North America Chocolate (Milk, Dark, White) Market Outlook, 2027

North America's chocolate market is highly supported by the economies of the United States, Canada, and Mexico, with most sales coming from the US, which has key players like Hershey's, Mars, Lindt, and Nestle. The change in taste of customers has made the market shift to dark chocolate from milk chocolate, which was dominating earlier. Besides, the reasons for the purchase have a parallel impact on the buying decisions of the customers, such as the demand for packed and gourmet chocolates, which has increased in the region. Along with these factors, the expanding customer characteristics of online purchases have given their contribution to the industry. Branding and packaging play a pivotal role in targeting consumers. Annual holidays like Easter, Christmas, Halloween, and Valentine’s Day, among others, are the days when there is a steep rise in demand for chocolates. The various types of chocolate products and their variants available on the market are now well known to millennials. The rise of health consciousness among chocolate lovers has now made marketers introduce a different range of chocolates catering to this market segment at a reasonable price. With the availability of an array of chocolate products, perception and buying behaviour have changed drastically. According to the research report, "North America Chocolate Market Outlook, 2027," published by Bonafide Research, the chocolate market in North America is projected to grow at a CAGR of 4.47% over the forecast period. Impulse buying and interest in luxury/premium chocolates are the two key elements driving the growth of the chocolate market in the North American region. Manufacturers in the region are increasingly making sugar-free chocolates that are healthy given the rising incidences of diabetes and obesity in the region. However, the cocoa product regulations are anticipated to have a significant impact on the North American sector. FDA regulations enforced in the U.S. are projected to give assurance of safe and enhanced quality cocoa, cocoa products, confectioneries, and related items, which is predicted to stimulate demand in the region. Due to the sheer continuous fitness movement in North America, health concerns about excessive sugar content are stifling development in the chocolate business.

The milk segment led the market and accounted for a 51% share of the revenue in 2021. It has a low cocoa concentration and high milk content, making them sweet and creamy with a refined taste. Over the projected period, this is likely to emerge as a primary growth driver for the product. Also, chocolate consumption boosts memory, decreases the risk of cardiac strokes and attacks, and strengthens the immune system. It is also abundant in flavonoids, which are antioxidants that eliminate free radicals while increasing blood flow. The supermarket and hypermarket segment held a larger contribution of over 54% in 2021. These stores offer significant advantages to consumers, such as freedom of selection, lower prices, and the high visibility of international brands, which makes them a suitable platform for all types of customers. The success and growing acceptance of premium chocolates are driven by both consumers' desire to indulge in this affordable luxury and the influence of foodie culture. The growth of chocolate retailers, both through franchise expansion and by successful independent shops looking to expand their footprints, is expected to drive the growth of chocolate sales. Due to increased acceptance by consumers of chocolate bars, Mexico is projected to be the fastest growing country in the chocolate market over the forecast period at a CAGR of 5.81%. Until recently, Mexicans consumed chocolate as a drink to retain its integrity of cacao, which resulted in a grittier, rustic texture than European chocolate. More often than not, chilies, cinnamon, sugar and or honey are added to drinks, moles and solid cacao products, like bars of chocolate. Americans think of Mexican chocolate as a disk-shaped chocolate used to make hot chocolate drinks with cinnamon and spices. Chocolate here is still stone-ground using lava stones; it is not conched, tempered or over-refined. But lately, with the popularity of chocolates in the region, the demand in Mexico is increasing substantially. Mexicans are on the spur to taste different chocolates by different manufacturers and in different forms and flavours.

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Manmayi Raval

Research Consultant

The pandemic affected the chocolate industry severely, but with the trade relaxations in 2021, the market is expected to recover quickly. The premium segment of the chocolate industry was severely impacted by low sales volume as a result of the pandemic, which was caused in part by supply-side concerns related to quality and certification. Following the relaxation of prohibitions, chocolate demand increased in the U.S., particularly during festive seasons such as Halloween and Christmas. This is likely to have a significant contribution to the market's revival. Considered in this report • Geography: North America • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • North America chocolate market with its value and forecast along with its segments • Country-wise chocolate market analysis • Various divers and challenges • Ongoing trends and developments • Five force models • Top profiled companies • Strategic recommendation

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Countries covered in the report • United States • Canada • Mexico Types of chocolates in the report • Milk chocolate • Dark chocolate • White chocolate Application of chocolates in the report • Everyday • Seasonal/ Box • Premium • Gourmet Sales Channel of chocolates in the report • Supermarkets & Hypermarkets • Convenience Stores • Online • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to chocolate industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.