The U.S. chocolate industry is expected to experience moderate growth and reach an estimated $19.3 billion in 2018, according to Lucintel, a leading global management consulting and market research firm. Innovation of new products in dark chocolate and milk chocolate segment with new flavors and low calorie such as sugar-free chocolates will increase the growth of retail chocolate industry. Occasion and celebration is a factor that impacts the selling and production of chocolate and ultimately leads the increased company revenue which boosts industry growth.
Lucintel data is based on a recently conducted detailed analysis on the U.S. chocolate industry called "U.S. Chocolate Industry 2013-2018: Trend, Forecast and Opportunity Analysis."
Lucintel highlights the major challenges likely to be faced by the industry. Rising prices of raw materials, especially for cocoa beans, is affecting the manufacturing cost of chocolates which can pose a challenge for market growth. Other factors such as intermittent raw material supply and lack of efficient distribution channels in emerging markets create challenges for the chocolate industry.
The market report also covers the key drivers. Increasing consumer expenditure and per capita income are the primary demand drivers for retail chocolate industry which drive industry towards growth. Increasing personal consumption expenditure would increase the U.S. retail chocolate industry. As per the study, 73.9 percent of total U.S. population, i.e., 234 million consumers love to eat chocolates irrespective of gender. Hectic lifestyle of consumers and innovative chocolate products doubling as health supplement, chocolate for the diet conscious, low calorie chocolates etc. lead to significant market growth.
Based on current economic forecasts, the U.S. retail chocolate industry expects to register decent growth. Consumer awareness of brands, gifting in celebrations and various occasion and increasing hectic lifestyle of consumers is expected to drive industry growth.
This report provides market dynamics and future opportunities to make long-term strategic and financial decisions as well as to compete in the market. This report gives insights of the market trend (2007 to 2012) and forecast period (2013 to 2018) which will assist the interested companies in making key decisions.