Canada Chocolate Market Overview, 2027

After the industrial revolution, chocolate was viewed as the major treat for the world's large population, aided by mass production. Chocolate, a sweet tasting delicacy savoured by all ages. In the early days, chocolate was just another casual food item, but over the years it has changed people’s perspectives regarding it. Chocolate being popular amongst the country is driven by the increased disposable incomes and self-indulgent products. The introduction of dark chocolates and ruby chocolates by major manufacturers is expected to shoot out the demand. The increasing trend of gifting chocolates on special days, occasions, or festivals is also becoming a major factor to the contribution of bulk chocolates in the market. The emerging trend of organic products to maintain health has propelled demand for dark chocolates and sugar-free chocolates. However, increased prices of cocoa beans have forced chocolate makers to substitute them to palm oil, soybean oil, Shea, rapeseed oil and other ingredients that maintain the cost efficiency for the consumers.

According to the research report "Canada Chocolate Market Overview, 2027" published by Bonafide Research, it is expected that the chocolate market will grow rapidly over the forecast period. The major driving force is an increase in the demand for dark chocolates, as consumers are inclined towards healthy eating habits. Milk chocolates will be less popular in the future than dark or white chocolates. The key chocolate players are actively pondering launching new products and expansion. Countries like Ghana, Nigeria, Brazil, Indonesia, etc. account for the world's largest cacao supply. Unique products with the inclusion of natural and organic ingredients have let consumers come back for more. The production of cocoa beans is highly affected due to increased weather uncertainties as it requires a hot and humid climate to grow, which acts as a market restraint. Box chocolates have been viewed as a growing trend in the chocolate market in the last couple of years. From bean to bar implies that the creator controls each progression of the creation procedure, from purchasing the cocoa beans to the formation of the chocolate bar. The 3D printing era has made sure that the chocolate market has taken a completely new level and has impacted the chocolate industry.

Dark chocolates are the healthiest of all chocolate types. Creating a balanced relationship with dark chocolate may have a significantly positive impact on overall health. Dark chocolate contains powerful antioxidants. Epicatechin flavanols are compounds found in plants that fight inflammation and protect against cell damage caused by free radicals. Increases heart health, reduces blood pressure, and increases blood circulation to the heart, thus lowering the risks of stroke. It balances the immune system, which is caused by cells fighting against free radicals, which are a common cause of many diseases. Combats diabetes by improving insulin utilisation and improves brain function by improving reaction time, visual-spatial awareness, and memory. Boosts athletic performance, which supports circulation and reduces the amount of oxygen an athlete uses while engaged in moderately intense exercise. Reduces stress after eating dark chocolate. There were reduced levels of the stress hormone cortisol. 

The supermarket/hypermarket segment has the highest share due to versatile product availability. The online segment is anticipated to be the fastest growing over the forecast period. Increased internet penetration in the country and high adoption of online purchasing has witnessed significant growth in the past few years. The major driving factors for online sales would be Generation X, millennials, and generation Z's parents' access to the internet and e-commerce access.

The pandemic had considerably affected chocolate production. The restrictions imposed led to losses for farmers growing cocoa, as the production exceeded the demands. Due to the imposed lockdown, labour immobility, and raw material scarcity, the production units faced difficulties. However, due to health reasons, consumers switched to dark chocolate during the pandemic, as it was low in calories and benefited the heart.

Considered in this report:

• Geography: Canada
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report

• Canada chocolate market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type in the report:

• Dark
• White
• Milk

By Application in the report:

• Everyday
• Seasonal/ Gift Box
• Premium
• Gourmet

By Sales Channel in the report:

• Supermarket & Hypermarket
• Convenience Store
• 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, analysing 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.