USD 41.09 Billion
North America Chocolate Market Size, Share, Growth Analysis, By Type(Milk Chocolate, Dark Chocolate), By Form(Bars, Boxed Chocolates), By Flavor(Traditional Flavors (e.g., Milk) - Industry Forecast 2024-2031
Report ID:
SQMIG30I2378 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
98 |
Figures:
76
North America Chocolate Market Insights
North America Chocolate Market size was valued at USD 41.09 Billion in 2022 and is poised to grow from USD 42.86 Billion in 2023 to USD 60.03 Billion by 2031, at a CAGR of 4.3% during the forecast period (2024-2031).
In recent years, the North America chocolate market has been changing consumer preferences and demands by growing interest in premium and artisanal chocolates. There is a trend towards high-quality, ethically sourced, and organic chocolate products. Health-conscious consumers are driving demand for dark chocolate, which is perceived as having potential health benefits due to its higher cocoa content.
Additionally, manufacturers are continuously introducing new flavors, formulations, and packaging to meet evolving consumer demands. Innovation in sugar-free, lactose-free, and vegan chocolate options is gaining traction. Limited edition and seasonal offerings contribute to the exclusivity of certain chocolate products, fostering brand loyalty.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Milk Chocolate
Fastest Growth
Dark Chocolate
Growth Rate
4.3% CAGR
North America Chocolate Market ($ Bn)
Country Share for North America Region (%)
North America Chocolate Market Size By Type ($ Bn)
North America Chocolate Market Size By Type (%)
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North America Chocolate Market Segmental Analysis
The North America chocolate market is segmented into four major segments i.e., by type, form, flavor, and region. Based on type, it is divided into milk chocolate, dark chocolate, white chocolate, and others. Based on form, it is bifurcated as bars, boxed chocolates, chocolate candies, chocolate coated nuts, and other chocolate confectionery. Based on distribution channel it is segregated into traditional flavors (e.g., milk, dark), niche or artisanal flavors (e.g., sea salt, chili, lavender), and others. Based on region, the market is segmented into United States, Canada, and Mexico.
Analysis by Type
Milk chocolates have typically held a substantial market share due to the dominant and popular choice among consumers. Moreover, its smooth and sweet flavor appeals to a broad audience, including children and those with a sweeter tooth.
Due to their surge in popularity, dark chocolates have gained significant growth. The market is driven by the perceived health benefits associated with higher cocoa content. The demand for premium and dark chocolate with unique flavor profiles has been on the rise.
Analysis by Form
Chocolate bars have long dominated the North America chocolate market as it has been a dominant form of chocolate consumption. It offers convenience and is available in a wide range of flavors, catering to various consumer preferences.
The boxed chocolates market’s fastest-growing segment, especially during seasonal occasions like Valentine's Day and Christmas, have a significant market presence. Premium and artisanal chocolates, often available in unique and sophisticated packaging, could continue to gain popularity. Consumers are increasingly seeking high-quality and distinctive chocolate experiences, which may drive growth in this category.
North America Chocolate Market By Type, 2023 (%)
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North America Chocolate Market Regional Insights
The United States has historically dominated the North America Chocolate market due to a larger consumer base. The region’s diverse consumer base develops strong demand for various types of chocolate products. Established chocolate brands and a culture of chocolate consumption contribute to North America's dominance in the market.
Canada, like their U.S. counterparts, are increasingly health-conscious, seeking nutritious and convenient snacking options. Consumer preferences and market trends in Canada align closely with those in the United States, with a demand for diverse and high-quality chocolate offerings. The evolving consumer preferences, cultural factors, and regional trends.
North America Chocolate Market By Region, 2024-2031
- Largest
- Fastest
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North America Chocolate Market Dynamics
Drivers
Increasing Ever-evolving Consumer Preferences and Health-conscious Trends
- The growing inclination toward premium and artisanal chocolates is observed. Consumers are increasingly seeking high-quality and unique flavor experiences, influencing the market's direction. Additionally, health-conscious trends contribute to the market dynamics, with dark chocolate gaining popularity for its perceived health benefits.
Restraints
High Volatility in Raw Material Prices and Health Concerns
- One of the main market restraints is the fluctuations in cocoa prices can impact production costs, potentially leading to increased prices for end consumers. Additionally, health concerns related to sugar and calorie content in chocolate products contribute to a restraint, especially as consumers become more health-conscious. The industry also faces challenges related to environmental sustainability, with the ecological impact of cocoa cultivation and deforestation raising concerns.
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North America Chocolate Market Competitive Landscape
The competitive environment of the North America Chocolate market is dynamic and marked by intense rivalry among key players vying for market share and consumer loyalty. The industry leaders often engage in strategic partnerships and acquisitions to enhance their market presence and diversify their offerings. At the same time, the market is witnessing the emergence of niche and artisanal chocolate producers, capitalizing on the growing consumer demand for unique and premium chocolate experiences.
Top Player’s Company Profiles
- The Hershey Company
- Mars, Incorporated
- Nestlé S.A.
- Ferrero International S.A.
- Mondelēz International, Inc.
- Meiji Holdings Company, Ltd.
- Chocoladefabriken Lindt & Sprüngli AG
- Yildiz Holding A.S.
- Theo Chocolate, Inc.
- Maverick Chocolate Co.
- Godiva Chocolatier, Inc.
- Ghirardelli Chocolate Company
- Russell Stover Candies, Inc.
- Dove Chocolate Discoveries
- Ethel M Chocolates
- Vosges Haut-Chocolat
- Lake Champlain Chocolates
- Divine Chocolate Ltd.
- Endangered Species Chocolate
- Amano Artisan Chocolate
Recent Developments
- In June 2023, Puratos Canada revealed its acquisition of Foley's Chocolate, a distinguished manufacturer of authentic and compound chocolate catering to North American industrial enterprises. This strategic move positions Puratos as a prominent player in the Canadian chocolate industry, solidifying its status as the sole indigenous producer of bakery, patisserie, and chocolate ingredients in the country.
- In July 2023, Theo Chocolate, based in Seattle, revealed plans to merge with American Licorice Company, a candy manufacturer based in the United States. The financial specifics of the agreement were not disclosed. The completion of the merger with American Licorice is anticipated in the third quarter of 2023.
North America Chocolate Key Market Trends
Rising Consumer Demand for Premium and Artisanal Chocolate Products
- The increased consumers are increasingly seeking unique flavor experiences and are willing to explore high-quality, ethically sourced chocolates. Dark chocolate continues to trend upward, driven by its perceived health benefits and the rising popularity of unique cocoa blends. Another significant trend is the industry's response to environmental concerns, with a noticeable shift towards sustainable and eco-friendly practices in both cocoa sourcing and packaging.
North America Chocolate Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
North America chocolate market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market displays robust growth driven by consumer preferences for premium and artisanal chocolates. Dark chocolate gains traction due to perceived health benefits. However, volatile cocoa prices pose a restraint. Product innovations, including functional and sustainable options, thrive. The United States dominates, fueled by urban centers, while online retail experiences accelerated growth. Key trends include a surge in premiumization, health-conscious offerings, and a sustainable sourcing focus. As of now, the market's dynamism and adaptability underscore its resilience amid evolving consumer demands and industry innovations.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 41.09 Billion |
| Market size value in 2031 | USD 60.03 Billion |
| Growth Rate | 4.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on North America Chocolate Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on North America Chocolate Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the North America Chocolate Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the North America Chocolate Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the North America Chocolate Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the North America Chocolate Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
North America Chocolate Market Report Snapshots
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