The Confectionery Market in North America is Projected to Reach $58 Billion by 2023: Chocolate Craving Dominates
Aug 01, 2018, 12:00 ET
DUBLIN, Aug 1, 2018 /PRNewswire/ --
The "North America Confectionery Market - Segmented by Product Type, Distribution Channel and Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The North America confectionery market is expected to reach USD 58 billion by 2023, witnessing a stable CAGR of 3.3%, during the forecast period. Confectionery consumption volume in the region surpassed 3,132 million Kg in 2017, moving at steady volume growth rate.
Chocolate dominates the market owing to increased cocoa product consumption. US is the largest market accounting for more than 75% of the confectionery volume share. Increased demand for higher quality cocoa products and premium chocolate accelerated confectionery sale in North America.
Organic in High Demand
Consumer interests in organic chocolate are growing in North America. However, organic chocolate represents a very small share in the market at present. The US remains the most significant market with organic confectionery sale. Consumer awareness about the sourcing of raw material that is organic is the primary driver for the market.
The global organic chocolate market valued at USD 732 million in 2012, which reordered a steady growth rate. About 15% of US chocolate buyer purchase organic chocolate despite its premium price. Chocolates launch with organic claim increased 6% during 2014-2016. Clean label claim products such as all-natural, preservative-free are further driving the chocolate market in the region.
Chocolate Craving Dominates
North American chocolate confectionery volume surpassed 1,604 million Kg in 2017 with moulded chocolate leading the segment. Moulded chocolate holds 33% of the chocolate volume share, which is followed by Countlines and softlines Countlines is the most consumed chocolates in the region, which is growing at a steady rate of 3%.
The demand for countline sales crossed USD 8,067 million in 2017; driven by on-the-go and convenient pack style of products. Boxed assortments sale is growing in the region owing to seasonal chocolate gifting trend demand for premium chocolate and attractive packaging. However, the government regulation regarding sugar tax and promotion activity for sharing bags are the major restraints affecting confectionery market growth.
Key Topics Covered
1. Introduction
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Scope of the Market
2. Research Approach and Methodology
2.1 Introduction
2.2 Research Design
2.3 Study Timelines
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering and Econometric Modeling
2.4.4 Expert Validation
3. Market Overview
3.1 Market Trends
3.2 Market Dynamics
3.2.1 Drivers
3.2.1.1 Consumer Preferance for Healthy Confectionery
3.2.1.2 Impulse Purchasing and Indulgence
3.2.1.3 Increased Demand of on-the-go Snacking
3.2.2 Restraints
3.2.2.1 Health Concern Related to High Sugar Content
3.2.2.2 Fluctuating Raw Material Prices, such as Cocoa, Vanilla, and tax on Sugar Tax
3.2.3 Opportunities
3.2.3.1 Growing Demand of Functional Confectionery
3.2.4 Porter's Five Forces Analysis
3.2.4.1 Bargaining Power of Suppliers
3.2.4.2 Bargaining Power of Buyers
3.2.4.3 Threat of New Entrants
3.2.4.4 Threat of Substitute Products and Services
3.2.4.5 Degree of Competition
4. Market Segmentation
4.1 By Product Type
4.1.1 Chocolate
4.1.1.1 Alfajores
4.1.1.2 Softlines/Selflines
4.1.1.3 Boxed Assortments
4.1.1.4 Chocolate With Toys
4.1.1.5 Countlines
4.1.1.6 Seasonal Chocolate
4.1.1.7 Molded Chocolate
4.1.1.8 Other Chocolate Confectionery
4.1.2 Gum
4.1.2.1 Bubble Gum
4.1.2.2 Chewing Gum
4.1.2.3 Chewing Gum
4.1.3 Sugar Confectionery
4.1.3.1 Boiled Sweets
4.1.3.2 Liquorice
4.1.3.3 Lollipops
4.1.3.4 Medicated Confectionery
4.1.3.5 Mints
4.1.3.6 Mints
4.1.3.7 Pastilles, Gums, Jellies, and Chews
4.1.3.8 toffees, Caramels, and Nougat
4.1.3.9 Other Sugar Confectionery
4.1.4 Snack Bar
4.1.4.1 Cereal Bars
4.1.4.2 Energy Bars
4.1.4.3 Other Snack Bars
4.2 By Distribution Channel
4.2.1 Warehouse Clubs
4.2.2 Convenience Stores
4.2.3 Specialist Retailers
4.2.4 Supermarkets and Hypermarkets
4.2.5 Online Retail
4.2.6 Variety Stores
4.2.7 Department Stores
4.2.8 Vending Machines
4.2.9 Others
4.3 By Geography
4.3.1 North America
4.3.1.1 United States
4.3.1.2 Canada
4.3.1.3 Mexico
5. Competitive Landscape
5.1 Market Share Analysis
5.2 Strategy Adopted by Key Players
5.3 Most Active Companies in the Past Five Years
6. List of Company Profiles
6.1 Overview
6.2 Products & Services
6.3 Financials
6.4 Key Developments
6.5 Strategies Adopted
6.6 SWOT Analysis of Major Five Players
7. Companies Covered
7.1 Mondelz international Inc.
7.2 Mars Inc.
7.3 Nestle SA
7.4 Ferrero Group
7.5 Meiji Co. Ltd
7.6 Hershey Co
7.7 Lotte Confectionery Co. Ltd
7.8 Grupo Bimbo, S.A.B. de C.V.
7.9 Lotte Group
7.10 Clif Bar & Company
7.11 QuestNutrition LLC
7.12 Wm. Wrigley Jr. Company
For more information about this report visit https://www.researchandmarkets.com/research/v5phlk/the_confectionery?w=5
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