North America Chocolate Market - Segmented by Product Type, Distribution Channel and Geography - Growth, Trends, and Forecast (2022 - 2030)
The North America Chocolate market is expected to reach USD 27.87 billion by 2023, witnessing a steady CAGR over the forecast period. Impulse purchasing, increased demand for healthy snacks and rising interest in premium and seasonal chocolates are driving the market. The demand for premium chocolate has increased in recent years driven by rising consumer interest in organic chocolates.
US holds the major share in the market with a total consumption crossed 1,376 million Kg in 2017. Mexico is the fastest growing country followed by Canada driven by increased demand for premium chocolates.
Innovations and Seasonal Demand Boosting Sales
Companies are introducing on various varieties of chocolates focused on seasonal or occasion. Chocolate giant Hershey, launched new product Hershey Gold, a caramelized cream with peanut and pretzels. The company reported a growth in its sales after its investment in its power chocolate brands- Reese’s, Hershey’s, Kit Kat, and Kisses. The combined retail takeaway on these brands in the US in Q3 2017 was 5%. More than 50% of the Americans consume chocolate once in a week or more. About 32% of the chocolate buyers in North America buy more chocolates during holidays, occasions and in hand personal consumption. About 41% of Americans aged between 18-24 purchase chocolates to treat oneself and mood enhancement. Besides, consumers are looking for mix-in varieties of chocolates as compared to plain and unflavored one. Chocolate confectionery mostly focused on seasonal chocolate in the US. About 42% of the seasonal chocolate was introduced in the US among the total chocolate launched. Changes in shape and packaging are the key focus adopted by companies to increase sales.
Countlines in High Demand
Countlines is the most consumed chocolates in the region which is expected to register a CAGR of 3.4% during forecast period. Countline is expected to maintain its dominance during the forecast period. The demand for countline sales is largely driven by on-the-go and convenient pack style of products. Countline includes chocolate bars, which are consumed as snacks and treat. The seasonal chocolate sale follows the countline, owing to occasions and gifting chocolate trend. Increased seasonal chocolate gifting trend, demand for premium chocolate and attractive packaging have driven the boxed assortment chocolate sales.
Key Developments
• April 2018 - Nestle planned to launch Ruby chocolate in North America. Nestle is the first consumer company to launch innovative ruby chocolate developed by Barry Callebaut
• June 2017 - The Hershey Co., the leading chocolate player in North America launched various new products under its popular brands- Hershey's Cookie Layer Crunch bars, Reese's and Hershey's Crunchers candy, and Reese's Crunchy Cookie Cups
The North America Chocolate market is competitive with various multinational players accounting for major share. New product innovation focused on health and packaging are the main strategy adopted by the key player. The Hershey Co and Mars Wrigley Confectionery dominates the market with more than 50% of the value share.
Major players include - MARS INC., FERRERO, NESTLE SA, HERSHEY CO., MEIJI CO. LTD., amongst others.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Market value (USD Million) and volume (Kg Million) data for each segment and sub segment
• Distribution Channel sales Analysis by Value
• Competitive landscape involving the market share of major players, along with the new product launch and strategies adopted by players in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs
US holds the major share in the market with a total consumption crossed 1,376 million Kg in 2017. Mexico is the fastest growing country followed by Canada driven by increased demand for premium chocolates.
Innovations and Seasonal Demand Boosting Sales
Companies are introducing on various varieties of chocolates focused on seasonal or occasion. Chocolate giant Hershey, launched new product Hershey Gold, a caramelized cream with peanut and pretzels. The company reported a growth in its sales after its investment in its power chocolate brands- Reese’s, Hershey’s, Kit Kat, and Kisses. The combined retail takeaway on these brands in the US in Q3 2017 was 5%. More than 50% of the Americans consume chocolate once in a week or more. About 32% of the chocolate buyers in North America buy more chocolates during holidays, occasions and in hand personal consumption. About 41% of Americans aged between 18-24 purchase chocolates to treat oneself and mood enhancement. Besides, consumers are looking for mix-in varieties of chocolates as compared to plain and unflavored one. Chocolate confectionery mostly focused on seasonal chocolate in the US. About 42% of the seasonal chocolate was introduced in the US among the total chocolate launched. Changes in shape and packaging are the key focus adopted by companies to increase sales.
Countlines in High Demand
Countlines is the most consumed chocolates in the region which is expected to register a CAGR of 3.4% during forecast period. Countline is expected to maintain its dominance during the forecast period. The demand for countline sales is largely driven by on-the-go and convenient pack style of products. Countline includes chocolate bars, which are consumed as snacks and treat. The seasonal chocolate sale follows the countline, owing to occasions and gifting chocolate trend. Increased seasonal chocolate gifting trend, demand for premium chocolate and attractive packaging have driven the boxed assortment chocolate sales.
Key Developments
• April 2018 - Nestle planned to launch Ruby chocolate in North America. Nestle is the first consumer company to launch innovative ruby chocolate developed by Barry Callebaut
• June 2017 - The Hershey Co., the leading chocolate player in North America launched various new products under its popular brands- Hershey's Cookie Layer Crunch bars, Reese's and Hershey's Crunchers candy, and Reese's Crunchy Cookie Cups
The North America Chocolate market is competitive with various multinational players accounting for major share. New product innovation focused on health and packaging are the main strategy adopted by the key player. The Hershey Co and Mars Wrigley Confectionery dominates the market with more than 50% of the value share.
Major players include - MARS INC., FERRERO, NESTLE SA, HERSHEY CO., MEIJI CO. LTD., amongst others.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Market value (USD Million) and volume (Kg Million) data for each segment and sub segment
• Distribution Channel sales Analysis by Value
• Competitive landscape involving the market share of major players, along with the new product launch and strategies adopted by players in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs
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