North American Chocolate Confectionery Industry – News and Updates
The boost in the number of options available in terms of chocolate products has led to growth in the market size which has directly led to an increase in the revenue generation potential of the market. Introduction of a wide range of products that are healthy have helped in successfully repositioning the chocolate confectionery segment in certain demographic pockets. Cost and looming scarcity of raw material are some of the factors that must be addressed so as to avoid hindrances to the growth of this sector.
The unwavering demand for chocolate and its byproducts has been one of the motivating factors fuelling the sector’s growth. Market Research Future which concentrates on market reports linked to the food and beverage sector amongst others recently made available a report on this sector. The sector will observe an incomparable period of growth in the forecast period due to a positive CAGR rate and high revenue inflow.
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The key players profiled in North-America chocolate confectionery market report include- Mondelez, Mars, Blommer, Puratos, Foley’s Candies LP, Cargill, Nestle SA, Hershey, Barry Callebaut, Guittard Chocolate Company, Valrhona, Alpezzi Chocolate, Ghirardelli, Ferrero, Republica del Cacao, and Scharffen Berger.
The market for North-American chocolate confectionery is divided into the categories of application, country and type. The type category of the chocolate confectionery sector is segregated into milk, dark, white and filled. The application category for this industry includes beverages, bakery, direct consumption, ice-creams and others. The country segment includes Canada, U.S. and Mexico.
Mar 2018 The Hershey Company: is preparing to devote an investment of US$60 million focused on expanding the manufacturing volume of its confectionery factory in Pennsylvania, US, as per a recent report. The investment will significantly add a new Kit-Kat production line at the factory premises, which presently produces Cadbury, Kit-Kat and Caramello products.Hershey is also apparently planning the expansion to lift the sales of its Kit-Kat assortment, as it pursues to establish the product as a brand with a billion-dollar worth in the US. The expansion will also result in 111 jobs which will be created as a resultat the site thereby leading to an employment upsurge of 25 per cent whereas Hershey presently has on roll 18,000 people engaged in its employment worldwide.
Mar 2018 Ferrero: in a recent statement said that it is trying to decide the best course of action to run Nestlé’s confectionery business in the US under its portfolio. The company which is famous for its product Nutella said the deal which is worth $2.8bn and was finalized earlier in the year includes Baby Ruth, Butterfinger and Raisinets in its product assortment. The completion date for the acquisition is yet to be fixed.
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Detailed Regional Analysis:
While considering the regional analysis, the U.S. dominates the sector for chocolate confectionery market in North America with the principal market share, accounting for significant millions in revenue and is anticipated to grow through the forecast period till 2027, The countries in North America such as Mexico and Canada are anemerging market for chocolate confectionery sector in North-America and are projected to grow with a phenomenal CAGR per cent respectively from 2016 to 2027.