North America Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Chocolate Market is growing at a CAGR of 3.5% during the forecast period (2020-2025).

Key Highlights

• Impulse purchasing and rising interest in premium and seasonal chocolates are some of the important factors driving the North America chocolate market. In addition, health benefits associated with the consumption of organic and dark chocolate, coupled with increasing demand for chocolates across various applications including confectionery products and flavored food has further propelled chocolate demand in North America.

• Health concern related to high sugar content is restraining growth. However, it is providing an opportunity for companies to come up with low-sugar and organic chocolates.

Key Market TrendsHershey's Remains a Prominent Player in the Region

The US chocolate market is dominated by leading chocolate companies including Hershey's, Mars, Lindt, and Nestle, which hold a majority of the market share. These companies are constantly innovating and adjusting their product offerings according to market demand. The release of Mars Wrigley Confectionery’s white chocolate M&M’s and Twix dark chocolate in 2017 are examples of brands that are following the consumer demand for healthier and higher-quality products. These chocolate products come in different appearances and differentiated packaging. They are mostly displayed in the confectionary passage and at the checkout point of the stores to catch the attention of the buyers.

Expanding Segment of Premium Chocolates

The sales of low-quality chocolate have been declining due to the increased preference for premium chocolates. Innovative flavors act as a major driver for this market. Additionally, innovative packaging has said to further drive the market. Categories such as Novelty Chocolates, Sugar-Free Chocolates, Gift Boxes, and Snack Size Chocolate Bars are widely sold in the U.S., with items greater than 35 oz being the most sold category. The rise in income along with an increased indulgence for sweet food is attributed to larger packets of chocolate being preferred. Additionally, the premium chocolate segment in the United States is expanding and it can be a huge opportunity for entrepreneurs focusing on this segment.

Competitive Landscape

The North America Chocolate market is highly consolidated with various multinational players accounting for the major share. The Hershey Company and Mars, Incorporated and its Affiliates dominate the market with more than 50% of the value share. The most active companies in the market include key players, such as The Hershey Company, Mars, Incorporated and its Affiliates, Ferrero, and Nestle SA. The primary strategy adopted by the key players is new product innovation that focusses on health, flavor, and packaging.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

The Hershey Company
Mars, Incorporated and its Affiliates
Ferrero
Nestle SA
Meiji Holdings Co. Ltd.
Lindt & Sprungli

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