffifay. Additionally, this company produces several chocolate goods, such as Moser-Roth and Chateau chocolate, only for the grocery chain Aldi.
14. Ezaki Glico Group
2022 Revenue: $2 billion
Founded in Osaka in 1932, Glico is a prominent confectionery and snack maker in Japan. There are five business segments within the company. The food and confectionery segment offers products like chocolate, retorts, gum, biscuits, and snacks. Pocky, a chocolate-covered biscuit stick that combines the ideal combination of velvety chocolate and biscuit crunch, is Glico's most popular product. Since its 1966 creation in Japan, Pocky has grown to become one of Asia's top-selling chocolate treats. It is one of the biggest chocolate producers in the world.
13. Orion Confectionery (Korea)
2022 Revenue: $2.16 billion
Orion is one of South Korea's largest confectioners, alongside Lotte Confectionery. The conglomerate distributes and sells its products abroad more than in its home market. Orion, renowned for its Pokachip potato chips and Choco Pie cakes, has diversified its product line in recent years, operating mainly in the US, China, Vietnam, and Russia.
12. Pladis (UK)
2022 Revenue: $2.50 billion
Pladis is a private British company that produces snack foods and sweets. It has 25 bakeries spread across 11 countries, and it distributes its snacks to nearly 4 billion customers worldwide. 3,400 of the 4,100 employees of the company are based in the UK and are employed in production plants around the nation. Godiva Chocolate is a premium chocolate producer renowned for its luxurious chocolate goods, owned by Pladis. Though Pladis produces an assortment of chocolate goods, the Godiva brand is the most widely recognized. Hence, Pladis is one of the companies with the number 1 chocolate bar.
11. Haribo GmbH
2022 Revenue: $2.95 billion
Dedicated to producing confectionary items, Haribo is one of the biggest German chocolate retailers globally. Inventing gummy bears and, more broadly, gummy candy in general is one of their greatest claims to fame. Haribo is known for its licorice, Happy Cola candies, and Chamallow (chocolate marshmallow) goods.
10. Perfetti Van Melle
2022 Revenue: $3.22 billion
One of the leading confectionery producers in the world, Perfetti Van Melle was established in 2001 when Perfetti Spa of Italy acquired Van Melle of the Netherlands. Perhaps you are familiar with Perfetti Van Melle from their chocolate products, Chupa Chups lollipops, or Airheads taffy. They also have incredibly well-liked mint and gum brands, such as Mentos.
9. Lindt and Sprungli
2022 Revenue: $5.67 billion
Having been in the premium chocolate business for over 175 years, Lindt and Sprüngli have earned a reputation as one of the industry leaders. The Swiss company is regarded as one of the most recognizable chocolatiers on the market and is accessible in over 120 nations worldwide, providing an extensive array of products. Lindt and Sprüngli, widely regarded as one of the most cherished chocolate companies, have been bringing delight to people all over the world with their bars and tiny single pieces in an assortment of flavors, such as milk chocolate, peanut butter, mint chocolate, and many more. The Lindt Brand-premium chocolate brand, created with the highest quality cacao, remains the company's worldwide key brand. Lindt and Sprungli is one of the most well-known chocolate companies.
8. Meiji Co. Ltd
2022 Revenue: $6.77 billion
Meiji is a Japanese company that makes chocolates, pharmaceuticals, and other snack foods. Although Meiji products may not be as well-known to American audiences as they are to Japanese candy enthusiasts, this could change in the years to come. This company continues to expand at a steady pace, becoming one of the largest chocolate companies in the world with an annual revenue of a whopping $6.77 billion in 2022. Meiji is one of the 20 Chocolate Companies in the World by revenue.
Some of the most favorite products of Meiji candies comprise chocolate (and other flavors) alongside crispy biscuits. This encompasses their Meiji’s of Kinoko no Yama, Yan Yan, and Hello Panda.
7. Barry Callebaut
2022 Revenue: $9.23 billion
As one of the top producers of premium chocolate and cocoa products worldwide, Barry Callebaut has been in the chocolate industry for more than 150 years. With operations in almost 45 countries and over 65 production facilities, this Swiss company employs over 13,000 people worldwide. It was established in 1996 as a result of the union of the Belgian chocolate manufacturer Callebaut with the French company Cacao Barry. Among Barry Callebaut's many brands are Chocovic, Caprimo, and Callebaut.
6. The Hershey Company (NYSE:HSY)
2022 Revenue: $10.42 billion
With more than 90 brands, The Hershey Company (NYSE:HSY) is one of the biggest producers of chocolate in the world by revenue as well as popularity. In addition to selling beverages like milkshakes and baked goods like cookies and cakes, the company also produces other goods. Probably one of the most well-known American candy bars of the 20th century was The Hershey Company (NYSE:HSY) Milk Chocolate, with its brown and silver packaging. The most prominent Hershey's goods are Reese's Peanut Butter Cups, Hershey's Kisses, and Hershey's milk chocolate. The Hershey Company (NYSE:HSY) is one of the world’s number 1 chocolate company.
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Disclosure: None. Top 20 Chocolate Companies in the World by Revenue is originally published on Insider Monkey.