North America Premium Chocolate Market at Sumptuous CAGR to Cross USD 13 Billion by 2030

Published | 11 November 2024

North America Premium Chocolate Market is flourishing because of an increasing demand for gourmet and indulgent experiences and growing awareness about ethical and sustainable sourcing.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated North America Premium Chocolate Market size at USD 7.3 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects North America Premium Chocolate Market size to expand at a CAGR of 9.30% reaching a value of USD 13.4 billion by 2030. Major growth factors for North America Premium Chocolate Market include a growing demand for luxury goods, because of expanding middle-class population and the importance of chocolate in various cultures. Additionally, consumers in North America are becoming more conscious of ethical consumption, which is driving the demand for vegan and ethically sourced chocolates. These factors are expected to drive North America Premium Chocolate Market over the forecast period.

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Opportunity - New Product Launches

North America is a lucrative market for premium products, including chocolates. Therefore, the region has a high concentration of leading chocolate brands, constantly launching new products to attract consumers and gain wider market share. For instance, Mondelez’s Green and Black’s, a chocolate and cocoa products company, launched two new flavors of dark chocolate under the Smooth brand in the Canadian market. In another instance, AMC Theatres, an entertainment company based in the United States, launched AMC-branded premium gourmet chocolate candies called AMC Cinema Sweets for the first time in their history. Such launches are anticipated to drive North America Premium Chocolate Market during the forecast period.

Impact of Escalating Geopolitical Tensions on North America Premium Chocolate Market

Intensifying geopolitical tensions could disrupt the growth of North America Premium Chocolate Market. The supply chain for premium cocoa is one significant aspect that is directly influenced by current global issues. North American premium chocolate manufacturers rely on importing cocoa from other nations, especially Asia, Africa, and Latin America. Trade restrictions like sanctions spurred by geopolitical conflicts can possibly disrupt the supply of vital supplies, resulting in shortages and price increases. Additionally, these wars lead to instability in sea routes, such the Suez Canal, which may result in delays or higher freight charges. These interruptions may restrict supply and raise consumer costs.

Dark Chocolate Dominates Premium Chocolate Market

The dark chocolate segment holds the largest share of North America Premium Chocolate Market. Dark chocolate offers several health advantages to both men and women and has a greater cocoa content. Consuming dark chocolate in moderation is linked to several health advantages, including reduced blood pressure, better blood flow, and a decreased risk of heart disease. Numerous studies indicate that better blood flow might enhance brain function as well. The demand for chocolate is expected to grow throughout the predicted period due to rising health consciousness among North American consumers.

United States Leads North America Premium Chocolate market

United States holds a larger share of North America Premium Chocolate Market. Premium chocolate demand in United States is directly fueled by the rising incidence of different lifestyle-related and mental health conditions as well as the health advantages of chocolate consumption. Chocolate is also a big part of American culture, as seen by the numerous chocolate festivals that take place around the nation, such the Colorado Chocolate Festival in Denver and the O.C. Chocolate Festival in Fountain Valley. These events also help to drive the expansion of the premium chocolate industry across United States.

Competitive Landscape

Major companies in North America Premium Chocolate Market include Lindt & Sprüngli AG, The Hershey Company, Mars, Incorporated, Mondelez International, Nestlé S.A., Ferrero, See's Candies, Godiva Chocolatier, Vosges Haut-Chocolate, and Lake Champlain Chocolates. The high concentration of leading companies intensify the market and makes it competitive as they focus on gaining significant market share.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in North America Premium Chocolate Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and North America Premium Chocolate Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in North America Premium Chocolate Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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