Northern America: Chocolate Market 2024

Chocolate Market Size in Northern America

The North American chocolate market rose rapidly to $X in 2022, increasing by 6.1% against the previous year. The total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.2% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Northern America

In value terms, chocolate production expanded modestly to $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.4% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 29% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Chocolate Exports

Exports in Northern America

For the eleventh year in a row, Northern America recorded growth in overseas shipments of chocolate and other food preparations containing cocoa, which increased by 3.1% to X tons in 2022. The total export volume increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 8.1%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, chocolate exports expanded sharply to $X in 2022. The total export value increased at an average annual rate of +5.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 12% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Canada was the main exporting country with an export of around X tons, which accounted for 69% of total exports. It was distantly followed by the United States (X tons), comprising a 31% share of total exports.

Canada was also the fastest-growing in terms of the chocolate and other food preparations containing cocoa exports, with a CAGR of +3.5% from 2012 to 2022. At the same time, the United States (+2.7%) displayed positive paces of growth. From 2012 to 2022, the share of Canada increased by +1.7 percentage points.

In value terms, Canada ($X) and the United States ($X) appeared to be the countries with the highest levels of exports in 2022.

Canada, with a CAGR of +5.0%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per ton, with an increase of 6.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2014 an increase of 7.9% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Canada totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.0%).

Chocolate Imports

Imports in Northern America

In 2022, purchases abroad of chocolate and other food preparations containing cocoa increased by 3% to X tons, rising for the seventh consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when imports increased by 22%. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, chocolate imports reached $X in 2022. Total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +30.6% against 2018 indices. The most prominent rate of growth was recorded in 2019 with an increase of 16% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

The United States represented the major importing country with an import of around X tons, which amounted to 80% of total imports. It was distantly followed by Canada (X tons), making up a 20% share of total imports.

The United States was also the fastest-growing in terms of the chocolate and other food preparations containing cocoa imports, with a CAGR of +3.9% from 2012 to 2022. At the same time, Canada (+3.5%) displayed positive paces of growth. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported chocolate and other food preparations containing cocoa in Northern America, comprising 77% of total imports. The second position in the ranking was held by Canada ($X), with a 23% share of total imports.

In the United States, chocolate imports expanded at an average annual rate of +5.1% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per ton, with an increase of 7.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2015 an increase of 12%. Over the period under review, import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+1.8%).

Source: IndexBox Platform

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