North-American Industrial Chocolate Market Synopsis:
Industrial chocolate finds application in the production of many finished products. It is expected to witness an increase in demand over the next couple of years in North America. Market Research Future (MRFR) has presented an evaluation of the North-American Industrial Chocolate Market Share, which reveals that it is poised to expand at 5.45% CAGR across the projection period 2022 to 2030. The study further unfolds that the market, in terms of revenues, is anticipated to exceed USD 42.56 Billon mark by the end of the forecast period.
The increasing inclination towards convenience food has also led to a rise in demand for desserts. Increasing application of industrial chocolate in the production of sweet food products is expected to act as a growth catalyst for the growth of the North-American industrial chocolate market over the next couple of years. In addition to applications in the food & beverage industry, the product is also projected to witness high demand from the bakery & confectionery industry over the next few years. The growth of these industries is likely to catapult the North American industrial chocolate market on upward trajectory.
Strong economic development of the region is expected to support the rise in the purchasing power of the population. It is, in turn, poised to reflect on the rising demand for chocolate products, thus, expanding the North American industrial chocolate market. In addition, rising innovations in packaging are anticipated to have a favorable influence on the growth of the market in the years to come. Key players in the end-user industries are emphasizing on flavor innovation. It has opened new avenues of growth for the players in the North-American industrial chocolate market to be capitalized on in the foreseeable future. However, the rising prevalence of obesity and diabetes in the region remains an impediment to market growth.
Market Segmentations:
On the basis of type, the North-American industrial chocolate market has been segmented into milk, dark, and white.
On the basis of application, the North-American industrial chocolate market has been segmented into chocolate bars and flavoring ingredients.
Regional Analysis:
The geographical evaluation of the North-American industrial chocolate market is poised to include a country-level assessment of the major economies such as the U.S., Canada, and others in the region. The U.S. is anticipated to dominate the North American market over the next couple of years. It is expected to draw revenues from the rising disposable income over the next few years. The valuation of the U.S. market is projected to surpass a valuation of USD 20,000 Mn by the end of the assessment period. Canada is also expected to contribute substantially to the North-American Industrial Chocolate Market Trends over the next few years. Lastly, Mexico is anticipated to follow the U.S. and Canada markets in terms of revenue in the nearby future.
Competitive Dashboard:
Barry Callebaut, Mondelez, Cargill, and Nestle SA are the top-notch players operating in the North American industrial chocolate market. Other players assessed in this MRFR report for a detailed share analysis are Mars, Blommer, Foley’s Candies LP, Hershey, Puratos, Guittard Chocolate Company, Alpezzi Chocolate, Valrhona, Ghirardelli, Republica del Cacao, Ferrero, and Scharffen Berger. These players are expected to play a crucial role in uplifting the financial status of the North-American industrial chocolate market over the next couple of years. The growth trajectories adopted by the market participants are regional expansion, expansion of distribution channels, product innovation, collaborations, etc. In addition, the investments in shifting capacities to emerging economies that produce cocoa are likely to add to the revenues earned over the next couple of years. The focus on packaging innovations is also expected to lead to increasing investment by competitors for staying ahead of the curve.
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