US sales of chocolate are expected to exceed $19 billion in 2014, up from $16 billion in 2006, according to Rockville, MD-based Packaged Facts, a market research group. Of that, premium chocolate will account for 25 percent of sales in 2011, up from 17 percent five years earlier. According to Packaged Facts' "Chocolate Market in the US: Trends and Opportunities in Premium, Gourmet and Mass Chocolate Products," the demand for premium chocolate will persist as a leading growth trend, especially when the economy recovers. The healthy chocolate trend is likewise expected to fuel the market as a subset of the premium trend.
"For many chocolate-loving Americans it's more about the experience than it is about mere consumption. To meet this demand, premium chocolatiers are setting off on culinary adventures, discovering new layers of flavor and textures by experimenting with umami flavors or developing products to match consumers' moods," said Don Montuori, publisher of Packaged Facts.
Chocolate sales industrywide were $83.2 billion in 2010, and are expected to grow to $98.3 billion by 2016, according to a report released by the Dallas-based research firm MarketsandMarkets. The market has been witnessing a trend of shifting consumer preferences towards the dark and premium chocolate segments. The health benefits of cocoa act as a major driver for the market. The dependence of the chocolate industry on unstable economies for the supply of cocoa along with rising raw material prices act as major restraints for the market.
According to its new June 2011 report Future Directions for Functional Foods, Leatherhead Food Research says "Dark chocolate now accounts for 38 per cent of the US chocolate market and is bought in up to 40 per cent of UK households".
A lot of the growth will come from regions such as Asia and the Middle East. For example, while the premium chocolate market in India is still small, it is growing 30% to 40% a year, according to industry observers in 2010. "There is a segment out there, mostly in the urban areas, which is aware and conscious of premium chocolate brands." |
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