North America Premium Chocolate Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Premium Chocolate Market Analysis
The North American Premium Chocolate Market is projected to register a CAGR of 7.2% during the forecast period.
The demand for premium confectionery, including chocolate, has been accelerating in recent years as the residents of this region are privileged to own a premium and luxurious lifestyle. Premium chocolates are manufactured from non-GMO and organic cocoa beans, due to which the consumer's interest in these products has expanded substantially. For instance, California Cultured, a US-based startup founded in 2020, focuses on the production of non-GMO chocolate grown from cocoa stem cells. The company has made advances in molecular biology, plant science, and gene sequencing to address the challenge of making chocolate ethically and sustainably based on cell culture technology. The company is also working with suppliers to develop custom cocoa ingredients.
Further, the concept of bean-to-bar is becoming popular in the region, owing to the fewer additives and better quality ingredients used in these chocolates. Bean-to-bar chocolates are made with only cocoa beans and a little sugar added by the chocolate makers. Chocolate varies depending on where it is grown, meaning each bar of bean-to-bar chocolate will have a different taste, which is preferred in the region. For instance, companies, such as Nestl茅 Group, Mondel膿z International, and Lindt & SprungliGroup, are actively involved in offering bean-to-bar chocolate to American consumers.
North America Premium Chocolate Market Trends
This section covers the major market trends shaping the North America Premium Chocolate Market according to our research experts:
Growing Influence of Endorsements, Aggressive Marketing, and Strategic Investment
The premium chocolate industry has seen a significant shift over the past few years in this age of diversity. With the growing importance of social media in a shopper's purchase journey, companies are evolving and stepping up their advertising and endorsement game across different distribution channels to garner consumer attention. Additionally, with celebrities vouching for or promoting their products, brands can increase awareness, trust, and familiarity, which are important variables in the purchase decision-making process. Consumers feel more sympathetic toward a brand if its products are promoted by a celebrity they admire or relate to. Brands tie up with celebrities as it is one of the easy ways to cut the clutter. For instance, in May 2021, Belgian chocolate maker Godiva Chocolatier launched a new global marketing campaign, "GODIVA is Chocolate" with actor Chris Evans as the new face of the campaign. The brand aims to market its products as a premium treat with portion control sizes, sharing packages, on-the-go convenient formats, as well as gift boxes for special occasions. Thus, the increase in endorsement and advertising expenses by key brands is anticipated to propel the sales of premium chocolates over the forecast period.
United States Dominates Premium Chocolate Market
Premium chocolate is gaining prominence among United States consumers owing to the impulse purchase power and increased interest in luxury and premium chocolates that are available in the market. According to the National Confectioners Association (NCA), the retail sale of premium chocolates in the grocery channel reached 21.4% in 2020. Owing to the increasing health concern, several populations across the country are consuming dark premium chocolate. According to the survey conducted by Cargill Inc. in 2021, nearly 52% of respondents chose dark chocolate as a healthier choice, increasing the demand for dark premium chocolate in the market. This trend promotes the growth of the market studied. Therefore, with the growing demand, manufacturers are expanding their portfolios to retain their position in the US premium chocolate market. For instance, in October 2021, Ferrero introduced premium chocolate bars, including Ferrero Rocher and Raffaello, in the market. The Ferrero premium bars are made with 55% of dark and white chocolate, available in seven different flavors. The launch of these products into the fast-growing premium chocolate bars category will reinforce Ferrero's competitive position within the premium chocolate market.
North America Premium Chocolate Industry Overview
The North American premium chocolate market is highly competitive, owing to the presence of different local and regional players. Due to the presence of domestic and international players in the segment, the market volatility has been growing significantly. This factor has enabled the players to offer new products to the market. For instance, Hershey's and Mars are among a few of those brands that are continuously expanding their offerings in the premium chocolate category, whereas the Cocoa Exchange brand of Mars offers 'Dove Signature Collection' and 'Pure Dark,' as well as a range of premium chocolates, such as the truffle collection that includes premium dark chocolates. In June 2022, Purdy's Chocolatier launched the limited edition of the new maple sweet Georgia browns treat in time for summer in Canada. Some of the leading players identified in the market are Nestle SA, Mondelez International Inc., Chocoladefabriken Lindt & Sprungli AG, The Hershey Company, and Mars Incorporated, among others.
North America Premium Chocolate Market Leaders
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Chocoladefabriken Lindt & Sprungli AG
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The Hershey Company
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Mars, Incorporated
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Mondelez International Inc.
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Nestl茅 S.A.
*Disclaimer: Major Players sorted in no particular order
North America Premium Chocolate Market News
- June 2022: Pennsylvania-based confectionery giant Hershey applied for a patent for using roasted grain in vegan chocolate products. The company is focused on offering innovative products as a strategy in the United States in the upcoming future.
- June 2022: Mars launched an animal-free chocolate bar in the United States. This vegan chocolate called CO2COA is made with biotech unicorn Perfect Day's animal-free whey protein.
- February 2022: Lindt & Sp.rungli expanded its vegan chocolate product portfolio by launching a new vegan bar made with oat milk, which is presently available in three different varieties. The company launched all three varieties in the Canadian market.
North America Premium Chocolate Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Dark Premium Chocolate
5.1.2 White and Milk Premium Chocolate
5.2 By Distibution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Online Stores
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 United States
5.3.2 Canada
5.3.3 Mexico
5.3.4 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Chocoladefabriken Lindt & Sprungli AG
6.3.2 Ferrero International SA
6.3.3 The Hershey Company
6.3.4 Mondelez International Inc.
6.3.5 Yildiz Holding
6.3.6 Nestle SA
6.3.7 Mars Incorporate
6.3.8 Cemoi Chocolatier SA
6.3.9 Lake Champlain Chocolates
6.3.10 Pierre Marcolini Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
9. DISCLAIMER
North America Premium Chocolate Industry Segmentation
Premium chocolates refer to chocolates of the highest quality made using the best beans and using the best methods to deliver rich aroma, smoothness, and taste, ultimately providing a luxurious feel to consumers. Premium chocolates are manufactured using high-quality raw materials, such as berries, alcohol, and others, depending on the chocolate type.
The North American premium chocolate market is segmented by product type, distribution channel, and geography. By product type, the market is segmented into dark chocolate and white and milk chocolate. By distribution channel, the market is divided into hypermarkets/supermarkets, convenience stores, online retail stores, and other distribution channels. By geography, the market is segmented into the United States, Mexico, Canada, and Rest of North America. For each segment, the market sizing and forecasts are provided in terms of value in USD million.
| By Product Type | |
| Dark Premium Chocolate | |
| White and Milk Premium Chocolate |
| By Distibution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Online Stores | |
| Other Distribution Channels |
| By Geography | |
| United States | |
| Canada | |
| Mexico | |
| Rest of North America |
North America Premium Chocolate Market Research FAQs
What is the current North America Premium Chocolate Market size?
The North America Premium Chocolate Market is projected to register a CAGR of 7.20% during the forecast period (2024-2029)
Who are the key players in North America Premium Chocolate Market?
Chocoladefabriken Lindt & Sprungli AG, The Hershey Company, Mars, Incorporated, Mondelez International Inc. and Nestl茅 S.A. are the major companies operating in the North America Premium Chocolate Market.
What years does this North America Premium Chocolate Market cover?
The report covers the North America Premium Chocolate Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Premium Chocolate Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Premium Chocolate Industry Report
Statistics for the 2024 North America Premium Chocolate market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. North America Premium Chocolate analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
