North America Chocolate Flavors Market

North America Chocolate Flavors Market Growth and Forecast (2023 - 2028):

North America Chocolate Flavors Market is expected to reach USD 127.91 million by 2028 from USD 100.89 million in 2022, growing at a CAGR of 4.86%. The Chocolate Flavors market is forecasted to show great potential over the mentioned period. The market has continued to gain momentum with the rising people’s awareness about the benefits of chocolate as well as its application across various industries.

Market Overview:

Chocolate flavors are one of the most important ingredients in various food and beverage production. They are generally known for their high cocoa content and are typically sweet. They have various health-related benefits as well like reducing incidences of high blood pressure or cholesterol and also the risks of strokes.  These are extensively used in bakery, dairy products etc.

Drivers and Restraints:

The rising market of organic as well as Fairtrade chocolates has, in turn, led to the growth of chocolate flavors market. Other such factors driving the growth of the market include health-related benefits of chocolates, the variety of applications and also the penetration in emerging economies. On the other side, there are factors which are responsible for restraining the market growth as well. These are unstable economies in countries producing cocoa, dependence on Western African countries for the supply of raw material and lastly the changing consumers’ preferences. These factors are holding the market back from reaching its actual potential.

North America Chocolate Flavors Market Segmentation Analysis:

The North America Chocolate Flavors market is segmented by application and geography. The market segmentation based on application is done into Bakery Products, Frozen Products, Confectionery, Convenience Products, Dairy Products, Others. The market share was dominated by the bakery products because of the higher consumption of baked products compared to other segments.

Region Analysis:

Geographically the North America Chocolate Flavors Market is segmented into US, Canada, Mexico and Rest of North America.

Key Players in the Market:

Major Key Players in the North America Chocolate Flavors Market are

• Archer Daniels Midland Company
• Barry Callebaut
• Cargill, Incorporated
• CEMOI Group
• Blommer Chocolate Company
• Frutarom Industries Ltd
• International Flavors & Fragrances Inc
• Givaudan S.A
• Olam International Ltd
• Puratos Group