Market Size of north america chocolate Industry
| Icons | Lable | Value |
|---|---|---|
|
Study Period | 2018 - 2030 |
|
Market Size (2024) | USD 32.94 Billion |
|
|
Market Size (2030) | USD 45.20 Billion |
|
Largest Share by Distribution Channel | Supermarket/Hypermarket |
|
|
CAGR (2024 - 2030) | 5.41 % |
|
Largest Share by Country | United States |
Major Players |
||
|
||
|
*Disclaimer: Major Players sorted in no particular order |
North America Chocolate Market Analysis
The North America Chocolate Market size is estimated at 32.94 billion USD in 2024, and is expected to reach 45.20 billion USD by 2030, growing at a CAGR of 5.41% during the forecast period (2024-2030).
32.94 Billion
Market Size in 2024 (USD)
45.20 Billion
Market Size in 2030 (USD)
5.51 %
CAGR (2018-2023)
5.41 %
CAGR (2024-2030)
Largest Segment by Confectionery Variant
60.29 %
value share, Milk and White Chocolate, 2023
The innovative flavor offerings and the versatility of white chocolate and the varied taste profiles in the region are anticipated to drive the segment's growth.
Largest Segment by Distribution Channel
46.71 %
value share, Supermarket/Hypermarket, 2023
Consumers in the region are increasingly purchasing from supermarkets and hypermarkets due to wide offerings and expanding shelf space for innovative chocolate products.
Fastest-growing Segment by Confectionery variant
6.15 %
Projected CAGR, Dark Chocolate, 2024-2030
Rising health awareness among consumers about dark chocolate's nutritional content, flavor profile and stress-relieving ability is expected to drive the demand in the region.
Fastest-growing Segment by Distribution Channel
6.28 %
Projected CAGR, Online Retail Store, 2024-2030
Increasing product awareness, broad selection make it easier to market chocolate products directly to consumers online. Thus,the segment is expected to be the fastest-growing.
Leading Market Player
28.94 %
market share, The Hershey Company, 2022
The differentiated market strategies used by The Hershey Company, along with strong manufacturing & distribution capabilities, are contributing to its leadership position.
The North American distribution network is dominated by supermarkets/hypermarkets and other segments, which together make up almost 70% of the market share in 2023
- The overall distribution channel in North America is playing a vital role in the growth of the chocolate market. Under the overall distribution segment, the retailers offer a wide variety of chocolate products to drag the consumer focus. In addition, the retailers have segmented the chocolates into a wide variety of flavors, textures, packaging, etc. In 2023, by value, the overall share of the distribution channel registered a growth of 5.16% compared to 2022.
- By value, supermarkets and hypermarkets were considered the major retailers in North America. These retailers sell chocolates in varied price ranges (low, medium, and high). The average selling price of dark chocolate was USD 3.12 in 2023. Due to the respective aspect, consumers are majorly trending toward these retailing units as it is promoting the consumer buying power in this region.
- Convenience stores were the second largest retailers and became an important part of the retailing channel in 2022. These stores have the capability of offering a greater convenience experience to their consumers. In 2023, it was observed that Becker's owed 45 stores in Ontario.
- The online retailing segment emerged to be the fastest-growing retailer in North America in 2023. With the growing penetration of internet users, the demand for online grocery has become a crucial part of the region's retailing segment. By the end of 2021, the total number of internet users in the United States was 89.5 million, or 75.7% of the total population.
- During the forecast period (2026-2029), it is expected that the market will grow by 5.58% by value. The major factor that will be driving the chocolate industry is linked to the growing demand for premium chocolates among the population.
Understand The Key Trends Shaping This Market
Download Sample
The United States leads the regional value during the study period, followed by Canada together held a share of 90% by value in 2023
- The chocolate segment in North America registered a growth rate of 5.16% in 2023 compared to 2022. The diversification of flavors, increasing disposable income, and changing consumer preferences have led to the growing demand for chocolate in the region.
- The United States holds the major share in the region, supported by the highest consumption of chocolate products in the country. In 2023, the consumption of chocolates in the United States reached around USD 25,767 million, which represented a 10.1% growth from 2021. The consumer’s shift toward high-quality chocolate products, such as single-origin chocolates, handmade chocolates, dark chocolates, organic chocolates, and other chocolate products, is a significant factor driving the chocolate segment in the country.
- As consumers prefer various types of chocolates, categories such as novelty chocolates, sugar-free chocolates, gift boxes, and snack-size chocolate bars are considered premium and are widely sold in the United States. As of 2022, 78% of the consumers in the country agreed that chocolate makes them happy, and 81% of the consumers see chocolates as a fun part of life.
- Canada is the second-leading country for the sales of chocolate products in the region. The sales value of chocolates in Canada is anticipated to grow by 26.6% in 2026 compared to 2022. Canadians are becoming more health-conscious and are seeking healthier alternatives, even when it comes to indulgent treats like chocolate. Dark chocolate, which is perceived as being higher in cocoa content and containing fewer additives, has gained popularity for its potential health benefits.
