Market Size of North America Premium Chocolate Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Premium Chocolate Market Analysis
The North American Premium Chocolate Market is projected to register a CAGR of 7.2% during the forecast period.
The demand for premium confectionery, including chocolate, has been accelerating in recent years as the residents of this region are privileged to own a premium and luxurious lifestyle. Premium chocolates are manufactured from non-GMO and organic cocoa beans, due to which the consumer's interest in these products has expanded substantially. For instance, California Cultured, a US-based startup founded in 2020, focuses on the production of non-GMO chocolate grown from cocoa stem cells. The company has made advances in molecular biology, plant science, and gene sequencing to address the challenge of making chocolate ethically and sustainably based on cell culture technology. The company is also working with suppliers to develop custom cocoa ingredients.
Further, the concept of bean-to-bar is becoming popular in the region, owing to the fewer additives and better quality ingredients used in these chocolates. Bean-to-bar chocolates are made with only cocoa beans and a little sugar added by the chocolate makers. Chocolate varies depending on where it is grown, meaning each bar of bean-to-bar chocolate will have a different taste, which is preferred in the region. For instance, companies, such as Nestlé Group, Mondelēz International, and Lindt & SprungliGroup, are actively involved in offering bean-to-bar chocolate to American consumers.
