Market Outlook
The varying consumer preferences are dictating the growth trajectory of the North American chocolate confectionery market. Reports that review the food, beverage, and nutrition industry have been offered by Market Research Future, which creates reports on industry verticals that assess the market development and prospects. The market is likely to be influenced by a robust CAGR in the approaching period.
The need to ensure healthier, natural and clean label products is projected to inspire the chocolate confectionery market in the North American market. The launch of new flavor profiles in the region is expected to set a favorable outlook for the progress of the North American chocolate confectionery market in the forthcoming period. Moreover, the availability of smaller quantities of chocolates is expected to expand the market for chocolate confectionery in the forecast period.
Segmental Analysis
The segmentation of the North American chocolate confectionery market size has been carried out based on category, type, distribution channel, and country. Based on type, the chocolate confectionery market in North America has been segmented into the dark, milk, and white. The milk chocolate segment is a well-liked option among consumers and holds the main market stake. Based on category, the chocolate confectionery market in North America has been segmented into candies, chocolate bars, and others. Based on the distribution channel, the chocolate confectionery market in North America has been segmented into non-store-based and store-based. Based on the country, the chocolate confectionery market in North America has been segmented into Canada, the US, and Mexico.
Detailed Regional Analysis
The regional examination of the North American chocolate confectionery market consists of Canada, the US, and Mexico. The US is anticipated to hold the leading share of the North American chocolate confectionery market followed by countries like Canada and Mexico. The mounting demand for low sugar confectionery products, pioneering products such as protein bars, and the introduction of chocolate products with fruits and nuts in the market are likely to support the expansion of the North American chocolate confectionery market.
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Competitive Analysis
The key success factors are also favorably contributing to the growth of the market. The fortification of the distribution channels in the market is expected to increase the penetration of the products. In the coming years, market profitability will progressively improve as innovation and product developments induce positive developments. The market size is also expected to grow significantly in the coming years. The market scenario is highly dependent on the factors that are shaping the opportunities and the challenges that are existing in the market. The competitors in the market are ensuring that the product and services being offered in the market are aligned with the preferences of their user base favorably. The presence of successful products and brands is shaping the development of the market to a great extent. Also, the progress of technology has gained momentum leading to enhanced market growth. The industry cost structure is also expected to alter progressively in the coming future. The innovative trends emerging in the market are expected to set grounds for robust development in the approaching period.
The remarkable contenders in the North American chocolate confectionery market are Mars (US), Blommer (US), Puratos (Belgium), Mondelez (US), Foley’s Candies LP (Canada), Nestle SA (Switzerland), Alpezzi Chocolate (Mexico), Hershey (US), Barry Callebaut (Switzerland), Cargill (US), Guittard Chocolate Company (US), Republica del Cacao (Ecuador), Valrhona (France), Ghirardelli (US), Ferrero (Italy), and Scharffen Berger (US) to name a few.
Industry Updates:
May 2019 Barry Callebaut recently announced the official launch of its ruby chocolate variant in the US and Canada markets. In addition to the few ruby products previously offered in the US, this official launch ‘broadly’ expands their availability to other producers, artisans, chefs, and chocolatiers, noting that the US is the world’s major confectionery and chocolate market.
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