U.S.: Chocolate Market 2024

Chocolate Market Size in the U.S.

The U.S. chocolate market totaled $X in 2022, surging by 4.6% against the previous year. In general, the total consumption indicated a resilient increase 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 -4.4% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in the U.S.

In value terms, chocolate production rose remarkably to $X in 2022. In general, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.0% 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 -4.7% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by 36% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Chocolate Exports

Exports from the U.S.

In 2022, the amount of chocolate and other food preparations containing cocoa exported from the United States rose rapidly to X tons, increasing by 6.7% on 2021 figures. The total export volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 22%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, chocolate exports stood at $X in 2022. The total export value increased at an average annual rate of +4.8% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 24% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Canada (X tons) was the main destination for chocolate exports from the United States, with a 63% share of total exports. Moreover, chocolate exports to Canada exceeded the volume sent to the second major destination, Mexico (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada stood at +3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+5.6% per year) and South Korea (-4.5% per year).

In value terms, the largest markets for chocolate exported from the United States were Canada ($X), Mexico ($X) and South Korea ($X), with a combined 95% share of total exports.

Mexico, with a CAGR of +8.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, growing by 2.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2015 when the average export price increased by 15% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into the U.S.

In 2022, supplies from abroad of chocolate and other food preparations containing cocoa increased by 4.3% to X tons, rising for the seventh year in a row after two years of decline. In general, total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +3.9% 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 +54.5% against 2015 indices. The most prominent rate of growth was recorded in 2019 with an increase of 28% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, chocolate imports stood at $X in 2022. The total import value increased at an average annual rate of +5.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when imports increased by 17%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Canada (X tons) constituted the largest supplier of chocolate to the United States, accounting for a 80% share of total imports. Moreover, chocolate imports from Canada exceeded the figures recorded by the second-largest supplier, Belgium (X tons), more than tenfold. The third position in this ranking was taken by Cote d'Ivoire (X tons), with a 3.7% share.

From 2012 to 2022, the average annual growth rate of volume from Canada amounted to +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+1.3% per year) and Cote d'Ivoire (+26.1% per year).

In value terms, Canada ($X) constituted the largest supplier of chocolate and other food preparations containing cocoa to the United States, comprising 72% of total imports. The second position in the ranking was held by Belgium ($X), with a 6.3% share of total imports. It was followed by Mexico, with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada stood at +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+2.0% per year) and Mexico (-0.2% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, surging by 6.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2015 an increase of 15%. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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