North America Chocolate Market Report and Forecast 2024-2032

North America Chocolate Market Outlook

The North America chocolate market size was valued at USD 31.17 billion in 2023. The market is further projected to grow at a CAGR of 4.5% between 2024 and 2032, reaching a value of USD 46.46 billion by 2032.

Key Takeaways

• The North America chocolate market growth is driven by the health benefits of dark chocolate, increased demand for chocolate in various applications such as confectionery and flavoured eatables, and rising demand for chocolate as a token of love and appreciation.

• As per industry reports, milk chocolate is the largest segment in the market, accounting for most of the revenue in 2021, due to its sweeter and softer texture compared to dark chocolate.

• The online store segment is expected to register a faster CAGR due to the increasing demand for premium chocolate from e-commerce platforms.

As per the North America chocolate market analysis, companies like Godiva and Lindt & Sprüngli are capitalising on the trend of premiumisation by offering a range of high-end chocolates with unique flavours and exquisite packaging. For example, Godiva's Gold Discovery Collection features premium chocolates with flavours like hazelnut praline, raspberry ganache, and caramel.

Brands like Ghirardelli and Green & Blacks are responding to the demand for health-conscious chocolate options by focusing on dark chocolate varieties. Ghirardelli's Intense Dark Chocolate line offers bars with high cocoa content, highlighting the antioxidant properties and health benefits of dark chocolate. This emphasis on health-conscious offerings aligns with consumer preferences for better-for-you products and contributes to the growth of the dark chocolate segment in the market.

Chocolate brands like Hershey's and Mars are leveraging the trend of online retail acceleration to reach consumers through e-commerce platforms and direct-to-consumer channels. Hershey's, for example, offers a wide range of chocolate products on its website, allowing customers to conveniently purchase their favourite treats online and have them delivered to their doorstep. This shift towards online retail experiences provides brands with new avenues for North America chocolate market development.

In 2022, the dark chocolate segment accounted for a significant share of the market because of its health benefits, including improved cognition, lower risk of heart strokes, enhanced immune system effectiveness, and high flavonoid content that fights free radicals and improves the circulatory system.

However, the milk chocolate segment still dominates as they have high milk content and low cocoa concentration, resulting in a creamy texture and delicate taste, which drives their popularity among consumers. The growth of the segment is fuelled by the rising demand for milk chocolate as an ingredient in various confectionery products like icing on cakes, cupcakes, puddings, and other sweets.

Market Segmentation

North 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 Stores

• Others

Market Breakup by Region

• United States of America

• Canada

Competitive Landscape

Market players are introducing premium chocolates with high-quality cocoa, distinct flavours, and organic components, including honey, caramel, and dark chocolate, to maintain their competitiveness.

• Mars, Incorporated

• Mondelez International, Inc.

• Ferrero International S.A.

• Nestlé S.A.

• The Hershey Company

• Barry Callebaut AG

• Grupo Arcor

• Chocoladefabriken Lindt & Sprüngli AG

• August Storck KG

• Meiji Holdings Co., Ltd.

• Others

Key Highlights of the Report