Are you a chocolate lover or dream of starting your chocolate store someday? Then continue reading this insightful post about how large is the chocolate market United States.
The total sales of chocolates in the United States stood at US $22.4 billion U.S. dollars.
Chocolate is among the most favorite flavors of american consumers and an ongoing research continues to demonstrate the health benefits of chocolates, further boosting its appeal.
As per the survey conducted by consumer research firm Packaged Facts it was found that nearly 80% of U.S. adult consumers eat chocolates.
The National Institute of Mental Health has indicated that the anxiety disorders are affecting 40 million adults in U.S., which comprises 18% of its total population.
Consuming chocolate boosts brain serotonin and acts as an anti-depressant. It also releases endorphins in the body, which has a feel-good effect. These factors are expected to drive demand in U.S. for chocolates.
Chocolate market in the United States has been consistently growing over the past few years.
- As indicated by a research report in 2017, it was found that chocolate sales in the United States was around 22.4 billion U.S. dollars.
- Among the leading chocolate companies in the U.S. are Hershey and Mars, accounting to around 44 percent and 29 percent of the market, respectively.
- The United States is the world’s largest chocolate market which is is estimated to reach $30 billion by 2021.
- During the previous year 65% of U.S. chocolate income was in the seasonal and countline segments. The majority of chocolates were purchased by the consumers at the supermarkets and retails stores.
From 2007 to 2014, the U.S. chocolate and confectionery export value grew steadily, rising from $775 million in 2007.
Canada received 40 percent of the United States chocolate and confectionery exports, followed by Mexico (13 percent), South Korea (4 percent), Japan (3 percent), the Philippines (3 percent) and Brazil (2 percent).
Some interesting facts about the Chocolate Market United States
Demand for Premium Chocolates
The demand for sugar free, premium and dark chocolates is on the rise among customers. Additionally customers are looking for chocolates with antioxidants.
Premium chocolate segment account for 18% of dollar sales. In spite of the fact that the chocolates business is dominated by a couple of huge behemoths, a group of influential premium chocolate makers also contribute to the competitive chocolate market.
As we can see premium chocolate market United States is expanding and it can be a huge opportunity for entrepreneurs focusing on the premium chocolate segment.
The Dark Chocolate Consumption Trend
Dark chocolate fits pleasantly within the ‘clean eating’ trend. Since dark chocolate was found to have numerous health benefits, consumers can enjoy dark chocolate guilt-free.
Halloween Chocolate Sales
Chocolate sales is on the rise year-on-year during the Halloween season. Chocolate candy is the top selling Halloween treat.
In fact, the top four marketers of seasonal Halloween chocolate account for almost 98% of the segment’s dollar sales.
Online Channels cannot be ignored for sales
Around 30% of the consumers bought chocolates online in the previous year. Customers purchase chocolates and candies on amazon and other online chocolate stores.
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Let’s have a look at the Global Chocolate Market
- European chocolate market and was valued at US$ 29.07 billion in the year 2016. Owing to the presence of large number of manufactures especially in U.K. and Germany. According to National Confectionary Association (NCA), Germany led one-fourth of the Western European in sales and consumption in 2016.
- Asia Pacific is the fastest growing region in the global chocolate market. It is valued at US$ 26.75 billion in 2016 and it is growing at a CAGR of 8.5%, owing mainly to the rise in disposable incomes of the consumers. Moreover, influence of western habits and culture have augmented the growth of multinational companies, such as Mars, Hershey’s, Ferrero, and Ghirardelli in this region. The economies such as Japan, China, South Korea, and India are the major markets of these brands and contribute to the growth of chocolate market globally. Cadbury India, was associated with the highest sales over the past few decades, owing to the most attractive brand during the festive reason of this country.
- North America is projected to be the largest region in chocolate market. The growth is mainly attributed to the presence of international brands and high rate of consumption. The U.S. is the major player of chocolate market in this region. According to National Center for Biotechnology Information (NCBI), the U.S. population consumes one or more than one chocolate candy of the three days of food intake. Moreover, chocolate is consumed more in winters of about 30-90 grams/day.
- The Middle East and Africa are witnessed to have a significant growth in the chocolate market. The major regions such as the U.S. and Europe are expanding their business in Africa and the consumption rate of the premium chocolates, such as Ferrero and Lindt are increasing at a fast pace in the Middle East. According to the Gulf News, chocolate market is huge in UAE with an estimated business of US$ 54.4 million annually.
Chocolate Market United States is growing very fast and entrepreneurs looking to try their luck in the chocolate industry can benefit from the report.
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(This blog post has References from the following)