Latin America Chocolate Market Report and Forecast 2024-2032

Latin America Chocolate Market Outlook

The Latin America chocolate market size reached USD 9.13 billion in 2023. The market is expected to grow at a CAGR of 5.3% between 2024 and 2032, reaching almost USD 14.57 billion by 2032.

Key Takeaways:

• According to the Latin America Baseline Cocoa Barometer 2022 report, in the 2021/22 season, cocoa production across the entire American continent totalled 939,000 tonnes.

• As per industry reports, in Latin America and the Caribbean, the coffee industry supports approximately 14 million jobs, while cocoa production directly benefits at least 1.7 million individuals.

The Latin America chocolate market is primarily driven by the dominance of supermarkets and hypermarkets, facilitated by rising urbanisation and smart city initiatives. These larger retail spaces offer convenience and variety to consumers, particularly in major markets like Brazil and Argentina. The region's chocolate consumption is heavily influenced by impulse buying behaviours and product differentiation, with a notable trend towards convenient indulgent snacking.

In Brazil, chocolate remains a widely consumed confectionery, with consumers showing increasing interest in premium and sustainable chocolate products. Notably, there's a growing preference for low-sugar or low-calorie variants, aligning with health-conscious consumer trends. Multinational and local brands dominate the cocoa market in Latin America, driven by cultural significance and efforts towards sustainable cocoa production.

Brazil stands out as a key player in the cocoa market, driven by its large base of chocolate consumers and cocoa farmers. The demand for gourmet chocolate and fine cocoa further fuels market growth. However, challenges in cocoa production, particularly in West Africa, are creating opportunities for Latin American cacao producers.

Dark chocolate's health benefits, including its antioxidant properties and potential anti-aging effects, continue to attract consumers. Additionally, attractive packaging and display techniques in supermarkets contribute to impulse purchases. As consumer preferences evolve, manufacturers are investing in product design and packaging to capture market demand and drive the Latin America chocolate market development.

Market Segmentation

Latin America Chocolate Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Dark Chocolate

• Milk Chocolate

• White Chocolate

Market Breakup by Product Type

• Pure Chocolate

• Compound Chocolate

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets

• Convenience Stores

• Online

• Others

Market Breakup by Country

• Brazil

• Mexico

• Argentina

• Others

Competitive Landscape

Key players in the chocolate market in Latin America process, manufacture and offer products while undertaking mergers and acquisitions to support the end users in the market.

• Mars, Incorporated

• Mondelez International, Inc.

• Ferrero International S.A.

• Nestlé S.A.

• Cacau Comércio Eletrônico LTDA.

• The Hershey Company

• Nugali Chocolates

• Grupo Arcor

• Chocoladefabriken Lindt & Sprüngli AG

• August Storck KG

• Chocolatera Ibarra, S.A.P.I. de C.V.

• Grupo NUTRESA

• Peccin SA

• Others

Key Highlights of the Report