Pune, India -- (SBWIRE) -- 08/22/2018 -- Market Overview:

The North American chocolate confectionery market is predicted to showcase a significant growth rate over the assessment period (2016-2027) owing to the growing cocoa product consumption, asserts Market Research Future (MRFR). Made from cacao beans seeds, chocolates are used in several desserts such as cakes, ice creams, pudding, candy, and Easter eggs. It can either be in a liquid form like hot chocolate or solid form like a candy bar. The growing demand for premium quality chocolate and cocoa products is set to gain traction in confectionery sale in North America.

Future Drivers and Constraints Impacting the Market

Chocolates are mainly found in three types such as milk chocolate, white chocolate, and dark chocolate. White chocolate tastes sweeter than the other two types since it is made of sweeter ingredients. Consumption of chocolates has several health benefits which comprise reduction of cardiovascular problems, lowering cholesterol levels, and preventing cognitive decline. Owing to the enhanced living standards, increasing disposable income, growing urbanization, growing disposable income, and development of gifting confectionery goodies on various occasions have driven the market over the assessment period. Moreover, the decline in the cocoa beans prices is likely to bolster the chocolate confectionery market across the globe over the assessment period.

There has been a striking growth in the consumption of organic chocolates in North America, though the market share is very small. The US remains the most significant market with the sale of organic confectionery. Consumer awareness associated with the sourcing of organic raw materials is the key driver of the market. Chocolate confectionery manufacturing companies also conduct various marketing and promotional activities which increase the outreach of the products among the end users and targeted audiences. Moreover, attractive packaging, innovative branding activities along with promotional events is likely to increase the demand for chocolate consumption during the review period. For instance, Ferrero India has conducted various marketing strategies to increase the sales of Kinder Joy chocolates. The company has introduced blue chocolates for boys and pink chocolates for girls with toys inside the package to attract the kids.

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Meanwhile, the increasing market of chocolate substitute, the high price associated with raw materials, limited production of cocoa, and change in consumer preferences are some of the major factors restraining the growth of the market during the assessment period. Moreover, high consumption of chocolates without an increase in activity increases the risk of obesity in a human being. This can also impact the market negatively in the coming years.

Industry News:
Nestle has been planning to launch "Ruby Chocolate" in America which is the first natural colored chocolate after white chocolate which had been introduced 80 years back by Nestle. This "Ruby Chocolate" is made from pink/ruby cocoa beans.

Competitive Analysis:
The prominent players operating the North American chocolate confectionery market are Republica del Cacao, Blommer, Ferrero, Barry Callebaut, Foley's Candies LP, Mars, Cargill, Hershey, Guittard Chocolate Company, Nestle SA, Alpezzi Chocolate, Valrhona, Ghirardelli, Mondelez, Scharffen Berger, Puratos, and others.

Market Segmentation:
The North American chocolate confectionery market has been segmented on the basis of application, region and type.

By mode of type, the chocolate confectionery market has been segmented into white, dark, and milk filled. Among these, the segment for milk chocolate holds the largest market share.

By mode of application, the chocolate confectionery market has been segmented into beverages, ice cream, direct consumption and bakery and other.

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Regional Analysis:
The US has dominated the chocolate confectionery market over the assessment period for North America and is predicted to showcase a significant growth over the assessment period. Mexico and Canada are the growing regions for North America and is anticipated to witness a steady growth rate in the coming years.