Chocolate Market Revenues to Surpass $30 Billion by 2021 in US, Report Says

Growing demand for new flavors coupled with increasing young population and use of innovative packaging to drive US chocolate market through 2021, according to a new report from TechSci Research.

According to TechSci Research report, "US Chocolate Market By Type, By Age Group, By Point of Sale, Competition Forecast and Opportunities, 2011-2021", chocolate market in the US is forecast to cross US $ 30 billion by 2021.

Growth in the country's chocolate market is anticipated on account of rising personal disposable income, surging demand for sugar free and dark chocolates, changing consumer taste and preferences, increasing demand for chocolates during festive season, coupled with growing number of innovative product offerings by chocolate manufacturers. In addition, expanding distribution channels of new as well as established chocolate players is expected to positively influence the US chocolate market during the forecast period.

Other major factors that are anticipated to augment chocolate demand in the US include increasing use of chocolates in food & beverages sector as well as cosmetic industry, coupled with rising number of private label brands in the country. Hershey's, Mars, Lindt & Sprungli and Nestle are the leading players operating in the US chocolate market. These four players cumulatively accounted for a value share of more than 85% in the country's chocolate market in 2015. In terms of consumption trend among consumer, people in the age group of 15 to 24 years are the major revenue generators for the chocolate market in the country. US chocolate market has been broadly segmented into four segments - Countline, Seasonal, Tablet and Boxed. Countline chocolate segment, comprising chocolate bars containing wafer or caramel, dominated the market in 2015 and the segment is anticipated to continue its dominance during the forecast period as well, predominantly on account of its high popularity among children.

"Being the largest global economy, coupled with the fact that US has the third largest population base, after India and China, United States is a huge, attractive and a very important market for chocolate manufacturers. Though chocolate consumption is increasing across almost all chocolate categories in the country, an emerging trend that is being witnessed is continuously surging demand for premium chocolates.  This trend is expected to gain traction in the coming years on account of increasing health awareness among consumers and the prevailing high per capita income levels in the country.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

"US Chocolate Market By Type, By Age Group, By Point of Sale, Competition Forecast and Opportunities, 2011-2021" has evaluated the future growth potential of the US chocolate market and provides statistics and information on market size, structure and consumer behavior. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the US chocolate market.

About TechSci Research 

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.