The North America chocolate market size is expected to reach USD 42.16 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 4.7% during the forecast period. Health benefits associated with consumption of dark chocolate, coupled with increasing demand for this product across various applications including confectionery products and flavored eatables, is projected to propel growth.
Consumption of this product as a functional food owing to its nutritional content and stress relieving capability is expected to benefit the market. Increasing seasonal and festival consumption is also projected to fuel growth over the forecast period.
The bakery and confectionery industry in North America is predicted to grow over the forecast period, driven by rising preference of consumers for low-sugar confectionery. Chocolate products are expected to dominate the North American market owing to rising demand for organic and cocoa-rich chocolates and bakery products.
Regulations pertaining to cocoa products is likely to play an important role in the North American industry. Regulations mandated by FDA in U.S. are likely to offer assurance for safe and improved quality cocoa, cocoa products, confectioneries, and related products to consumers, which is expected to drive demand in the region.
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Further key findings from the report suggest:
- The dark chocolate market is expected to expand at a CAGR of 7.5% in terms of revenue from 2017 to 2025 owing to health benefits associated with consumption of cocoa-rich products and rising demand for low-sugar confectioneries
- By application, the everyday segment accounted for 52.2% of the revenue in 2016 and is expected to continue its dominance owing to increasing application in bakery and confectionery products, thanks to a shift in consumer preference
- The gourmet application segment is expected to expand at a CAGR of 4.8% in terms of revenue over the forecast period on account of growing popularity of flavored, designer, and handmade confectioneries among consumers in U.S.
- Mexico accounted for 2.8% of the overall revenue in 2016. However, the country is expected to witness substantial growth owing to changing lifestyle patterns among individuals, coupled with increasing initiatives by manufacturers
- The Hershey Company and Mars Inc. are the major players in North America and these companies showed highest strategy adoptions and diverse product portfolio owing to a well-established business in the region.
Grand View Research has segmented the North America chocolate market on the basis of product, application, and country:
North America Chocolate Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- Dark
- Milk
- White
North America Chocolate Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- Everyday
- Premium
- Gourmet
- Seasonal
