Market Scope
Market Research Future (MRFR) assessed the North American industrial chocolate market 2022 till 2030. According to MRFR analysis, the North American industrial chocolate market is expected to expand at 5.45% CAGR in the review tenure (from 2022 to 2030). By 2030, the North-American industrial chocolate market value is likely to touch USD 42.56 billion.
Market Drivers and Restraints
The growth of the industrial chocolate market in North America can be credited to several causes. The surge in disposable income of people in the region supporting the high standard of living is observed to have considerable impact on the expansion of the market. The upscaling demand for food and beverages of diverse taste, along with their rise in industrial applications is expected to favor the North American industrial chocolate market by 2030.
Market Segmentation of North American Industrial Chocolate Market
The deep-dive segment analysis of the industrial chocolate in North America offers crucial insights to make effective decisions by investors. The market for industrial chocolate is studied for application and types. The type-based segments of the North American industrial chocolate market research are white, dark, and milk. The application-based segments of the North America industrial chocolate market are flavoring ingredients and chocolate bars.
The surge in preference and consumption of dark chocolate can be attributed to the rise in cognizance about its health benefits. Dark chocolate is a rich source of copper, iron, and magnesium. As stated by the National Institute of Mental Health, a significant group of people in the US is identified to suffer from anxiety disorder. Consuming dark chocolate can boost brain serotonin, thus acting as an antidepressant. Dark chocolate releases endorphins in the body that offer a feel-good effect helping people in relief anxiety.
Regional Analysis of North American Industrial Chocolate Market
MRFR data reveals that the U.S is expected to dominate the North American industrial chocolate, garnering the highest revenue. Canada and Mexico are expected to earn considerable revenue for the market in the years to come. North America Industrial chocolate market report is expected to generate turnover of above USD 20,200 million by 2030 from USD 14,756 million in 2016.
Manufacturers are positioning chocolate as a healthier product as they are introducing new products with high content of dark chocolate, nuts, and fruits among other ingredients to avail food solutions with high nutritive value and low-calorie indulgence. This is expected to cause the expansion of the market in the years to come as the U.S. is expected to lead the North American market for industrial chocolate.
Chocolate cups that are baked by premium bakeries in North America have enhanced aesthetic value. These stores also serve mousse, puddings, and custards among other chocolate-based desserts that are gaining high popularity among people owing to their high-income customer basec can promote the market growth in the years to come.
The traditionally used ball roasters for making chocolate have been widely used but are now being replaced by fluid bed roasters that offer greater production efficacy. The availability of advanced technology and the increasing demand for industrial chocolate among people can prompt the market upsurge in the years to come. The growing utility of fluid bed roasters in large industrial environments due to their conducive characteristics, huge capacity to roast a large volume of beans at one time, and high roasting temperature, are some features that are crucial for chocolate production. The rapid rate of adoption of fluid bed roasters is expected to underpin the North American industrial chocolate market by 2030.
On the contrary, price volatility of raw materials is observed to impact the production cost of industrial chocolate that is likely to restrain the profitability of manufacturers in the North America region. However, cocoa is a key ingredient in the production of chocolate products and has no substitute. Thus, fluctuation in their price might not have a devastating impact on the market. Issues with import and logistics in North America owing to certain political and economic aspects can add to the slow-paced growth of the industrial chocolate market over the forecast tenure.
North American Industrial Chocolate Key Players
MRFR profiled some effective key North American industrial chocolate market players. They are Alpezzi Chocolate, Ferrero, Ghirardelli, Republica del Cacao, Mondelez, Scharffen Berger, Mars, Blommer, Cargill, Puratos, Foley’s Candies LP, Nestle SA, Barry Callebaut, Hershey, Valrhona, and Guittard Chocolate Company.
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