The North America Cocoa and Chocolate Market was worth $ 39.99 billion in 2022 and estimated to be growing at a CAGR of 2.42%, to reach $ 45.07 billion by 2028. The market is showing immense potential in the mentioned period.
Chocolate is classified by the amount of cocoa it contains. Milk chocolates’ share is about 50% of all chocolate consumption but they contain as little as 10% cocoa. On the other hand, chocolate is considered as “dark chocolate” if it has more than 60% cocoa in it.
The cocoa and chocolate market has been growing at a decent pace. Strong demand from United States is propelling the cocoa and chocolate market in the region. Cocoa provides colour, texture and flavour to products. Furthermore, it has anti-oxidative, anti-inflammatory, and anti-depressant properties. The market for these ingredients is growing in developing economies such as China and India. Dark chocolate especially contains high amounts of antioxidants, which are believed to prevent certain types of diseases like Cardiac arrest. Health benefits like these, perceived by certain people and doctors, have been the leading reason behind growth for products with high quantities of cocoa.
Powerful growth in demand is unevenly matched against an unstable and unpredictable supply. But chocolate consumers are quite price insensitive. Except in some rare circumstances consumers are ready to purchase cocoa product at any price. The huge demand for chocolate and cocoa in confectionery and food and beverage industries majorly drives the market. The health benefits of cocoa and chocolate in pharmaceuticals and cosmetics has enough evidence to back manufacturers to consider using such ingredients.
The North America market for Chocolate and Cocoa is categorized by Chocolate Type (White Chocolate, Dark Chocolate, Milk Chocolate and Filled Chocolate), by Cocoa type (Cocoa Powder, Cocoa Butter and Cocoa Liquor). Based on Application, the market is further segmented into Food and Beverage, Cosmetics, Pharmaceuticals and Confectionery. The milk and white chocolate segment is anticipated to grow at the highest rate from 2023 to 2028.
Geographically the North America Cocoa And Chocolate Market is segmented into US, Canada and Rest of North America. United States has the fastest growth rate, and also has the largest market share in North America. The cocoa liquor segment leads the cocoa market in 2018. Consumer awareness pertaining to health benefits of cocoa has led to some of the important innovations in the North American cocoa and chocolate industry.
Key Players in the Market:
Major Key Players in the North America Cocoa And Chocolate Market are
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