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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Application Insights
The everyday segment accounted for 52.2% of the revenue in 2016 on account of its use in the bakery and confectionery industry for decorative purpose, as toppings, and accents. They are also used as ingredients to make puddings, cakes, and cupcakes. Companies are taking initiatives to manufacture healthier products by adding nuts and fruits, which increases nutritive value, thereby leading to growth in demand.
North America Chocolate Market Share Insights
New product development and innovative marketing were among the major growth strategies adopted by manufacturers such as Mars Inc.; Nestle; and Hershey’s. Lindt resorted to improving customer experience with its strong distribution channel and a number of exquisite boutiques to increase its market share and augment market revenues.
The industry is characterized by continuous technological advancements to produce refined products with low sugar content in a bid to gain market share. Companies also resort to introduction of one-of-a-kind, gourmet sweets for special occasions. The vast distribution network of industry players has reduced selling and distribution costs, making them prominent players in the market.
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