U.S. Chocolate And Confectionery Market. Analysis And Forecast to 2025
U.S. Chocolate and Confectionery Manufacturing Has Experienced Significant Volatility Over the Last Seven Years
The U.S. chocolate and confectionery market showed mixed dynamics from 2008 to 2015. A significant increase in market value from 2008 to 2011 was followed by a decline over the next two years, until the market grew again. In 2015, the chocolate and confectionery market reached 5,233 million USD.
U.S. growth in chocolate and confectionery consumption is expected to continue with an upward trend in the medium term. Positive dynamics of the market are supported by the current economic recovery, employment growth, and rising purchasing power, along with the increasing demand for the premium segment of chocolate and confectionery. Constraining factors include the increase in production costs, which lead to an increase in consumer prices, as well as changes in consumer preferences towards products with a low sugar content. This limits industry growth and encourages manufacturers to invest in the development of sugar-free chocolates and candies.
Over the last seven years, U.S. chocolate and confectionery manufacturing has experienced significant volatility and was subject to cyclical fluctuations due to changes in prices of raw materials. The upward trend in production between 2008-2011 was replaced by reduction of shipment value over the next two years. In 2014, a sharp recovery in production was observed, which adjusted a year later to 4,402 million USD.
Canada and Mexico were the main suppliers of chocolate and confectionery into the U.S., with a combined share of 84% of total U.S. imports in 2015. Mexico (+5.8% per year) was the fastest growing supplier, improving its position in the U.S. import structure from 26% in 2007 to 31% in 2015. Expansion of imports from these countries has increasingly constrained industry performance of the U.S. during this period.
U.S. exports of chocolate and confectionery experienced steady growth over the analyzed period. Growth rates of exports were higher than those of production and consumption. As U.S. companies improved their positions in overseas markets, domestic manufacturers enjoyed a new growth driver.
In 2015, Canada (44%) and Mexico (17%) were the main destinations of U.S. chocolate and confectionery exports. While the share sent to Mexico illustrated negative dynamics (-2 percentage points), the share exported to Brazil increased (+2 percentage points). The shares of other countries remained relatively stable throughout the analyzed period.
From 2007 to 2015, net imports showed a mixed trend, fluctuating in the range of 473 million USD to 832 million USD. In 2015, the industry had a trade deficit of 832 million USD, which amounted to approximately 34% of total imports. In 2014, the highest deficit was recorded for chocolate and other food preps containing cocoa (367 million USD).
Source: IndexBox AI Platform
This report provides an in-depth analysis of the chocolate and confectionery market in the U.S.. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.
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