North America Chocolate Market Analysis Based On Type, Distribution Channel And Country
North America Chocolate Industry Overview
The North America chocolate market size was valued at USD 39.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. Impulse purchases and increased interest in luxury and premium chocolates are two key elements driving the market.Chocolate manufacturers are increasingly investing in the creation of reduced sugar or sugar-free goods as customers become more health conscious, particularly as the number of instances of obesity and diabetes have been rising.
COVID-19 had an influence on the chocolate industry when it first appeared in 2020. However, with the relaxation of limitations on both imports and exports across North America, the market has become more stable. The premium segment of the chocolate industry was severely impacted by low sales volume as a result of the COVID-19 epidemic, which was caused in part by supply-side concerns related to quality and certification. Following the relaxation of prohibitions, chocolate demand increased in the U.S., particularly during festive seasons such as Halloween and Christmas. This is likely to have a significant contribution to the market's revival.
Gather more insights about the market drivers, restrains and growth of the North America Chocolate market
The bakery and confectionery sectors in North America are expected to increase throughout the projected period, owing to growing customer desire for low-sugar sweets. Due to increased demand for organic and cocoa-rich chocolates and bakery items, chocolate products are likely to dominate the region. Premium bakers utilize chocolate cups to increase the visual value of their products. These establishments cater to affluent customers by serving puddings, mousse, custards, and other chocolate-based treats. This trend is likely to drive the demand in North America throughout the projection period.
Cocoa product regulations are anticipated to have a significant impact on the North American sector. Regulations enforced by the FDA in the U.S. are projected to provide customers with assurance of safe and enhanced quality cocoa, cocoa products, confectioneries, and related items, which is predicted to stimulate demand in the region. Due to the sheer continuous fitness movement in North America, health concerns about excessive sugar content are stifling development in the chocolate business. It does, however, provide a chance for entrepreneurs to develop low-sugar and natural ingredients-based chocolates.
The health and wellness movements are also driving up purchases of dark chocolate, moving the North American confectionery sector ahead. Dark chocolate contains a variety of minerals and fiber. It also functions as an antioxidant and may help to reduce the risk of heart disease. These are made from a variety of ingredients, the most important of which is cocoa. Other substances used in dark chocolate manufacturing include sugar, dairy products, nuts, and maize sweeteners. All of the aforementioned raw materials' pricing is determined by the commodity market.
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North America Chocolate Market Segmentation
Grand View Research has segmented the North America chocolate market based on type, distribution channel and country.
North America Chocolate Type Outlook (Revenue, USD Million; 2017 - 2030)
- Dark
- Milk
- White
North America Chocolate Distribution Channel Outlook (Revenue, USD Million; 2017 - 2030)
- Online
- Offline
North America Chocolate Country Outlook (Revenue, USD Million; 2017 - 2030)
- North America
- S.
- Canada
- Mexico
Market Share Insights
- May 2021: The Hershey Company signed a binding deal to buy Lily's, a high-growth, better-for-you (BFY) candy brand. Dark and milk chocolate style bars, as well as other confection goods that meet Hershey's approach, are among Lily's low-sugar offerings
- November 2020: Ferrero North America, a division of the Ferrero Group, expanded its chocolate manufacturing capacity at its Bloomington facility. According to the corporation, the expansion would cost roughly USD 75 million, and the building will begin in the spring of 2021.
Key Companies profiled:
Some of the key playersoperating in the North America Chocolate market include: -
- The Hershey Company
- Mars, Incorporated
- Nestlé
- Ferrero
- Chocoladefabriken Lindt & Sprüngli AG
- Godiva
- Ghirardelli Chocolate Company
- Mondelēz International
- General Mills Inc.
- Clif Bar & Company
Order a free sample PDF of the North America Chocolate Market Intelligence Study, published by Grand View Research.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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