Mexico Chocolate Market Report and Forecast 2024-2032

Mexico Chocolate Market Outlook

The Mexico chocolate market size was valued at USD 1.97 billion in 2023. The market is further projected to grow at a CAGR of 5.6% between 2024 and 2032, reaching a value of USD 3.23 billion by 2032.

Key Takeaways

• As per industry reports, the gifting culture, especially during festive seasons like Easter, Valentine's Day, and Christmas, has significantly influenced the sales of seasonal chocolates in Mexico.

• The chocolate export levels in Mexico has seen significant growth, with cocoa exports increasing from 5708 dollars in 2015 to 73,631 dollars in 2021, representing an increase of over 100%.

• Mexico exports significant amounts of chocolate to the United States, Canada, Japan, Germany, France, and Italy, with the USA being the largest market for Mexican chocolate.

• Belgium was responsible for 27% of European exports of chocolate to Mexico in 2020, with a total export value of 4.84 million euros.

The growing trend of offering chocolates as gifts is contributing to the Mexico chocolate market growth. With the increase in disposable income and growing foreign investment in Mexico, premium chocolate brands like Godiva and Lindt are expanding their presence in the Mexican market.

These brands are introducing a variety of premium chocolate products to cater to the evolving tastes and preferences of Mexican consumers.

Dark chocolate is becoming increasingly popular in Mexico, in terms of sales, consumption, and Mexico chocolate market share. The shift in consumer tastes towards dark chocolate is due to its supposed health advantages and distinct flavour profile. Dark chocolate is rich in antioxidants, which help protect the body against free radicals and oxidative stress. These antioxidants have been linked to reducing inflammation, improving heart health, and boosting brain function.

Dark chocolate brands like Hershey's Special Dark and Ghirardelli are gaining popularity in Mexico as these brands are promoting the antioxidant-rich properties of dark chocolate to provide a guilt-free indulgence for health-conscious consumers in Mexico.

The increasing demand for premium chocolates is driving the growth of the chocolate market in the country. Mexican chocolatiers like Que Bo! and Ki'Xocolatl are gaining recognition for their premium and artisanal chocolate offerings. These local brands are focusing on high-quality ingredients, unique flavour combinations, and sustainable production practices to meet the increasing demand for premium chocolates in Mexico.

Market Segmentation

Mexico 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 Stores

• Others

Market Breakup by Region

• Baja California

• Northern Mexico

• The Bajío

• Central Mexico

• Pacific Coast

• Yucatan Peninsula

Competitive Landscape

Market players are focused on expanding their product portfolio by introducing novel chocolates with less sugar content, premium cocoa, and unique flavours.

• Mars, Incorporated

• Mondelez International, Inc.

• Ferrero International S.A.

• Nestlé S.A.

• The Hershey Company

• Grupo Arcor

• August Storck KG

• Chocolatera Ibarra S.A.P.I. de C.V.

• Grupo NUTRESA

• Others

Key Highlights of the Report