The increasing trend of the inclusion of chocolate in the food and beverages sector is acting like a pivot for the North American Industrial Chocolate Market. Changing lifestyles and cumulative health concern have led vendors revamping the market in a bid to woo more customer. The choice was to bring in more variety, and they have been doing so by investing heavily in research and developments. The North American industrial chocolate market is expecting a decent hike by 5.45% CAGR during the forecast period (2017-2022) and the period can witness the market valuation to touch USD 25,321 million. Market Research Future (MRFR) in their detailed report on the North American industrial chocolate market includes segmentation and factors that can impact the growth process of the market. The increasing popularity of snack bars among the younger generation and rising demand for organic & sugar-free chocolate can provide the gust to take the North American industrial chocolate market forward.
Despite its vast reach, the North American industrial chocolate market is getting threatened by health concerns. Added sweeteners have become a detractor due to which the market is facing a few shortcomings. At the same time, the volatile cocoa price can bottleneck the market prospects which is why companies are looking for tie-ups to standardize the cocoa price. Once sorted, the market will have smooth sailing ahead, till then a few hiccups can occur. Although, health concerns regarding calorie counts can be seen as daunting for the market prospect, but its potential as a stress reliever and delaying aging can boost the market.
In September 2018, Mondelez announced their strategy for the coming years. They are eyeing for 2-3% revenue rise each year, a few small steps towards a larger goal. The makers of Oreo are also trying to infiltrate other food segments with their brands just like Oreo at present is doing.
In October 2018, Hershey announced a revamping of their Hersheypark where they are now going to include Hershey’s Chocolatetown where people can eat, play, shop and gather. For Hershey’s, it is no longer just producing and supplying chocolate to consumers rather it is an experience they want to share and lure in more buyers to increase their sales.
In October 2018, Ferrero announced their plan to expand the existing confectionary facility in Franklin Township in New Jersey, U.S. For this, they have invested a substantial sum of USD 9 million. This would help them to meet the demand for their iconic product Kinder Joy.
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Prominent players profiled in North American Industrial Chocolate Market report are-
- Mondelez, Mars
- Foley’s Candies LP
- Nestle SA
- Barry Callebaut
- Guittard Chocolate Company
- Alpezzi Chocolate
- Republica del Cacao
- Scharffen Berger
These companies are regularly employing strategies such as mergers, expansions, collaborations, product launches, research & development, and others to increase their market standing as well as their own prospects.
- The North-American industrial chocolate market has been estimated at USD 18,434 Million in 2016
- Projected to reach USD 25,321 million by 2022, at a CAGR of 5.45 % during the forecast period from 2016 to 2022.
- On the basis of applications, research & development segment holds at 2,840.5 K MT
The North American industrial chocolate market can be segmented by Types and Application.
- Chocolate bars
- Flavoring ingredients
Region-specific analysis of the North American industrial chocolate market focuses on the U.S., Canada, and Mexico.
The U.S. dominates the market by heavy margins. With a robust market infrastructure, the industrial chocolate market is set for higher targets. The market expects a smooth sailing towards a valuation of USD 20,200 million by 2022 with a CAGR of 5.34% during the forecast period. It is enjoying all the benefits of gastronomic benefits that can provide thrust to the market, be it from bakery or food & beverages.
Canada assumes the second spot. It shares similar features like that of the U.S. which is boosting the regional market growth. Mexico is also having a good run owing to demands rising from various sectors for the industrial chocolate.
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- Chocolate manufacturers
- Bakery product manufacturers
- Confectionery product manufacturers
- Beverage product manufacturers
- Traders, Importers and exporters
- Cocoa traders