Healthy & premium chocolates to make up the most market in North America - Bonafide Research
Posted: Nov 02, 2020
The North American region has witnessed an increase in preference for the premium chocolate range, along with a growth in sales of low caloric chocolates, sugar-free chocolates, healthy chocolate bars, and chocolate gift boxes. The medical benefits and varied interesting flavors are significant drivers in the market. Also, creative bundling and packaging act as an additional factor when it comes to purchasing chocolate for gifting purposes. As the top-notch segment of premium chocolates are expanding, the door for innovations in the product variants and flavors are now wide open for marketers.
According to the report "North America Chocolate Market By Value, By Segment (Milk Chocolate, Dark Chocolate, White Chocolate), By Application (Everyday, Premium, Gourmet, Seasonal/Gift), By Country (United States, Canada, Mexico, Etc), By Sales Channel (Supermarket/ Hypermarket, Convenient Stores, Online), (Trends & Forecast), Outlook, 2025" published by Bonafide Research, North America poses as the second most prominent chocolate market globally. Among the top prominent countries, the US has a clear dominance not only at the regional level but also at the global level. The inclusion of organic and natural ingredients in chocolates has highly attracted the customers' preference. According to the report, the region's chocolate industry has seen extensive growth of 6% in the premium chocolate segment till 2019 and the overall industry is to grow at a rate of above 4% by the year 2025. With major global players holding significant share, the market is crowded with marketers like The Hershey Company, Mars Incorporated, Ferrero, and Nestle SA.
As the buying pattern of customers towards chocolate is not explicit in nature, the point of display and attractive packaging have an important role in the upward movement of the sales graph, along with new advancements in flavors. Irrespective of age, the love chocolates force people to make an impulse purchase and indulge in the confectionery. Festivals and celebrations are a major situational factor that pushes the market to rise. Celebratory occasions of Halloween, Christmas & New Year have proved to provoke the demand for chocolates as a better option for gifts.
The North American region, which is viewed as the second most prominent market in the chocolate industry is expected to grow at a CAGR of more than 4% until the year 2025. The past pattern shows that the customer preference towards premium chocolates has grown at a rate of 6% in the last couple of years. The region's chocolate market is highly supported by the economies of the United States, Canada, and Mexico, with the majority of sales coming from the US having key players like Hershey's, Mars, Lindt, and Nestle. The change in taste of customers has made the market attention shift to dark chocolate from milk chocolate which was dominating earlier. Also, the buying reasons have a parallel impact on the buying decision of the customers, such as the demand for packed & gourmet chocolates have increased in the region. In addition to these factors, the expanding customer characteristics of online purchases, have given its contribution to the industry.
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