Interest rate hikes, rising inflation, a possible recession: there’s a lot going on in the world right now. So which dessert food are stressed-out consumers turning to for comfort?

Chocolate, it seems, with major chocolate companies reporting a boost in sales during the last quarter.

In the US, for example, Mondelez (NASDAQ: MDLZ), the global snack brand that makes Toblerone, Cadbury and others, reported a 9.3% jump in chocolate sales during Q3; while retail sales of Hershey’s (NYSE: HSY) chocolates shot up by 12.6%.

Closer to home, the Asia Pacific region’s market is expected to grow rapidly in the next six years, at a compound annual growth rate (CAGR) of 5.72%.

The Chinese cocoa market, in terms of volume, is estimated to grow at a CAGR of 6.39% in the same period due to strong demand for chocolate in the country.

As for Australia, our domestic market is also chockers, weighing in at $5.15 billion in 2021 – around $200 per person – and is expected to grow at a CAGR of 7.79% through to 2027.

This resurgence in popularity of the sweet treat began during COVID-19, says US trade organisation National Confectioners Association, with sales of premium ranges increasing by almost 13% in 2020 (compared with the previous year).

Research firm Mintel has similarly reported: “Chocolate grew in 2020 and has maintained that growth; something many industries were not able to do.

“Increased at-home occasions, the need for fun and relief from stress, and the availability and convenience of chocolate all contributed to this upward trajectory.”

Looking ahead, the global chocolate market is expected to reach A$240 billion by 2027, at a CAGR of 4.7% – mouth-watering figures for investors and (literal) consumers alike.

Sources:

• CNN Business, Chocolate is having a moment
• Candy industry, Global chocolate market to reach $160B by 2027
• Researchandmarkets.com, Australia Chocolate Market
• Markets and market, Cocoa and Chocolate market
• Grand view research, Premium Chocolate Market Size